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
(“
Calico” or the “
Project”)
located in San Bernardino County, California. Infill drilling at
the Waterloo deposit continues to show silver
(“
Ag”) results consistent with the 2022 mineral
resource estimate (“
MRE”) block model and expand
the gold (“
Au”) mineralized horizon. Additionally,
notable silver mineralization has been intercepted beneath the MRE,
whose maximum depth is 125 metres (“
m”) below
surface. Drill hole W22-RC-033 reported silver grades above the MRE
cut-off grade (“
COG”) of 50 g/t to at least 180 m
depth down hole and indicates possible stacking of silver
mineralized horizons in the Barstow sediments. This is encouraging
as it illustrates the opportunity to expand the mineral resource at
depth. In addition, these latest results show 11 of 12 holes
intersected shallow silver mineralization above the COG and two
holes intersected silver grades in excess of 500 g/t.
Results below are reported for 12 reverse
circulation (“RC”) drill holes completed between
mid-May and the end of June 2022, bringing the results released to
market for Phase 1 of the drill program to a total of 33 holes
(3,681.0 m), of the 44 holes completed (5,021.0 m). Drilling is
part of the 2022 Calico Technical Program, which aims to upgrade
and expand the previously announced maiden Inferred 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-014
- 139 g/t
Ag over 103.5
m from 1.0 m depth down
hole;
- including 662 g/t
Ag over 1.5 m from 79.0 m depth down hole;
- Hole
W22-RC-018
-
133 g/t Ag
over 66.0 m
from 4.0 m depth
down hole;
-
Hole W22-RC-019
- 104 g/t
Ag over 105.0 m
from 2.5 m depth down hole; and
-
Hole W22-RC-025
- 135
g/t Ag over
91.5 m from
1.0 m depth down hole;
- including 908 g/t
Ag over 1.5 m from 55.0 m depth down hole;
- Hole
W22-RC-033
- 66 g/t
Ag over 12.0 m from 134.5 m down hole; and
-
95 g/t Ag
over 25.5 m
from 154.0 m depth down
hole.
Silver assays are reported at a 50 g/t silver
COG 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 Calico silver resource is already one of
the largest undeveloped silver resources in the world,” commented
Apollo CEO Tom Peregoodoff. “We have always believed that the
resource had the potential to grow beyond what is currently shown
in our 2022 resource declaration. These latest results confirm that
silver mineralization above the 50 g/t COG extends well below the
current base of the resource model. Further, the latest results
again demonstrate the consistent and predictable nature of the
near-surface silver mineralization within the current resource
which adds further support to our goal of achieving upgraded
confidence of silver ounces in our pending updated resource.
Continued positive results will greatly reduce future development
and mining risks for the Project, which is a clear advantage over
more structurally complex and narrow silver resources. We look
forward to discussing these results, and all results received to
date in the context of our pending 2022 revised resource
declaration and encourage all interested investors to attend our
previously announced webinar to be held on Thursday, September 8,
2022.”
ASSAY RESULTS
Results show that 11 of 12 holes intersected
silver mineralization at or above the mineral resource silver COG
of 50 g/t, with two holes intercepting silver over 500 g/t. Refer
to Figure 1 for drill hole locations, Table 1 (below) for drill
hole information and Table 2 (below) for silver assay results.
Cross sections of select drill hole results relative to the 2022
MRE block model are shown in Figure 2, Figure 3 and Figure
4.
Gold assay results continue to expand the gold
mineralized horizon at the contact between the Barstow sediments
and Pickhandle volcaniclastics beneath the MRE. Refer to Figure 1
for drill hole locations, Table 1 (below) for drill hole
information and Table 3 (below) for gold assay results.
Table
1: Drill hole information for
results reported August 23, 2022,
for the Calico
Project 2022 Drill
Program.
