Apollo Silver Corp. (“
Apollo” or
the “
Company”) (TSX.V:APGO, OTCQB:APGOF,
Frankfurt:6ZF0) is pleased to report new assay results from the
2022 Drill Program at the
Calico Silver Project’s
Waterloo Property (“
Calico” or the
“
Project”) located in San Bernardino County,
California. Silver assay results continue to be consistent with the
silver grades in the resource block model, illustrating the
predictable nature of the silver (“
Ag”)
mineralization. Additionally, gold assay results continue to expand
the gold (“
Au”) mineralized horizon.
Results below are reported for 11 reverse
circulation (“RC”) drill holes which were drilled
between early May to mid-June 2022 and bring the results released
to market for this portion of the drill program to a total of 21
holes (2,281.50 m), of 44 holes completed to date (5,021.0 m).
Drilling is part of the multi-component 2022 Calico Technical
Program, which aims to upgrade and expand the previously announced
maiden 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”)
(see news release dated February 9, 2022)1.
SILVER HIGHLIGHTS
- Hole
W22-RC-011
- 137
g/t Ag over
76.5 metres
(“m”) from 16.0 m depth
down hole;
- including 477 g/t over 1.5 m from
46.0 m depth down hole;
- Hole
W22-RC-013
-
107 g/t Ag
over 73.5 m
from 19.0 m
depth down hole;
and
- Hole
W22-RC-020
- 86 g/t
Ag over 107.5 m
from surface; and
- Hole
W22-RC-024
-
84 g/t Ag
over 89.0 m
from surface.
Silver assays are reported at a 50 g/t silver
cut-off grade with up to 4.5 m dilution and are uncapped. Lengths
are down hole lengths and may not represent true widths.
GOLD HIGHLIGHTS
- Hole
W22-RC-012
- 0.354 g/t Au over 27.0 m
from 94.0 m depth down
hole;
- including 1.960 g/t Au over 1.5 m
from 101.5 m depth down hole;
- Hole
W22-RC-013
- 0.417 g/t Au over 19.5 m
from 134.5 m depth
down hole; and
- including 1.230 g/t Au over 1.5 m
from 142.0 m depth down hole;
- Hole
W22-RC-022
- 0.219
g/t Au over 27.0 m from 79.0 m
depth down hole; and
- Hole
W22-RC-023
- 0.313
g/t Au over
10.5 m from 49.0 m depth
down hole.
Gold assays are reported at a 0.1 g/t gold
cut-off grade with up to 4.5 m dilution and are uncapped. Lengths
are down hole lengths and may not represent true widths.
1The MRE has been prepared by Derek Loveday, P.
Geo. of Stantec Consulting Services Ltd., in conformance with
Canadian Institute of Mining and Metallurgy’s “Estimation of
Mineral Resource and Mineral Reserves Best Practices” guidelines
and are reported in accordance with the Canadian Securities
Administrators NI 43-101. It is effective January 28, 2022. Mineral
resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that any mineral resource
will be converted into a mineral reserve. Mr. Loveday is an
independent Qualified Person for Apollo’s MRE. Please refer to the
Company’s news release dated February 9, 2022, for more
information.
“The significance of these results cannot be
overstated” Apollo CEO Tom Peregoodoff commented. “We have now
received assays from a total of 21 holes and these results have
clearly demonstrated the very high correlation between the 2022
drilling to date and the resource block model. This gives me great
confidence that the upcoming resource calculation will convert a
significant percentage of silver ounces currently classified as
inferred to a higher resource classification which will provide a
very sound foundation for our future engineering and economic
studies. The emerging gold story has previously been poorly
defined, and these recent results demonstrate that there is the
potential for gold to make a meaningful contribution to the
upcoming resource calculation and value of the Calico Project. All
samples from this first phase of drilling are currently being
processed at ALS and shareholders can expect to see the next batch
of results shortly.”
ASSAY RESULTS
Silver assay results show all 11 holes
intersected near-surface zones of silver mineralization over and
above the mineral resource silver cut-off grade of 50 g/t, and five
holes show intercepts of high-grade silver (greater than 100 g/t
Ag). Refer to Figure 1 for drill hole locations, Table 1 for drill
hole information and Table 2 for silver assay results.
