Surface Sampling Results Extending Gold Mineralization At Calico

VANCOUVER - Apollo Silver Corp. reported assay results from a surficial rock grab sampling program and remaining assays from the Phase 1 2022 Drill Program at the Calico Silver Project in San Bernardino County, California. The surficial rock grab sampling and drilling programs are part of the 2022 Calico Technical Program, which aims to upgrade and expand the previously announced Inferred Mineral Resource Estimate (MRE) of 166 million ounces (“Moz”) of silver (“Ag”) contained in 58.1 million tonnes (“Mt”) at an average grade of 89 grams per tonne (“g/t”),

A surficial rock grab sampling program completed recently in the Burcham area, 225 meters (“m”) south of the Waterloo resource area, returned 34 rock samples with 0.1 g/t or more gold (“Au”), showing that this region represents a significant gold mineralized prospect outside the current MRE. The surface program was designed to follow up on historic work completed in this area between approximately 1940 and 1989, showing the area exhibited gold mineralization across a broad area. Notable new surface rock samples reported include 6.280 g/t Au, 2.470 g/t Au, 2.410 g/t Au, and 2.240 g/t Au from subvertical, northwest oriented structures. These results, combined with drilling results to date confirm that gold mineralization is present over an extensive area at Waterloo (900 m X 400 m) over a variably thick horizon (approximately 5 m to 45 m true thickness).

In addition to these surface samples, final Phase 1 reverse circulation (“RC”) drilling assay results show that seven of nine holes reported herein intersected gold at the Barstow-Pickhandle contact. This latest drilling shows that gold mineralization is spatially continuous between the Waterloo Ag resource (116 Moz Ag contained in 38.9 Mt at an average grade of 93 g/t Ag) and Burcham areas. Gold mineralization represents a compelling prospect with the latest results providing further support for adding to the metal inventory for the upcoming mineral resource estimate update. These latest results will be followed up in Phase 2 of the 2022 Calico Technical Program which is expected to recommence in late-September.

As with all previously reported drilling results from the Phase 1 2022 Drill Program, silver mineralization correlates well with predicted block model grades, with three drill holes intersecting silver mineralization above the 50 g/t Ag cut-off grade (“COG”) used for the MRE, and one drill hole intersecting silver in excess of 500 g/t Ag.