Apollo Silver Corp. (“
Apollo” or
the “
Company”) (TSX.V:APGO, OTCQB:APGOF,
Frankfurt:6ZF0) is pleased to report initial assay results from the
recently completed Phase 2 of the 2022 Drill Program at the Calico
Silver Project (“Calico” or the “Project”) located in San
Bernardino County, California.
- Drilling continues to expand silver (“Ag’)
mineralization at depth up to approximately 100 metres (“m”) below
the base of the current mineral resource estimate (“MRE”) in the
northern portion of the Waterloo deposit.
- Resource infill drilling results continue to confirm
the continuous and predictable nature of near-surface silver
mineralization, providing a solid foundation for the updated MRE in
early 2023.
- Gold (“Au”) horizon continues to be intercepted with
39.0 m of 0.790 g/t Au intercepted in drill hole W22-RC-044 (15.0 m
estimated true width).
- New significant intercepts include:
SILVER
- 133 g/t
Ag over 129.0
m from 7.0 m depth down hole (W22-RC-043),
including;
- 288 g/t Ag over 6.0 m from 67.0 m
depth down hole;
- 287 g/t Ag over 3.0 m from 91.0 m
depth down hole; and
- 280 g/t Ag over 6.0 m from 103.0 m
depth down hole;
- 93 g/t Ag over 52.5 m from
38.5 m depth down hole (W22-RC-044), including;
- 257 g/t Ag over 1.5 m from 62.5 m
depth down hole;
- 72 g/t
Ag over 143.5 m from surface (W22-RC-058);
- 119 g/t Ag over 79.5 m from
1.0 m depth down hole (W22-RC-059), including;
- 284 g/t Ag over
1.5 m from 32.5 m depth down hole;
- 113 g/t Ag over 47.5 m from
surface (W22-RC-061), including;
- 302 g/t over 1.5 m from 55.0 m
depth down hole.
GOLD
- 0.790 g/t
Au over 39.0
m from 109.0 m depth down hole
(W22-RC-044), including;
- 1.080 g/t Au over 19.5 m from 112.0
m depth down hole;
- and 2.551 g/t Au over 4.5 m
from 115.0 m depth down hole;
- and 1.645 g/t Au over 1.5 m from
125.5 m depth down hole;
- and 1.125 g/t Au over 1.5 m from
130.0 m depth down hole;
- 0.825 g/t Au over 7.5 m from 137.5
m depth down hole;
- and 1.910 g/t Au over 1.5 m from
143.5 m depth down hole.
Silver intercepts are reported at a 50 g/t
silver cut-off grade (“COG”) with up to 4.5 m dilution and are
uncapped. Gold intercepts are reported at a 0.1 g/t COG with up to
4.5 m dilution and are uncapped. Lengths are down hole lengths and
may not represent true widths unless otherwise stated.
Assay results from the Waterloo Property
continue to confirm the near-surface silver mineralization within
the current MRE block model is continuous and predictable.
Additionally, silver continues to be identified at depths below the
base of the MRE potentially expanding the resource. Phase 2
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 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)1.
Results below are reported for six reverse
circulation (“RC”) drill holes totaling 828.0 metres (“m”),
completed between September 21, 2022, and October 23, 2022. These
are the first assays received from Phase 2 of the drill program, in
which 44 holes (4,822.0 m) were completed between September 19,
2022, and November 12, 2022.
“These first assay results from our Phase 2
drill program continue where Phase 1 left off,” commented Apollo
CEO Tom Peregoodoff. “Our primary focus for Calico in 2022 was
two-fold. First, to provide additional confidence to the current
resource to enable us to maximize the amount of silver ounces we
can convert to a higher resource category. Second, to expand the
extent of known silver mineralization. I am pleased to report that
on both counts we have been successful. The consistency of silver
mineralization bodes very well for conversion of our current silver
resource to a higher resource category. In addition, the continued
intersection of silver mineralization beneath the current MRE
highlights the potential to grow the resource at Calico. These
initial results have also confirmed the extensive nature of the
gold horizon, and while not a primary focus, the potential to add
gold to the upcoming revised MRE could make a meaningful impact to
the outcome of the planned 2023 Preliminary Economic
Assessment.”