Gold assay results continue to show the thick
nature (up to 27.0 m in the latest results) of the gold-mineralized
horizon hosted at the contact between the Barstow sediments and
Pickhandle volcaniclastics. Refer to Figure 1 for drill hole
locations, Table 1 for drill hole information and Table 3 for gold
assay results.
Table
1: Drill hole information for
results reported July 26, 2022,
for the for
2022 Drill Program
at the Calico
Project.
Hole |
Easting (m) |
Northing (m) |
Elevation (m) |
Total Depth (m) |
Total Depth (ft) |
Azimuth |
Dip |
W22-RC-011 |
511014 |
3867693 |
818 |
169.0 |
554.5 |
0 |
-90 |
W22-RC-012 |
511060 |
3867699 |
816 |
121.0 |
397.0 |
35 |
-60 |
W22-RC-013 |
510950 |
3867839 |
841 |
154.0 |
505.3 |
0 |
-90 |
W22-RC-015 |
510848 |
3867937 |
829 |
88.0 |
288.7 |
0 |
-90 |
W22-RC-020 |
510995 |
3867856 |
855 |
139.0 |
456.0 |
0 |
-90 |
W22-RC-021 |
511026 |
3867813 |
857 |
142.0 |
465.9 |
0 |
-90 |
W22-RC-022 |
511052 |
3867830 |
859 |
106.0 |
347.8 |
0 |
-90 |
W22-RC-023 |
511077 |
3867891 |
867 |
73.0 |
239.5 |
0 |
-90 |
W22-RC-024 |
511039 |
3867897 |
882 |
121.0 |
397.0 |
0 |
-90 |
W22-RC-028 |
510614 |
3868052 |
806 |
34.0 |
111.6 |
279 |
-78 |
W22-RC-028B |
510607 |
3868048 |
804 |
121.0 |
397.0 |
0 |
-90 |
Note: Drill holes results are reported as received
from the laboratory. Results are not necessarily received in the
order holes were drilled.
Table 2:
Silver assay
results reported July 26, 2022,
for the for
2022 Drill Program
at the Calico
Project.
Hole |
|
From (m) |
To (m) |
Interval (m) |
Ag (g/t) |
Ag (opt*) |
W22-RC-011 |
|
16.0 |
92.5 |
76.5 |
137 |
4.0 |
including |
25.0 |
26.5 |
1.5 |
259 |
7.6 |
including |
46.0 |
55.0 |
9.0 |
275 |
8.0 |
and including |
46.0 |
47.5 |
1.5 |
477 |
13.9 |
W22-RC-012 |
|
25.0 |
26.5 |
1.5 |
92 |
2.7 |
and |
41.5 |
43.0 |
1.5 |
64 |
1.9 |
and |
53.5 |
55.0 |
1.5 |
63 |
1.8 |
and |
58.0 |
59.5 |
1.5 |
95 |
2.8 |
W22-RC-013 |
|
19.0 |
92.5 |
73.5 |
107 |
3.1 |
including |
73.0 |
74.5 |
1.5 |
255 |
7.4 |
including |
85.0 |
86.5 |
1.5 |
252 |
7.4 |
and |
98.5 |
103.0 |
4.5 |
98 |
2.9 |
and |
112.0 |
115.0 |
3.0 |
55 |
1.6 |
and |
134.5 |
148.0 |
13.5 |
126 |
3.7 |
W22-RC-015 |
|
2.5 |
5.5 |
3.0 |
94 |
2.7 |
and |
29.5 |
32.5 |
3.0 |
82 |
2.4 |
and |
44.5 |
77.5 |
33.0 |
84 |
2.5 |
W22-RC-020 |
|
0.0 |
107.5 |
107.5 |
86 |
2.5 |
W22-RC-021 |
|
73.0 |
74.5 |
1.5 |
59 |
1.7 |
and |
109.0 |
110.5 |
1.5 |
65 |
1.9 |
W22-RC-022 |
|
1.0 |
4.0 |
3.0 |
52 |
1.5 |
and |
8.5 |
14.5 |
6.0 |
58 |
1.7 |
and |
74.5 |
77.5 |
3.0 |
73 |
2.1 |
W22-RC-023 |
|
5.5 |
14.5 |
9.0 |
103 |
3.0 |
and |
38.5 |
56.5 |
18.0 |
71 |
2.1 |
W22-RC-024 |
|
0.0 |
89.0 |
89.0 |
84 |
2.4 |
and |
91.0 |
97.0 |
6.0 |
58 |
1.7 |
W22-RC-028 |
|
1.0 |
34.0 |
33.0 |
87 |
2.5 |
W22-RC-028B |
|
0.0 |
16.0 |
16.0 |
85 |
2.5 |
and |
25.0 |
56.5 |
31.5 |
80 |
2.3 |
Silver intercepts calculated using 50 g/t silver
cut-off with significantly higher-grade intercepts reported at 250
g/t cut-off with a maximum of 4.5 m internal dilution and are
uncapped. Intercepts are down hole lengths and may not represent
true widths. W22-RC-024 is a twin of ASARCO rotary hole 77. *Troy
ounces per US short ton.
