Apollo Silver Corp. (“
Apollo” or
the “
Company”) (TSX.V:APGO, OTCQB:APGOF,
Frankfurt:6ZF0) is pleased to report further assay results from
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 high grade silver
(“Ag”) intercepts. Results below include: 197 grams per tonne
(“g/t”) Ag over 61.0 metres (“m”) from surface (W22-RC-075) and 135
g/t Ag over 85.5 m from 5.5 m down hole (W22-RC-077).
- Apollo
is now in possession of all silver assay results for drill holes
that targeted the 2022 Waterloo mineral resource block model, which
defined 116 million ounces of silver at 93 g/t Ag at a 50 g/t
cut-off grade
(“COG”)1.
- The 2023
resource estimation work program is proceeding as scheduled with
results anticipated in early March.
-
Temporary Use Permit extension for one year period for
planned future drilling at Waterloo has been granted by San
Bernardino County.
New significant intercepts
include:
SILVER
-
- 197 g/t Ag over 61.0 m from surface (W22-RC-075),
including;
- 273 g/t Ag over 18.0 m from 35.5 m down hole, and including;
- 508 g/t Ag over 1.5 m from 41.5 m down hole;
- 135 g/t Ag over 85.5 m from 5.5 m down hole
(W22-RC-077), including;
- 417 g/t Ag over 4.5 m from 28.0 m down hole;
- 254 g/t Ag over 1.5 m from 46.0 m down hole;
- 298 g/t Ag over 3.0 m from 49.0 m down hole;
- 96 g/t Ag over 32.5 m from surface (W22-RC-078),
and
- 84 g/t Ag over 31.5 m from 44.5 m depth down hole;
- 129 g/t Ag over 40.0 m from surface (W22-RC-079),
including;
- 275 g/t Ag over 1.5 m from 5.5 m depth down hole, and
including
- 322 g/t Ag over 1.5 m from 23.5 m depth down hole.
Silver intercepts are reported at a 50 g/t
silver cut-off grade (“COG”) with significantly higher-grade
intercepts reported at a 250 g/t COG with a maximum of 4.5 m
internal dilution and are uncapped. Lengths are down hole lengths
and may not represent true widths unless otherwise stated.
Results for eight reverse circulation (“RC”)
holes are reported below, bringing the total number of holes
released for Phase 2 silver resource definition drilling to 39 out
of 44. The remaining five holes were drilled primarily for oxide
gold definition and will be reported separately once received. The
eight drill holes reported below total 574.0 m (1,883 feet) and
were completed between October 29, 2022, and November 8, 2022.
These are the fourth set of assays reported for Phase 2 of the
drill program, in which a total of 44 holes totaling 4,822.0 m
(15,820 feet) were completed between September 19, 2022, and
November 12, 2022. Of the eight holes, one hole (W22-RC-074) was
not sampled for assaying as this hole was abandoned after 3 m of
drilling due to technical issues. This hole was re-drilled as
W22-RC-074B: results for it and six other holes are reported below.
Phase 2 drilling is part of the 2022 Calico Technical Program,
which aims to upgrade and expand the previously announced maiden
Inferred mineral resource estimate (“MRE”) of 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.
“These latest high grade silver assay results
complete the silver data set that is being used to update our
current mineral resource estimate at Calico,” commented Apollo’s
President and CEO Tom Peregoodoff. “Starting with the expedited
permitting time of six weeks and through to the completion of the
drilling in November 2022, the drill program has been successfully
and safely completed with no significant cost or schedule over-runs
and no lost-time injuries. Since we first received assays seven
months ago, results have shown consistent, thick intersections of
high-grade silver mineralization at Waterloo. These new results are
no exception. Work on the updated MRE resource is advancing on
schedule and with receipt of these silver assays we remain
confident that the results of this work will be ready for release
in early March.”
1The 2022 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.
SILVER ASSAY RESULTS
Silver assay results are reported herein for
seven holes, six of which were designed for infill drilling of near
surface silver mineralization and one acting as a twin of a
historic drill hole. All seven holes intersected silver
mineralization above the 2022 MRE 50 g/t Ag COG. Apollo is
now in possession of all silver assay results from all drill holes
that targeted the 2022 Waterloo mineral resource block model.
Outstanding results are for five drill holes completed in the
Burcham area, 135 m to the southwest of the 2022 Waterloo MRE,
which were drilled primarily to define the oxide gold
mineralization occurring in this region. Refer to Table 1 and
Figure 1 for drill hole locations, and Table 2 for silver assay
results. A cross section of select drill holes results relative to
the 2022 MRE block model is presented in Figure 2.
Table
1: Drill hole information for
results reported February 1, 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-069 |
510249 |
3868301 |
750 |
61.0 |
200 |
0 |
-90 |
W22-RC-074 |
510104 |
3868423 |
788 |
3.0 |
10 |
0 |
-90 |
W22-RC-074B |
510105 |
3868424 |
788 |
76.0 |
249 |
0 |
-90 |
W22-RC-075 |
510005 |
3868494 |
803 |
82.0 |
269 |
0 |
-90 |
W22-RC-076 |
510048 |
3868521 |
806 |
91.0 |
299 |
45 |
-70 |
W22-RC-077 |
510135 |
3868451 |
806 |
109.0 |
358 |
0 |
-90 |
W22-RC-078 |
510452 |
3868039 |
786 |
76.0 |
249 |
0 |
-90 |
W22-RC-079 |
509904 |
3868762 |
758 |
76.0 |
249 |
45 |
-75 |
Note: Drill hole assay results are reported as
received from the laboratory. Results are not necessarily received
in the order holes were drilled. Hole W22-RC-074 was abandoned due
to drilling technical difficulties. Hole W22-RC-078 is a twin of
historic drill W-RC-S-12003.