ASSAY RESULTS
All six holes reported below intersected
silver mineralization above the MRE cut-off grade (“COG”) of 50 g/t
silver. These holes were designed to complete further
infill drilling in the southern half of the Waterloo deposit to
confirm silver grade trends identified in the MRE block model and
to test possible extensions of silver mineralization at depth below
the base of the MRE in the northern half of the deposit. Refer to
Figure 1, Figure 2 and Figure 3 for drill hole locations and select
cross sections showing assay results relative to the MRE.
Specifically, holes W22-RC-058 and W22-RC-059 were designed to
follow up deeper silver identified in hole W22-RC-033 (see news
release dated August 23, 2022). Drilling has now identified
silver mineralization up to 100 m (approximate) depth below the
base of the MRE across over 65 m up dip (see Figure 3) in
the northern portion of the Waterloo deposit. Refer to Figure 1 and
Table 1 for drill hole locations and Table 2 for silver assay
results.
Hole W22-RC-044 was selected for gold analysis
as it specifically targeted the modeled gold mineralized horizon
occurring at the Barstow sediments-Pickhandle volcanics contact
beneath the current MRE (gold is not included in the current MRE
announced February 9, 2022). This hole intercepted 39.0 m of 0.790
g/t Au from 109.0 m downhole, representing a modeled true thickness
of 15.0 m (see Figure 2). Drilling continues to better
define and expand the gold mineralization at Waterloo and the
pending MRE update will seek to add gold to the mineralized
resource. Refer to Figure 1 and Table 1 for drill hole
locations and Table 3 for gold assay results.
Table
1: Drill hole information for
results reported December 1, 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-043 |
510899 |
3867874 |
855 |
154.0 |
505 |
140 |
-60 |
W22-RC-044 |
510843 |
3867934 |
830 |
148.0 |
486 |
140 |
-70 |
W22-RC-058 |
510475 |
3868017 |
775 |
166.0 |
545 |
0 |
-90 |
W22-RC-059 |
510545 |
3868090 |
789 |
199.0 |
653 |
230 |
-76 |
W22-RC-060 |
510478 |
3868109 |
785 |
91.0 |
299 |
225 |
-65 |
W22-RC-061 |
510540 |
3868003 |
805 |
70.0 |
230 |
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 December 1,
2022, for Phase 2 of
the Calico Project
2022 Drill
Program.
Hole |
|
From (m) |
To (m) |
Interval (m) |
Ag (g/t) |
Ag (opt*) |
W22-RC-043 |
|
0.0 |
1.0 |
1.0 |
117 |
3.4 |
and |
7.0 |
136.0 |
129.0 |
133 |
3.9 |
including |
49.0 |
50.5 |
1.5 |
267 |
7.8 |
including |
67.0 |
73.0 |
6.0 |
288 |
8.4 |
including |
91.0 |
94.0 |
3.0 |
287 |
8.4 |
including |
98.5 |
100.0 |
1.5 |
251 |
7.3 |
including |
103.0 |
109.0 |
6.0 |
280 |
8.2 |
W22-RC-044 |
|
1.0 |
8.5 |
7.5 |
50 |
1.4 |
and |
26.5 |
28.0 |
1.5 |
88 |
2.6 |
and |
38.5 |
91.0 |
52.5 |
93 |
2.7 |
including |
62.5 |
64.0 |
1.5 |
257 |
7.5 |
and |
110.5 |
113.5 |
3.0 |
64 |
1.9 |
and |
125.5 |
127.0 |
1.5 |
69 |
2.0 |
and |
137.5 |
139.0 |
1.5 |
73 |
2.1 |
W22-RC-058 |
|
0.0 |
143.5 |
143.5 |
72 |
2.1 |
W22-RC-059 |
|
1.0 |
80.5 |
79.5 |
119 |
3.5 |
including |
32.5 |