Table 3:
Gold assay
results reported July 26, 2022,
for the for
2022 Drill Program
at the Calico
Project.
Hole |
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
W22-RC-011 |
and |
86.5 |
88.0 |
1.5 |
0.122 |
and |
122.5 |
127.0 |
4.5 |
0.135 |
and |
140.5 |
145.0 |
4.5 |
0.611 |
including |
142.0 |
143.5 |
1.5 |
0.923 |
and |
152.5 |
160.0 |
7.5 |
0.203 |
W22-RC-012 |
|
94.0 |
121.0 |
27.0 |
0.354 |
including |
100.0 |
104.5 |
4.5 |
1.301 |
and including |
101.5 |
103.0 |
1.5 |
1.960 |
W22-RC-015 |
|
71.5 |
73.0 |
1.5 |
0.311 |
and |
85.0 |
88.0 |
3.0 |
0.762 |
including |
86.5 |
88.0 |
1.5 |
1.105 |
W22-RC-013 |
|
124.0 |
125.5 |
1.5 |
0.142 |
and |
134.5 |
154.0 |
19.5 |
0.417 |
including |
139.0 |
146.5 |
7.5 |
0.786 |
and including |
142.0 |
143.5 |
1.5 |
1.230 |
W22-RC-020 |
|
100.0 |
101.5 |
1.5 |
0.100 |
and |
130.0 |
133.0 |
3.0 |
0.131 |
W22-RC-021 |
|
113.5 |
119.5 |
6.0 |
0.214 |
and |
131.5 |
134.5 |
3.0 |
0.161 |
W22-RC-022 |
|
79.0 |
106.0 |
27.0 |
0.219 |
including |
103.0 |
104.5 |
1.5 |
0.512 |
W22-RC-023 |
|
49.0 |
59.5 |
10.5 |
0.313 |
including |
55.0 |
56.5 |
1.5 |
0.944 |
and |
68.5 |
70.0 |
1.5 |
0.136 |
W22-RC-024 |
|
97.0 |
98.5 |
1.5 |
0.287 |
and |
107.5 |
109.0 |
1.5 |
0.190 |
Gold intercepts calculated using 0.1 g/t gold
cut-off grade with higher-grade intercepts calculated at 0.5 g/t
gold. Intercepts are down hole lengths and may not represent true
widths. W22-RC-024 is a twin of ASARCO rotary hole 77.
2022 DRILL PROGRAM UPDATE
The 2022 Drill Program at Calico is proceeding
as planned, with a total of 44 holes (5,021.0 m out of a planned
10,000 m) completed to date, comprising Phase 1. Phase 2 is
scheduled to commence in mid-September following a planned summer
hiatus due to the extreme heat. Drill program design for Phase 2
will incorporate the results from Phase 1. Due to the consistency
of the results from Phase 1 with the resource block model, Apollo
believes it will be able to further optimize Phase 2 drilling which
could result in a significant saving of drilling metres.
QUARTERLY FILINGS
Apollo filed its Financial Statements and
Management Discussion and Analysis for the three and six months
ended May 31, 2022 on the Company’s website and SEDAR on July 25,
2022.
APPOINTMENT OF TARGET IR
Apollo announces that it has entered into an
investor relations agreement (the “IR Agreement”)
with Target IR & Communications (“Target IR”),
to provide digital marketing and investor relations services to the
Company, as defined in accordance with the policies of the TSX
Venture exchange (“TSXV”) and applicable
securities laws. Target IR will receive consideration of
C$10,000/month, payable monthly in arrears, for an initial term of
twelve months, with the option for the Company to renew on a
quarterly basis thereafter.
