Announcement • Feb 02
Apollo Reports Final Silver Intercepts from the Calico 2022 Drill Program
Apollo Silver Corp. reported 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”). 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. 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. 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. 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. 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. 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. 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.