Apollo Silver Corp. (“
Apollo” or
the “
Company”) (TSX.V:APGO, OTCQB:APGOF,
Frankfurt:6ZF0) is pleased to announce that Phase 2 of the 2022
drill program (the “
Phase 2 Drill Program”) has
commenced at its Calico Silver Project (“
Calico”
or the “
Project”), located in San Bernardino
County, California. Reverse circulation (“
RC”)
drilling began September 19, 2022, 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”) (see news release dated February
9, 2022).
“Phase 2 of the 2022 drill program has commenced
on schedule,” Apollo CEO Tom Peregoodoff commented. “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.”
2022 Phase 2 Drill Program
The Phase 2 Drill Program comprises a proposed
4,300 metres (“m”) (14,108 feet) in 39 RC drill
holes that will be completed by Cooper Drilling LLC, of Monte
Vista, Colorado. The program design incorporates the learnings from
Phase 1 of the 2022 drill program and is designed to continue
to:
- Complete infill drilling to further
support upgrading the confidence of the MRE;
- Expand the MRE by adding additional
high-grade silver ounces and quantifying possible by-products, such
as barite and gold; and
- Further increase the confidence in
the geological model.
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.
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 feet) 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 PERSON
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 PeregoodoffChief 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 California and Silver District
Project in Arizona.
Neither 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 commencement of
mobilization, drilling and exploration activities; timing of
announcement of drill results. 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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