Announcement • Mar 18
Apollo Silver Corp Initiates Preliminary Economic Assessment For Calico Silver Project
Apollo Silver Corp. had engaged SLR Consulting (Canada) Ltd. to lead a Preliminary Economic Assessment on the Company’s Calico Silver Project, located in San Bernardino County, California. In parallel with the Preliminary Economic Assessment, Apollo Silver will advance metallurgical and geotechnical programs designed to further refine the Company’s technical understanding of the Project as it progresses forward on the development path. The Company has engaged SLR as advisors to assist in managing the geotechnical and metallurgical investigations required to support the mine development plan. SLR engaged to conduct a Preliminary Economic Assessment at Calico. SLR will also provide on-going metallurgical and geotechnical advisory support for additional development engineering analysis at Calico as the Company continues to advance the Project. Precision GeoSurveys US Inc. has recently completed a high-resolution airborne magnetic and radiometric survey covering approximately 632-line km, designed to support geological interpretation, future exploration, and drill targeting. SLR will provide geotechnical advisory services and technical oversight for programs, including planning, analysis, and quality assurance of site investigations. The geotechnical scope of work will include site investigation planning and technical guidance for geotechnical logging and laboratory testing, desktop geotechnical gap analysis, supervision and QA/QC of third-party geotechnical work. SLR will also provide metallurgical advisory services to support test work and process evaluation at the Waterloo deposit. The metallurgical program is intended to advance the Company’s understanding of mineral recovery and support development of an optimized processing flowsheet for upcoming development studies. Metallurgical work will include test work recommendations and program design, sample selection and laboratory test work planning, monitoring and interpretation of metallurgical test work results, processing flowsheet evaluation and recovery estimation. Previously collected metallurgical samples are being evaluated for further testing. Apollo Silver engaged Precision to complete a high-resolution airborne magnetic and radiometric survey over portions of the Calico Project. The survey covered approximately 632-line km across the Waterloo and Mule properties and has now been completed. The survey was carried out at 50-meter line spacing, providing high-resolution geophysical coverage across the Project area. The airborne program was designed to collect high-resolution magnetic and radiometric data across priority exploration areas of the Calico Project, compare radiometric signatures observed at the Waterloo deposit with data collected over the Mule property, evaluate whether geological signatures associated with the known Waterloo mineralization can also be identified at Mule, generate and refine potential drill targets for future exploration programs. The Calico Project is a large silver project located in San Bernardino County, California, approximately 9 miles northeast of the city of Barstow, in a region known as the historic Calico Silver Mining District. The Project is comprised of 525 mineral claims (2 unpatented mill site claims, 474 unpatented lode mining claims, 29 fee lands claims and 20 patented lode mining claims) in three separate properties (Langtry, Waterloo and Mule) totaling 8,419 acres. The majority of the mineral resources are located on private land with vested mining rights. Apollo Silver’s Calico Project hosts one of the largest undeveloped primary silver resources in the United States. The 2025 mineral resource estimate for Calico contains 125 million ounces of silver in the Measured and Indicated category within 55 million tonnes grading 71 g/t silver, and 58 million ounces of silver in the Inferred category within 25 million tonnes grading 71 g/t silver. In addition, the Project contains significant critical mineral resources in barite and zinc, alongside its substantial silver resource, positioning Calico as a source of multiple minerals considered important to domestic supply chains. The deposit hosts an Indicated Resource of 2.7 million tonnes of barite and 354 million pounds of zinc within 36 million tonnes grading 7.4% barite and 0.45% zinc, and an Inferred Resource of 0.65 million tonnes of barite and 258 million pounds of zinc within 17 million tonnes grading 3.9% barite and 0.71% zinc. The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not independent of the Company. For more information, please see the news release dated September 4 and October 16, 2025, and the N.I. 43-101 Technical Report titled “NI 43-101 Technical Report and Mineral Resource Estimate for the Calico Silver Project, San Bernardino County, California, USA,” dated October 16, 2025 (with an effective date of June 30, 2025). The Technical Report was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects by Stantec Consulting Ltd. of Denver, Colorado. 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.