Hole |
Easting (m) |
Northing (m) |
Elevation (m) |
Total Depth (m) |
Total Depth (ft) |
Azimuth |
Dip |
W22-RC-014 |
510895 |
3867848 |
836 |
151.0 |
495.0 |
0 |
-90 |
W22-RC-016 |
510815 |
3867958 |
828 |
61.0 |
200.1 |
0 |
-90 |
W22-RC-017 |
510893 |
3867967 |
853 |
65.5 |
214.9 |
0 |
-90 |
W22-RC-018 |
510899 |
3867915 |
852 |
115.0 |
377.0 |
0 |
-90 |
W22-RC-019 |
510894 |
3867890 |
851 |
145.0 |
476.0 |
0 |
-90 |
W22-RC-025 |
510975 |
3867928 |
879 |
130.0 |
427.0 |
0 |
-90 |
W22-RC-026 |
510982 |
3867991 |
862 |
67.0 |
220.0 |
0 |
-90 |
W22-RC-027 |
510727 |
3868016 |
816 |
43.0 |
141.0 |
0 |
-90 |
W22-RC-032 |
510960 |
3867645 |
785 |
133.0 |
436.0 |
0 |
-90 |
W22-RC-033 |
510482 |
3868046 |
796 |
199.0 |
653.0 |
0 |
-90 |
W22-RC-034 |
510978 |
3867572 |
750 |
121.0 |
397.0 |
0 |
-90 |
W22-RC-035 |
511009 |
3867546 |
749 |
169.0 |
554.5 |
0 |
-90 |
Note: Drill hole assay 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 August 23, 2022,
for the Calico
Project 2022 Drill
Program.
Hole |
|
From (m) |
To (m) |
Interval (m) |
Ag (g/t) |
Ag (opt*) |
W22-RC-014 |
|
1.0 |
104.5 |
103.5 |
139 |
4.1 |
including |
34.0 |
35.5 |
1.5 |
306 |
8.9 |
including |
43.0 |
46.0 |
3.0 |
402 |
11.7 |
including |
79.0 |
80.5 |
1.5 |
662 |
19.3 |
W22-RC-016 |
|
2.5 |
10.0 |
7.5 |
58 |
1.7 |
and |
16.0 |
38.5 |
22.5 |
69 |
2.0 |
including |
31.0 |
32.5 |
1.5 |
259 |
7.6 |
W22-RC-017 |
|
7.0 |
8.5 |
1.5 |
60 |
1.8 |
and |
17.5 |
20.5 |
3.0 |
53 |
1.5 |
and |
25.0 |
28.0 |
3.0 |
65 |
1.9 |
and |
50.5 |
59.5 |
9.0 |
82 |
2.4 |
W22-RC-018 |
|
4.0 |
70.0 |
66.0 |
133 |
3.9 |
including |
10.0 |
11.5 |
1.5 |
280 |
8.2 |
including |
23.5 |
25.0 |
1.5 |
273 |
8.0 |
including |
37.0 |
38.5 |
1.5 |
273 |
8.0 |
and |
77.5 |
89.5 |
12.0 |
85 |
2.5 |
and |
100.0 |
101.5 |
1.5 |
54 |
1.6 |
and |
104.5 |
106.0 |
1.5 |
51 |
1.5 |
W22-RC-019 |
|
2.5 |
107.5 |
105.0 |
104 |
3.0 |
W22-RC-025 |
|
1.0 |
92.5 |
91.5 |
135 |
3.9 |
including |
37.0 |
58.0 |
21.0 |
309 |
9.0 |
and including |
40.0 |
41.5 |
1.5 |
470 |
13.7 |
and including |
55.0 |
56.5 |
1.5 |
908 |
26.5 |
W22-RC-026 |
|
0.0 |
2.5 |
2.5 |
87 |
2.5 |
and |
23.5 |
28.0 |
4.5 |
57 |
1.7 |
and |
32.5 |
34.0 |
1.5 |
75 |
2.2 |
W22-RC-027 |
|
4.0 |
31.0 |
27.0 |
62 |
1.8 |
W22-RC-032 |
|
13.0 |
31.0 |
18.0 |
124 |
3.6 |
W22-RC-033 |
|
0.0 |
11.5 |
11.5 |
97 |
2.8 |
and |
22.0 |
49.0 |
27.0 |
79 |
2.3 |
and |
101.5 |
103.0 |
1.5 |
52 |
1.5 |
and |
134.5 |
146.5 |
12.0 |
66 |
1.9 |
and |
154.0 |
179.5 |
25.5 |
95 |
2.8 |
W22-RC-034 |
|
0.0 |
1.0 |
1.0 |
56 |
1.6 |
W22-RC-035 |
No significant intercepts |
Silver intercepts calculated using 50 g/t
cut-off grade with significantly higher-grade intercepts reported
at 250 g/t cut-off grade 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-019 is a twin of ASARCO rotary hole
44. *Troy ounces per US short ton.
