Phase 2 Drill Program At Calico Silver Project

VANCOUVER - Apollo Silver Corp. reported that drilling at the Calico Silver Project is well underway, and 13 reverse circulation (RC) drill holes have been completed as part of Phase 2 of the 2022 drill program. The Phase 2 Drill Program is one component of the multi-component 2022 Calico Technical Program that aims to upgrade and expand the Company’s Inferred Mineral Resource Estimate (MRE) of 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 grams per tonne (g/t).

Additionally, Apollo has commenced initial groundwater assessment work, which is designed to assess groundwater quality, depth, and well pumping capacity. The program will utilize existing wells and will involve the addition of a new monitoring well on its Waterloo Property which was recently permitted by the County of San Bernardino.

“Phase 2 of the 2022 drill program is progressing on schedule and on budget,” Apollo CEO Tom Peregoodoff commented. “The commencement of the groundwater monitoring program is an important milestone as we advance the Calico Project. Understanding the nature and availability of groundwater in the Calico Project area will be a critical component of our strategy to secure water resources required to support future development. As has been our previous experience with obtaining permits for the drill program, we received the permit to drill a new water well in a very timely fashion from the County of San Bernardino.”

Since commencing the Phase 2 Drill Program at Calico the proposed 39 RC drill holes have been completed, totaling 1,829.0 meters (m) (6,000 feet). A total of 4,300 m (14,108 feet) is currently planned as part of the Phase 2 Drill Program.