Apollo Silver Corp. (“
Apollo” or
the “
Company”) (TSX.V:APGO, OTCQB:APGOF,
Frankfurt:6ZF0) is pleased to report further 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.
- Resource infill drilling results continue to deliver
exceptional silver (“Ag”) intercepts such as 109 grams per tonne
(“g/t”) Ag over 109.0 metres (“m”) from surface (drill hole
W22-RC-045).
- Latest results continue to expand silver mineralization
(above 50 g/t cut-off grade (“COG”)) below the base of the current
mineral resource estimate (“MRE”).
- The oxide gold (“Au”) horizon continues to be defined,
with 0.262 g/t Au over 19.5 m from 134.5 m depth down hole in drill
hole W22-RC-045 (including 0.921 g/t Au over 3.0 m).
- Results reported below are from 10 holes, bringing the
total number of holes with assays released for Phase 2 drilling to
16 out of 44 completed.
- New significant intercepts include:
SILVER
- 109 g/t Ag
over 109.0 m
from surface (W22-RC-045),
including;
- 267 g/t Ag over 1.5 m from 25.0 m depth down hole;
- 456 g/t Ag over 1.5 m from 29.5 m depth down hole; and
- 307 g/t Ag over 1.5 m from 55.0 m depth down hole;
- 106 g/t Ag over 45.0 m from 11.5 m depth down hole
(W22-RC-048);
- 169 g/t Ag over 64.5 m from 1.0 m depth down hole
(W22-RC-056), including
- 260 g/t Ag over 6.0 m from 13.0 m depth down hole; and
- 261 g/t Ag over 15.0 m from 26.5 m depth down hole;
- 101 g/t Ag over 67.0 m from surface (W22-RC-062),
including;
- 268 g/t Ag over 4.0 m from surface.
GOLD
- 0.262 g/t Au
over 19.5 m from
134.5 m depth down hole (W22-RC-045),
including;
- 0.921 g/t Au over 3.0 m from 140.5 m depth down hole; and
- 1.220 g/t Au over 1.5 m from 140.5 m depth down hole;
- 0.160 g/t Au over 21.0 m from 134.5 m depth down hole
(W22-RC-049);
- 0.327 g/t Au over 18.0 m from 86.5 m depth down hole
(W22-RC-050), including;
- 0.806 g/t Au over 1.5 m from 95.5 m depth down hole; and
- 0.774 g/t Au over 1.5 m from 101.5 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.
____________________________________________________________________________________
Silver assay results from Phase 2 drilling from
the Calico Project continue to support the robust nature of the
current MRE block model at the Waterloo deposit. Infill drilling
results reported here show near-surface silver grades continue to
be predictable and continuous. 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 166 million ounces of silver
contained in 58.1 million tonnes at an average grade of 89
g/t (see news release dated February 9, 2022)1.
Results below are reported for 10 reverse
circulation (“RC”) drill holes totaling 1,243.0 m completed between
September 30, 2022, and October 24, 2022. These are the second set
of 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.
“I am very pleased with the technical progress
the team made in 2022”, commented Apollo’s VP Exploration &
Resource Development Cathy Fitzgerald. “The shallow, broad zones of
silver mineralization above the 50 g/t cut-off grade are ubiquitous
in the Waterloo deposit. Similarly, these results continue to
confirm the extensive nature of the oxide gold horizon
stratigraphically below the silver mineralization. This oxide gold
horizon is not included in the current MRE and we will look to
include this gold mineralization in the revised mineral resource
estimate. Importantly, we remain on track to deliver the upcoming
revised mineral resource estimate as planned in Q1 of this
year.”
ASSAY RESULTS
All 10 holes reported below intersected
silver mineralization above the MRE COG of 50 g/t silver.
These holes were designed to complete further infill drilling in
the middle to southern portion of the Waterloo deposit to support
upgrading the current MRE to a higher confidence level, and to test
for additional mineralization at depth below the MRE. Assay results
continue to support the robust nature of the current MRE block
model of near-surface silver mineralization at Waterloo. Refer to
Figure 1 and Table 1 for drill hole locations, and Table 2 for
silver assay results.
Of the 10 holes reported here, six were selected
for gold analysis as they targeted the gold-mineralized horizon at
the Barstow-Pickhandle lithologic contact beneath the silver MRE.
This horizon is currently modeled as being approximately 900 m x
400 m and from 5 m to 45 m thick. All six holes returned gold
mineralized intervals above 0.100 g/t Au within this modeled
horizon. Refer to Figure 1 and Table 1 for drill hole locations and
Table 3 for gold assay results.
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.Table
1: Drill hole information for
results reported January 9, 2023,
for the Calico
Project 2022 Drill
Program.
Hole |
Easting (m) |
Northing (m) |
Elevation (m) |
Total Depth (m) |
Total Depth (ft) |
Azimuth |
Dip |
W22-RC-045 |
510834 |
3867867 |
827 |
169.0 |
554 |
0 |
-90 |
W22-RC-048 |
510962 |
3867685 |
806 |
169.0 |
554 |
0 |
-70 |
W22-RC-049 |
510874 |
3867809 |
811 |
175.0 |
574 |
90 |
-70 |
W22-RC-050 |
510689 |
3868027 |
815 |
118.0 |
387 |
180 |
-65 |
W22-RC-052 |
510638 |
3868014 |
799 |
85.0 |
279 |
0 |
-90 |
W22-RC-053 |
510782 |
3867808 |
789 |
70.0 |
230 |
0 |
-90 |
W22-RC-054 |
510582 |
3868009 |
794 |
85.0 |
279 |
0 |
-90 |
W22-RC-056 |
510706 |
3867885 |
772 |
100.0 |
328 |
65 |
-80 |
W22-RC-057 |
510872 |
3867643 |
753 |
88.0 |
289 |
0 |
-90 |
W22-RC-062 |
510516 |
3867993 |
805 |
184.0 |
604 |
252 |
-75 |
Note: Drill hole assay results are reported as
received from the laboratory. Results are not necessarily received
in the order holes were drilled.
