166 Million Ounces Of Silver Declared In Calico Project Maiden Resource Estimate

VANCOUVER - Apollo Silver Corp. reported that the Maiden National Instrument (NI) 43-101 Mineral Resource Estimates (MRE) for the Waterloo and Langtry silver properties, now collectively referred to as the Calico Silver Project, located in San Bernardino County, California. An Inferred resource estimate 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) has been defined at Calico by Derek Loveday, P.Geo., of Stantec Consulting Services Ltd..

“This resource estimate represents the achievement of a significant milestone,” said CEO, Tom Peregoodoff. “The outcome we are announcing today confirms Calico as one of the largest undeveloped silver deposits in the USA and positions Calico as one of the largest globally. The conservative cut-off grade, low strip ratio, and coherent distribution of silver mineralization provide a solid foundation for Apollo to advance the project. Calico represents an exciting development opportunity and provides low risk leverage to future silver prices. For investors looking for exposure to silver in a Tier 1 jurisdiction, Calico represents a compelling opportunity.”

The MRE was prepared in accordance with the requirements of the Canadian Institute of Mining Metallurgy and Petroleum’s (CIM) National Instrument 43-101 (“NI 43-101”) adopted May 2014. Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred MRE are uncertain in nature as there has been insufficient exploration to define these Inferred Resources as Indicated or Measured.

The MRE considered drilling information up to and including the most recently completed programs in 2012 and geological information from Apollo’s 2021 activities. Drilling information included exploration drilling records for a total of 438 drill holes; 255 holes, 18,626 m (61,108) at Waterloo and 183 holes, 23,465 m (76,986 ft) at Langtry. Nominal drill hole spacing is 40 x 45 m (140 x 150 ft) at Waterloo and 50 x 60 m (160 x 200 ft at Langtry. Average drill hole depths at Waterloo were 73 m (240 ft) and at Langtry 128 m (420 ft). Most holes are vertically oriented reverse circulation holes, with six holes being diamond drill holes.

The resource estimate only considered silver. Previously, barite has been included in historic resource statements however the assay technique used tended to under report barium concentration, rendering some of the barium data unreliable. Gold was evaluated but not enough data was available from drilling for it to be included in the MRE. Both represent growth opportunities as previously discussed.

The 3D resource block models were oriented along regional strike of mineralization controlling range front fault (Calico fault) and bedding, at approximately 045 degrees. Silver grades were estimated using ordinary kriging into a standard 20 ft x 20 ft x 20 ft block model using 15 ft drill hole composites and a bulk density of 2.44 kg/m3 (13.13 ft3/st). The block models are constrained to the west by the Calico range front fault and to the east by the contact between the mineralized Barstow formation sedimentary rocks and the Pickhandle formation rhyolitic rocks. Both structures are mineralization controlling features. A grade capping evaluation was performed, and silver grades were capped at 400 g/t Ag for the Waterloo resource estimate only. The near-surface resource is calculated to a maximum depth of ~125 m (415 ft) at Waterloo and 146 m (480 ft) at Langtry, both comprise only oxide mineralization. The calculated waste to ore ratio for Waterloo is 2.2:1 and for Langtry is 6:1.

Verification of exploration data used for MRE was performed by the independent Qualified Person. The MRE was internally audited and peer reviewed by Stantec prior to being released to Apollo and being declared final. Additionally, Apollo completed an internal review of the MRE as supplied by Stantec. A full description of the data and project verification process will be detailed in the technical report for the MRE, which will be prepared in accordance with NI 43-101 Standards of Disclosure for Mineral Projects.and dacitic intrusions.