Target IR, a company based in Toronto, Ontario,
provides investor communications and marketing strategies for
growing and emerging public companies. Salisha Ilyas, the principal
of Target IR, is a senior investor relations professional with more
than 15 years of experience across a range of industries, such as
mining, healthcare and renewable/green energy. She has held senior
investor relations and communication roles at Canadian and UK
publicly listed companies and has also served as the head of
professional development at the Canadian Investor Relations
Institute in Toronto. Salisha holds a Bachelor of Commerce from the
University of Toronto, a Master in Business Administration from the
Schulich School of Business (York University), and has completed
the Canadian Securities Course. Neither Target IR, nor any of its
principals hold any securities of Apollo.
The Agreement is subject to the approval of the
TSX Venture Exchange.
SAMPLING AND
QUALITY ASSURANCE/QUALITY
CONTROL
Drilling is being undertaken by Cooper Drilling
LLC, of Monte Vista, Colorado. RC chip samples were collected in
1.5 m lifts with 15 lb representative samples sent for analysis.
Representative chip samples were also collected for logging
purposes (lithology, alteration, mineralization), detailed
photography and analysis by portable X-Ray Fluorescence. RC samples
are catalogued and securely stored in a warehouse facility in
Barstow, California until they are ready for secure shipment to ALS
Global-Geochemistry in Reno, Nevada (“ALS Reno”)
for sample preparation and gold analysis. Splits of prepared pulps
are securely shipped from ALS Reno to ALS Vancouver, British
Columbia for further analysis.
Samples were prepared at ALS Reno (Prep-31
package) with each sample crushed to better than 70% passing a 2 mm
(Tyler 9 mesh, U.S. Std. No.10) screen. A split of up to 250 g is
taken and pulverized to better than 85% passing a 75-micron (Tyler
200 mesh, U.S. Std. No. 200) screen. All samples were analyzed for
48 elements via ICP-MS following a four-acid digestion with
reportable ranges for silver of 0.01 to 100 ppm (method ME-MS61).
Over-range samples analyzed for silver were re-submitted for
analysis using a four-acid digestion and ICP-AES finish with a
silver range of 1-1,500 ppm (method Ag-OG62). When results were
over 400 ppm silver, they were re-submitted for analysis by fire
assay with a gravimetric finish using a 30 g nominal sample weight
with reportable silver range of 5-10,000 ppm (method Ag-GRA21).
Over-range samples analyzed for copper, lead and zinc were
re-submitted for analysis using a four-acid digestion and ICP-AES
finish with range of 0.001-50% for copper, 0.001-20% for lead, and
0.001-30% for zinc. Gold was analyzed by fire assay with atomic
absorption finish (method Au-AA26) with a reportable range of
0.01-100 ppm Au. All analyses were completed at ALS Vancouver
except for gold by fire assay, which was completed at ALS Reno.
The Company maintains its own comprehensive
quality assurance and quality control (“QA/QC”)
program to ensure best practices in sample preparation and analysis
for samples. The QA/QC program includes the insertion and analysis
of certified reference materials, commercial pulp blanks,
preparation blanks, and field duplicates to the laboratories.
Apollo’s QA/QC program includes ongoing auditing of all laboratory
results from the laboratories. The Company’s Qualified Person is of
the opinion that the sample preparation, analytical, and security
procedures followed are sufficient and reliable. The Company is not
aware of any drilling, sampling, recovery, or other factors that
could materially affect the accuracy or reliability of the data
reported herein.
ABOUT THE
CALICO PROJECT
Location
The Project is located in San Bernardino County,
California and comprises the adjacent Waterloo and Langtry
properties which total 2,950 acres. The Project is 15 km (9 miles)
from the city of Barstow and has an extensive private gravel road
network spanning the property. There is commercial electric power
within 5 km (3 miles) of the Project.
Geology and
Mineralization at
Calico
The Project is situated in the southern Calico
Mountains of the Mojave Desert, in the south-western region of the
Basin and Range tectonic province. This mountain range is a 15 km
(9 mile) long northwest- southeast trending range dominantly
composed of Tertiary (Miocene) volcanics, volcaniclastics,
sedimentary rocks and dacitic intrusions. Mineralization at Calico
comprises high-level low-sulfidation silver-dominant epithermal
vein-type and disseminated-style deposits associated with
northwest-trending faults and fracture zones and mid-Tertiary
volcanic activity. The Project represents a district-scale mineral
system endowment with approximately 6,000 m (19,685 ft) in
mineralized strike length controlled by Apollo. Oxidized,
disseminated and stockwork-style mineralization is primarily hosted
in the Barstow sedimentary formation and is the subject of the
MRE.