Table 3:
Gold assay
results reported August 23, 2022,
for the Calico Project
2022 Drill
Program.
Hole |
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
W22-RC-014 |
|
145.0 |
151.0 |
6.0 |
0.492 |
including |
148.0 |
149.5 |
1.5 |
0.949 |
W22-RC-016 |
No significant intercepts |
W22-RC-017 |
No significant intercepts |
W22-RC-018 |
|
83.5 |
85.0 |
1.5 |
0.114 |
and |
107.5 |
115.0 |
7.5 |
0.290 |
including |
113.5 |
115.0 |
1.5 |
0.643 |
W22-RC-019 |
|
95.5 |
97.0 |
1.5 |
0.162 |
and |
134.5 |
145.0 |
10.5 |
0.474 |
including |
137.5 |
140.5 |
3.0 |
0.871 |
W22-RC-025 |
|
128.5 |
130.0 |
1.5 |
0.634 |
W22-RC-026 |
No significant intercepts |
W22-RC-027 |
No significant intercepts |
W22-RC-032 |
|
104.5 |
107.5 |
3.0 |
0.372 |
including |
106.0 |
107.5 |
1.5 |
0.533 |
and |
115.0 |
116.5 |
1.5 |
0.117 |
W22-RC-033 |
Not analyzed for gold. |
W22-RC-034 |
No significant intercepts |
W22-RC-035 |
|
67.0 |
70.0 |
3.0 |
0.272 |
and |
77.5 |
80.5 |
3.0 |
0.131 |
Gold intercepts calculated using 0.1 g/t cut-off
grade with higher-grade intercepts calculated at 0.5 g/t cut-off
grade. Intercepts are down hole lengths and may not represent true
widths. W22-RC-019 is a twin of ASARCO rotary hole 44.
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. ALS Reno may selectively
ship samples to other laboratories, such as ALS Global-Geochemistry
in Carson City, Nevada (“ALS Carson City”) for
preparation. After preparation, splits of prepared pulps are
securely shipped to ALS Vancouver, British Columbia for
multi-element analysis.
Samples were prepared at either ALS Reno or ALS
Carson City (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.
INVESTOR WEBINAR
As announced August 18, 2022, the Company will
host a corporate update webinar for shareholders, investors, and
analysts on Thursday, September 8, 2022, at 9:00 a.m. PT / 12:00
p.m. ET. The webinar will be facilitated by Tom Peregoodoff,
President & CEO, and Cathy Fitzgerald, VP Exploration and
Resource Development and will focus on Company’s Calico Silver
Project, located in San Bernardino County, California.
Specifically, the Company will provide an update on the 2022
Technical Program drilling results to date, the commencement of
Phase 2 of the drill program, and the timing of the Company’s
planned Mineral Resource Estimate update. Please see
www.apollosilver.com for more information and to pre-register to
attend the webinar.
ABOUT THE
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
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 the
Project 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
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 County, 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.
For further information, please contact:
Tom Peregoodoff
Chief Executive Officer
Telephone: +1 (604) 428-6128
tomp@apollosilver.com
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