Increased Measured & Indicated Silver Resource Estimate At Calico Project

VANCOUVER – Apollo Silver Corp. reported on the Mineral Resource estimate (MRE) for its Calico Silver Project located in San Bernardino County, California. Total silver (Ag) Measured & Indicated (M&I) tonnes at the Waterloo property have increased by 61% to a total of 55 million tonnes (Mt) at a grade of 71 grams per tonne (g/t) Ag for a total content of 125 million troy ounces (Moz). This represents a 14% increase in Ag ounces compared to the previous MRE. In addition to updating the gold resource at Waterloo, inaugural barite (BaSO4) and zinc (Zn) resources have been included in both the Indicated and Inferred categories.
New combined Measured and Indicated total of 55 Mt at a grade of 71 g/t Ag for a total of 125 Moz Ag; 61% increase in tonnage and a 14% increase in Ag ounces representing an increase of 15 Moz contained Ag. Inferred total of 0.6 million tonnes at a grade of 26 g/t Ag for a total of 0.51 Moz contained Ag. Sensitivity analyses show resiliency of the Ag resource to changes in metal price.
Inaugural BaSO4 and Zn resources are estimated as: 1) Indicated: 36 Mt @ 7.4% BaSO4 and 0.45% Zn for a total content of 2.7 Mt BaSO4 and 354 million pounds (Mlbs) Zn. 2) Inferred: 17 Mt @ 3.9% BaSO4 and 0.71% Zn for a total content of 0.65 Mt BaSO4 and 258 Mlbs Zn.
Gold ounces have increased by 86% in the Inferred category for a new total of 17 Mt at a grade of 0.25 g/t Au and total Au content of 0.13 Moz. One single pit for all metals at Waterloo deposit with a low strip ratio of 0.8:1. The increased quantities of Ag and Au, the addition of two new critical minerals, and the larger single pit with low strip ratio has derisked the Calico Project.
Further Growth Opportunities: 1) Silver: There remain further opportunities to expand the Ag mineralization below the base of the 2025 MRE in the northern region of the Waterloo deposit. 2) Barite and Zinc: The indicated and inferred mineral resources for BaSO4 and Zn show clear potential to be upgraded into M&I via infill drilling and re-assays. 3) Gold: Mineralization remains open along strike and at depth. Future work will target additional mineralization along strike with a particular focus on the high-grade structures. 4) Langtry Property: Many areas under the Quaternary cover remain untested. In addition, the potential for BaSO4 and other metals have not yet been evaluated in detail at Langtry.
Ross McElroy, President and CEO, said, “The Calico Project continues to increase in value, scale and optionality. Already boasting one of the largest undeveloped silver deposits in the US, new data confirms the presence of additional minerals, such as barite and zinc, which are included on the US critical mineral list. These findings will contribute to our project development plans, including an upcoming Preliminary Economic Assessment (PEA). Notably, much of the mineralization occurs at shallow depths, resulting in a low economic strip rate. With a substantial land position, there is strong potential for further discoveries at Calico.”