Results Continue To Validate Maiden Silver Resource Estimate And Expand Gold Target

VANCOUVER - Apollo Silver Corp. reported on the 2022 Drill Program at the Calico Silver Project’s Waterloo Property located in San Bernardino County, California. Silver assay results continue to be consistent with the silver grades in the resource block model, illustrating the predictable nature of the silver (Ag) mineralization. Additionally, gold assay results continue to expand the gold (Au) mineralized horizon.

Reverse circulation (“RC”) drill holes which were drilled between early May to mid-June 2022 and bring the results released to market for this portion of the drill program to a total of 21 holes (2,281.50 m), of 44 holes completed to date (5,021.0 m). Drilling is part of the multi-component 2022 Calico Technical Program, which aims to upgrade and expand the previously announced maiden Inferred Mineral Resource Estimate (“MRE”) of 166 million ounces (“Moz”) of silver contained in 58.1 million tonnes (“Mt”) at an average grade of 89 grams per tonne (“g/t”).

“The significance of these results cannot be overstated” CEO, Tom Peregoodoff, said. “We have now received assays from a total of 21 holes and these results have clearly demonstrated the very high correlation between the 2022 drilling to date and the resource block model. This gives me great confidence that the upcoming resource calculation will convert a significant percentage of silver ounces currently classified as inferred to a higher resource classification which will provide a very sound foundation for our future engineering and economic studies. The emerging gold story has previously been poorly defined, and these recent results demonstrate that there is the potential for gold to make a meaningful contribution to the upcoming resource calculation and value of the Calico Project. All samples from this first phase of drilling are currently being processed at ALS and shareholders can expect to see the next batch of results shortly.”