Drill Program At Calico Silver Project Show Broad

VANCOUVER - Apollo Silver Corp. reported on the 2022 Drill Program at the Calico Silver Project’s Waterloo Property located in San Bernardino County, California. Assay results continue to show near-surface, broad, high-grade silver mineralization. Results have also verified and expanded the gold mineralized horizon at the Barstow-Pickhandle contact.

Results below are reported for 10 reverse circulation (RC) drill holes which were drilled between early April and early May 2022. The 2022 Drill Program at Calico is proceeding as planned. A total of 37 holes (4,139.50 m out of a planned 10,000 m) have been completed. Drilling is part of the multi-component 2022 Calico Technical Program, which aims to upgrade and expand the recently announced 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).

“I am very pleased with initial results from our ongoing 2022 drill program,” CEO Tom Peregoodoff stated. “Results from these first 10 holes validate the high-grade, shallow, and continuous nature of the silver mineralization at Calico. Further, they have verified and expanded the excellent gold target at Waterloo. Finally, they have added very valuable geological information that is being incorporated into the current drill program and will allow us to optimize the remainder of this work. With more than 1,500 samples currently being processed at ALS, shareholders can expect to see regular release of new assay results.”

of the 10 holes intersected near-surface zones of silver mineralization over and above the mineral resource silver cut-off grade of 50 g/t, and seven holes show intercepts of high-grade silver (greater than 100 g/t Ag) with most intervals being more than 50 m thick (drill hole length). In addition to further validating and infilling the high-grade, thick, and continuous nature of the silver mineralization, the results have added considerably to the Company’s understanding of the stratigraphy and controls on silver mineralization. This information is critical to advancing the confidence in the resource classification and optimizing the design of the remainder of the 2022 Drill Program.

Gold intercepts are reported for eight RC holes that intercepted the gold-mineralized horizon at the Barstow-Pickhandle contact. Review of historic drilling and recent surface mapping by Apollo concluded that there is evidence to suggest that the entire 2.2 km long contact between the Barstow sediments and Pickhandle volcaniclastics is prospective for gold. These latest drilling results show that the gold mineralized horizon is more laterally extensive and thicker than historic drilling indicated. Notably, new assay results show that: The mineralized gold footprint in the central portion of the Waterloo deposit has expanded from ~ 45 m along strike and 240 m down dip (as indicated by historic drilling by Pan American) to approximately 300 x 300 m; and The maximum true thickness of the gold-mineralized horizon drilled to date has increased from 25 m to more than 45 m (hole W22-RC-008, which terminated in gold mineralization).

Historic drilling and underground mining in the Burcham area to the southeast of the mineral resource footprint at Waterloo shows the areal extent of near-surface gold mineralization covers approximately 180 m by 450 m in that region. Very little of this gold footprint has been tested to depth. Drill holes are proposed to be completed as part of the 2022 Drill Program at Waterloo to infill information gaps in gold and silver mineralization between the central portion of Waterloo and the Burcham area (see Figure 1). In addition to this drilling, a total of 18 historic holes intercepted this continuous gold-mineralized horizon (based on currently geologic modeling) but were not analyzed for gold. Apollo is in possession of these pulps and will submit relevant intercepts for gold analysis. As part of the 2022 technical program, Apollo has recently completed a modest surface sampling program over the Burcham area to better characterize the nature of the geology and areal extent of mineralization in this region.

Of the 10 holes being reported, major element analysis was undertaken on four holes (W22-RC-01, -002, -003B and -004B) to support rock type characterization and to provide a preliminary assessment of barite mineralization. Using a 2% barite cutoff grade, holes W22-RC-001 and W22-RC-002 showed 28 m to 45 m thick horizons of barite concentrations of between 2 to 13.9% from approximately 13 m down hole. Holes W22-RC-003B and W22-RC-004B showed little barite mineralization. As part of Apollo’s metallurgical test program, the purity and grade of barite is being assessed to determine if the barite at Calico meets or exceeds the minimum standards for drilling-grade barite as defined by the American Petroleum Institute. Barite (barium sulfate BaSO4) is one of 23 critical minerals listed in a new United States Geological Survey report that are defined as minerals essential to economic and national security and vulnerable to supply chain disruptions due to reliance on foreign imports