Figure 1: Locations of
drill hole collars for results reported February 1, 2023, for Phase
2 of the Calico Project 2022 Drill Program.
Table 2:
Silver assay
results reported February 1,
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-069 |
|
5.5 |
29.5 |
24.0 |
90 |
2.6 |
and |
35.5 |
37.0 |
1.5 |
66 |
1.9 |
W22-RC-074B |
|
0.0 |
58.0 |
58.0 |
85 |
2.5 |
W22-RC-075 |
|
0.0 |
61.0 |
61.0 |
197 |
5.8 |
including |
17.5 |
19.0 |
1.5 |
362 |
10.6 |
including |
26.5 |
29.5 |
3.0 |
330 |
9.6 |
including |
35.5 |
53.5 |
18.0 |
273 |
8.0 |
and including |
41.5 |
43.0 |
1.5 |
508 |
14.8 |
W22-RC-076 |
|
1.0 |
85.0 |
84.0 |
79 |
2.3 |
W22-RC-077 |
|
5.5 |
91.0 |
85.5 |
135 |
3.9 |
including |
28.0 |
32.5 |
4.5 |
417 |
12.2 |
including |
46.0 |
47.5 |
1.5 |
254 |
7.4 |
including |
49.0 |
52.0 |
3.0 |
298 |
8.7 |
W22-RC-078 |
|
0.0 |
32.5 |
32.5 |
96 |
2.8 |
and |
44.5 |
76.0 |
31.5 |
84 |
2.5 |
W22-RC-079 |
|
0.0 |
40.0 |
40.0 |
129 |
3.8 |
including |
5.5 |
7.0 |
1.5 |
275 |
8.0 |
including |
23.5 |
25.0 |
1.5 |
322 |
9.4 |
Silver intercepts calculated using 50 g/t cut-off
grade (“COG”) with significantly higher-grade intercepts reported
at a 250 g/t Ag COG with a maximum of 4.5 m internal dilution and
are uncapped. Intercepts are down hole lengths and may not
represent true widths. Hole W22-RC-078 is a twin of historic drill
W-RC-S-12003. *Troy ounces per US short ton.
Figure 2: Cross section of
silver results for drill holes W22-RC-075 and W22-RC-077 as
reported February 1, 2023,
for Phase 2 of the Calico Project
2022 Drill Program.
GOLD ASSAY RESULTS
New gold results are reported here for three
holes for which silver results were previously disclosed (see news
releases dated August 23, 2022, January 9, 2023 and January 18,
2023 (see Figure 1 for hole locations). Assaying gold on select
holes continues to define the extent and continuity of the gold
mineralized horizon, whose upper surface lies between 5 m and 50 m
below the near-surface silver mineralization. Gold mineralization
identified in hole W22-RC-033 extends the zone of continuous gold
mineralization greater than 0.100 g/t to more than 1,000 m strike
length. The five holes for which results are outstanding are in the
Burcham area, 135 m southwest of the 2022 Waterloo MRE, and it is
anticipated these holes will be dominantly gold mineralized,
relative to silver. Refer to Figure 1 for drill hole locations and
Table 3 for gold assay results.
Table 3:
Gold assay
results reported February 1,
2023, for Phase 2 of the Calico
Project 2022 Drill
program
Hole |
|
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
W22-RC-033 |
|
101.5 |
103.0 |
1.5 |
0.115 |
W22-RC-050 |
|
86.5 |
107.5 |
21.0 |
0.304 |
including |
95.5 |
97.0 |
1.5 |
0.806 |
including |
101.5 |
103.0 |
1.5 |
0.774 |
and |
115.0 |
116.5 |
1.5 |
0.235 |
W22-RC-073 |
No significant intersection |
W22-RC-076 |
No significant intersection |
W22-RC-077 |
No significant intersection |
Gold intercepts calculated using 0.100 g/t
cut-off grade (“COG”) with higher-grade intercepts calculated at
0.500 g/t COG. Intercepts are down hole lengths and may not
represent true widths. Hole W22-RC-078 is a twin of historic drill
W-RC-S-12003.
PERMITTING
In late December 2022, the Company requested an
extension of its Temporary Use Permit for drilling activities at
the Waterloo property from the San Bernardino County Land Use
Department. The County granted a 12 month extension of the permit,
within four weeks of the request. The permit is now valid until
February 3, 2024 and will enable future planned drilling at
Waterloo.
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 (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 Calico 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, stockwork-type and disseminated-style associated with
northwest-trending faults and fracture zones and mid-Tertiary (~
19-17 Ma) volcanic activity. Calico represents a district-scale
mineral system endowment with approximately 6,000 m (19,685 ft) in
mineralized strike length controlled by Apollo. Silver and gold
mineralization are oxidized and hosted within the basal
stratigraphic horizons of the sedimentary Barstow Formation and in
contact and within the upper volcaniclastic units of the Pickhandle
formation. The current mineral resource estimate at Calico
comprises 166 million ounces of silver contained in 58.1 million
tonnes at an average grade of 89 g/t, at a cut-off grade of 50 g/t
Ag (see news release February 9, 2022).
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 and execution of future planned
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.
Infographics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f21d470-1fe7-4ff6-ba8d-b792b89e76a8
https://www.globenewswire.com/NewsRoom/AttachmentNg/db388f92-c2c2-4fc9-8239-3e5cabd46be7
For further information, please contact:
Tom Peregoodoff
Chief Executive Officer
Telephone: +1 (604) 428-6128
tomp@apollosilver.com
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