34.0 |
1.5 |
284 |
8.3 |
including |
43.0 |
44.5 |
1.5 |
252 |
7.4 |
and |
88.0 |
124.0 |
36.0 |
73 |
2.1 |
and |
191.5 |
194.5 |
3.0 |
321 |
9.4 |
including |
191.5 |
193.0 |
1.5 |
520 |
15.2 |
W22-RC-060 |
|
1.0 |
2.5 |
1.5 |
53 |
1.5 |
and |
13.0 |
25.0 |
12.0 |
71 |
2.1 |
W22-RC-061 |
|
0.0 |
47.5 |
47.5 |
113 |
3.3 |
including |
34.0 |
35.5 |
1.5 |
302 |
8.8 |
and |
55.0 |
56.5 |
1.5 |
54 |
1.6 |
Silver intercepts calculated using 50 g/t
cut-off grade (“COG”) with significantly higher-grade intercepts
reported at 250 g/t COG with a maximum of 4.5 m internal dilution
and are uncapped. Intercepts are down hole lengths and may not
represent true widths. *Troy ounces per US short ton.
Table 3:
Gold assay
results reported December 1,
2022, for Phase 2 of the Calico
Project 2022 Drill
Program.
Hole |
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
W22-RC-043 |
Not assayed for Au |
W22-RC-044 |
|
109.0 |
148.0 |
39.0 |
0.790 |
including |
112.0 |
131.5 |
19.5 |
1.080 |
and including |
115.0 |
119.5 |
4.5 |
2.551 |
and including |
125.5 |
127.0 |
1.5 |
1.645 |
and including |
130.0 |
131.5 |
1.5 |
1.125 |
including |
137.5 |
145.0 |
7.5 |
0.825 |
and including |
143.5 |
145.0 |
1.5 |
1.910 |
W22-RC-058 |
Not assayed for Au |
W22-RC-059 |
Not assayed for Au |
W22-RC-060 |
Not assayed for Au |
W22-RC-061 |
Not assayed for Au |
Gold intercepts calculated using 0.1 g/t cut-off
grade (“COG”) with higher-grade intercepts calculated at 0.5 g/t
COG. Intercepts are down hole lengths and may not represent true
widths.
1 The 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.
SAMPLING AND
QUALITY ASSURANCE/QUALITY
CONTROL
Drilling was 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 ALS laboratories for preparation. After
preparation, splits of prepared pulps are securely shipped to ALS
Vancouver, British Columbia for multi-element analysis.
Samples were prepared at ALS-Naves and
ALS-Chihuahua, both in Mexico (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.
Figure 1: Locations of drill hole collars
for results reported December 1, 2022, for Phase 2 of the Calico
Project 2022 Drill Program.
Figure 2: Assay results for drill holes
W22-RC-043 and W22-RC-044 reported December 1, 2022, for Phase 2 of
the Calico Project 2022 Drill Program.
Figure 3: Assay results for drill holes
W22-RC-058 and W22-RC-059 reported December 1, 2022, for Phase 2 of
the Calico Project 2022 Drill Program.
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;
timing of completion of the updated mineral resource estimate and
2023 preliminary economic assessment. 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9813f828-1854-48bb-9f4e-0ecceda10b19
https://www.globenewswire.com/NewsRoom/AttachmentNg/df608e19-d302-47b3-959b-fe9fc817eb97
https://www.globenewswire.com/NewsRoom/AttachmentNg/3363aea3-54de-4030-a29b-297e41976b8c
For further information, please contact:
Tom Peregoodoff
Chief Executive Officer
Telephone: +1 (604) 428-6128
tomp@apollosilver.com
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