Apollo Silver Corp. (“Apollo” or the “Company”)
(TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce
that drilling at the Calico Silver Project (“Calico” or the
“Project”) is well underway, and 13 reverse circulation (“RC”)
drill holes have been completed as part of Phase 2 of the 2022
drill program (the “Phase 2 Drill Program”). The Phase 2 Drill
Program is one component of the multi-component
2022 Calico
Technical Program that aims to upgrade and expand the
Company’s 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).
Additionally, Apollo has commenced initial
groundwater assessment work, which is designed to assess
groundwater quality, depth, and well pumping capacity. The program
will utilize existing wells and will involve the addition of a new
monitoring well on its Waterloo Property which was recently
permitted by the County of San Bernardino.
“Phase 2 of the 2022 drill program is
progressing on schedule and on budget,” Apollo CEO Tom Peregoodoff
commented. “The commencement of the groundwater monitoring program
is an important milestone as we advance the Calico Project.
Understanding the nature and availability of groundwater in the
Calico Project area will be a critical component of our strategy to
secure water resources required to support future development. As
has been our previous experience with obtaining permits for the
drill program, we received the permit to drill a new water well in
a very timely fashion from the County of San Bernardino.”
2022 Phase 2 Drill Program
Since commencing the Phase 2 Drill Program at
Calico on September 19, 2022, 13 of the proposed 39 RC drill holes
have been completed, totaling 1,829.0 metres (“m”) (6,000 feet). A
total of 4,300 m (14,108 feet) is currently planned as part of the
Phase 2 Drill Program (see news release data September 19,
2022).
To date, 1,183 samples from 11 drill holes have
been dispatched to ALS Global-Geochemistry in Reno, Nevada, for
analysis. Similar to the Phase 1 Drill Program, assay results are
expected to be released to the market on a regular basis as they
become available.
The Phase 2 Drill Program is expected to
conclude in late November 2022. Upon receipt of all assay data an
update to the MRE is anticipated to commence in December 2022 with
completion expected in Q1 2023.
Groundwater Assessment
In the late 1970s, a previous operator of the
Waterloo Property (ASARCO) completed both a groundwater monitoring
well and a pumping well on unpatented mill site claims. Apollo has
determined that these wells are accessible and has commenced test
work. ASARCO also completed a monitoring well on the Waterloo
Property near the historic Burcham mine, approximately 800 m to the
south of the Waterloo resource area. Apollo has determined that
this monitoring well is sealed off and inaccessible and plans to
complete a new monitoring well in this same area to test
groundwater near the Waterloo resource. At the Langtry Property,
one groundwater monitoring well exists, and Apollo is working to
determine is it is accessible and can be used for testing. The
groundwater test work and drilling of the new monitoring well will
be executed by Desert Empire Drilling of Barstow, California, and
is scheduled for completion in October 2022.
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
For further information, please
contact:
Tom PeregoodoffChief Executive Officer Telephone: +1 (604)
428-6128tomp@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 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.
Apollo Silver (TSXV:APGO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Apollo Silver (TSXV:APGO)
Historical Stock Chart
From Apr 2023 to Apr 2024