QUALIFIED
PERSONS
The scientific and technical data contained in
this news release was reviewed, and approved by Cathy Fitzgerald,
M.Sc., P.Geo., Apollo’s Vice President Exploration and Resource
Development, a Qualified Person as defined by NI 43-101 Standards
of Disclosure for Minerals Projects. Ms. Fitzgerald is a registered
Professional Geoscientist in British Columbia, Canada.
Please visit www.apollosilver.com for further
information.
ON BEHALF OF THE BOARD OF DIRECTORS
Tom Peregoodoff Chief Executive Officer
For further
information, please
contact:
Tom Peregoodoff Chief Executive
OfficerTelephone: +1 (604) 428-6128 tomp@apollosilver.com
About Apollo
Silver Corp.
Apollo Silver Corp. has assembled an experienced
and technically strong leadership team who have joined to advance
world class precious metals projects in tier-one jurisdictions. The
Company is focused on advancing its portfolio of two significant
silver exploration and resource development projects, the Calico
Silver Project, in San Bernardino California and Silver District
Project in La Paz County, Arizona.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary
Statement Regarding
“Forward-Looking” Information
This news release includes “forward-looking
statements” and “forward-looking information” within the meaning of
Canadian securities legislation. All statements included in this
news release, other than statements of historical fact, are
forward-looking statements including, without limitation,
statements with respect to the potential of the Calico Project; the
potential for identification of gold and barite resources at
Calico; the potential to expand the resource estimate and upgrade
its confidence level, including prospective mineralization on
strike and at depth; timing of drilling and exploration activities.
Forward-looking statements include predictions, projections and
forecasts and are often, but not always, identified by the use of
words such as “anticipate”, “believe”, “plan”, “estimate”,
“expect”, “potential”, “target”, “budget” and “intend” and
statements that an event or result “may”, “will”, “should”, “could”
or “might” occur or be achieved and other similar expressions and
includes the negatives thereof.
Forward-looking statements are based on the
reasonable assumptions, estimates, analysis, and opinions of the
management of the Company made in light of its experience and its
perception of trends, current conditions and expected developments,
as well as other factors that management of the Company believes to
be relevant and reasonable in the circumstances at the date that
such statements are made. Forward-looking information is based on
reasonable assumptions that have been made by the Company as at the
date of such information and is subject to known and unknown risks,
uncertainties and other factors that may have caused actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward-looking information, including but not limited to:
risks associated with mineral exploration and development; metal
and mineral prices; availability of capital; accuracy of the
Company’s projections and estimates; realization of mineral
resource estimates, interest and exchange rates; competition; stock
price fluctuations; availability of drilling equipment and access;
actual results of current exploration activities; government
regulation; political or economic developments; environmental
risks; insurance risks; capital expenditures; operating or
technical difficulties in connection with development activities;
personnel relations; contests over title to properties; changes in
project parameters as plans continue to be refined; and impact of
the COVID-19 pandemic. The estimate of mineral resources may be
materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues. The
quantity and grade of reported inferred mineral resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these inferred mineral resources as an
indicated or measured mineral resource and it is uncertain if
further exploration will result in upgrading them to an indicated
or measured mineral resource category. Forward-looking statements
are based on assumptions management believes to be reasonable,
including but not limited to the price of silver, gold and barite;
the demand for silver, gold and barite; the ability to carry on
exploration and development activities; the timely receipt of any
required approvals; the ability to obtain qualified personnel,
equipment and services in a timely and cost-efficient manner; the
ability to operate in a safe, efficient and effective matter; and
the regulatory framework regarding environmental matters, and such
other assumptions and factors as set out herein. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be
accurate and actual results, and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward looking
information contained herein, except in accordance with applicable
securities laws. The forward-looking information contained herein
is presented for the purpose of assisting investors in
understanding the Company’s expected financial and operational
performance and the Company’s plans and objectives and may not be
appropriate for other purposes. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
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