Figure 1: Locations of
drill hole collars for results reported January 9, 2023, for Phase
2 of the Calico Project 2022 Drill Program
Table 2:
Silver assay
results reported January 9, 2023,
for Phase 2 of
the Calico Project
2022 Drill Program
Hole |
|
From (m) |
To (m) |
Interval (m) |
Ag (g/t) |
Ag (opt*) |
W22-RC-045 |
|
0.0 |
109.0 |
109.0 |
109 |
3.2 |
including |
25.0 |
26.5 |
1.5 |
267 |
7.8 |
including |
29.5 |
31.0 |
1.5 |
456 |
13.3 |
including |
55.0 |
56.5 |
1.5 |
307 |
9.0 |
and |
134.5 |
136.0 |
1.5 |
55 |
1.6 |
and |
140.5 |
142.0 |
1.5 |
89 |
2.6 |
W22-RC-048 |
|
0.0 |
1.0 |
1.0 |
53 |
1.6 |
and |
11.5 |
56.5 |
45.0 |
106 |
3.1 |
W22-RC-049 |
|
0.0 |
97.0 |
97.0 |
80 |
2.3 |
W22-RC-050 |
|
0.0 |
10.0 |
10.0 |
92 |
2.7 |
and |
17.5 |
28.0 |
10.5 |
70 |
2.0 |
and |
37.0 |
38.5 |
1.5 |
63 |
1.8 |
and |
88.0 |
92.5 |
4.5 |
123 |
3.6 |
and |
101.5 |
104.5 |
3.0 |
99 |
2.9 |
W22-RC-052 |
|
0.0 |
5.5 |
5.5 |
85 |
2.5 |
and |
31.0 |
43.0 |
12.0 |
87 |
2.5 |
and |
50.5 |
52.0 |
1.5 |
58 |
1.7 |
and |
74.5 |
76.0 |
1.5 |
52 |
1.5 |
W22-RC-053 |
|
0.0 |
26.5 |
26.5 |
79 |
2.3 |
and |
32.5 |
35.5 |
3.0 |
75 |
2.2 |
and |
43.0 |
44.5 |
1.5 |
62 |
1.8 |
and |
61.0 |
65.5 |
4.5 |
64 |
1.9 |
W22-RC-054 |
|
0.0 |
29.5 |
29.5 |
123 |
3.6 |
including |
0.0 |
1.0 |
1.0 |
268 |
7.8 |
W22-RC-056 |
|
1.0 |
65.5 |
64.5 |
169 |
4.9 |
including |
13.0 |
19.0 |
6.0 |
260 |
7.6 |
including |
26.5 |
41.5 |
15.0 |
261 |
7.6 |
W22-RC-057 |
|
10.0 |
14.5 |
4.5 |
66 |
1.9 |
and |
35.5 |
37.0 |
1.5 |
61 |
1.8 |
W22-RC-062 |
|
0.0 |
67.0 |
67.0 |
101 |
3.0 |
including |
0.0 |
4.0 |
4.0 |
268 |
7.8 |
and |
103.0 |
106.0 |
3.0 |
61 |
1.8 |
and |
110.5 |
112.0 |
1.5 |
54 |
1.6 |
and |
118.0 |
140.5 |
22.5 |
57 |
1.7 |
and |
149.5 |
169.0 |
19.5 |
81 |
2.4 |
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 January 9, 2023,
for Phase 2 of the Calico Project
2022 Drill Program
Hole |
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
W22-RC-045 |
|
134.5 |
154.0 |
19.5 |
0.262 |
including |
140.5 |
143.5 |
3.0 |
0.921 |
and including |
140.5 |
142.0 |
1.5 |
1.220 |
and |
163.0 |
166.0 |
3.0 |
0.156 |
W22-RC-048 |
|
155.5 |
157.0 |
1.5 |
0.258 |
W22-RC-049 |
|
134.5 |
155.5 |
21.0 |
0.160 |
and |
172.0 |
175.0 |
3.0 |
0.131 |
W22-RC-050 |
|
86.5 |
104.5 |
18.0 |
0.327 |
including |
95.5 |
97.0 |
1.5 |
0.806 |
including |
101.5 |
103.0 |
1.5 |
0.774 |
W22-RC-052 |
|
82.0 |
83.5 |
1.5 |
0.156 |
W22-RC-053 |
Not assayed for gold |
W22-RC-054 |
Not assayed for gold |
W22-RC-056 |
|
80.5 |
82.0 |
1.5 |
0.165 |
W22-RC-057 |
Not assayed for gold |
W22-RC-062 |
Not assayed for gold |
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.
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 Reno and ALS Carson
City of Nevada, and ALS Chihuahua, of 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.
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, stockwork-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 Isabelle Lépine,
M.Sc., P.Geo., Apollo’s Director of Mineral Resources, a Qualified
Person as defined by NI 43-101 Standards of Disclosure for Minerals
Projects. Ms. Lépine 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/11a63036-5cf4-4588-b6fd-bf111468ebbc
For further information, please contact:
Tom Peregoodoff
Chief Executive Officer
Telephone: +1 (604) 428-6128
tomp@apollosilver.com
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