Phase 2 Drill Program At Calico Silver Project

VANCOUVER - Apollo Silver Corp. reported that Phase 2 of the 2022 drill program has commenced at its Calico Silver Project, located in San Bernardino County, California. Reverse circulation (RC) drilling began in September on the Waterloo Property. The Phase 2 Drill Program is one component of the multi-component 2022 Calico Technical Program that aims to upgrade and expand the recently announced 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”).

“Phase 2 of the 2022 drill program has commenced on schedule,” CEO Tom Peregoodoff said. “The second phase of drilling will focus on the central and northern portions of the Waterloo resource and is designed to maximize the amount of silver which may be upgraded to a more advanced resource category and enable commencement of engineering studies in 2023. As with Phase 1 of the drill program, investors can expect results from this phase of the drilling on a regular basis as assay results are received from the lab.”

To date, 5,021 m (16,473 feet) of drilling in 44 RC holes have been successfully completed at the Waterloo Property as part of Phase 1 of the 2022 drill program. Results to date have confirmed the grade, continuity, and predictability of near-surface silver mineralization within the current MRE; identified silver mineralization in thicker portions of the Barstow sediments approximately 30 m below the base of the current MRE (which is approximately 125 m depth below surface); and have shown that the gold-mineralized horizon is more extensive than historic drilling indicated. The Phase 2 Drill Program is expected to conclude by mid-November 2022 and an update to the MRE is anticipated to commence in December 2022, once all the assay results have been received.