“The 2022 Calico Drill Program has been completed ahead of schedule and under budget,” Apollo President and CEO,
2022 Phase 2 Drill Program Completion
The Phase 2 Drill Program was composed of 4,819 m (15,810 feet) across 44 RC drill holes. The program was completed on
- Complete further infill drilling to upgrade the confidence in the MRE;
- Expand the MRE by adding additional high-grade silver ounces and quantifying possible by-products such as barite and gold; and
- Increase the confidence in the geological model.
Results to date confirmed the grade, continuity and predictability of near-surface silver mineralization within the current MRE; identified silver mineralization in thicker portions of the
An update to the MRE is expected to commence once all the assay results have been received and is expected to be completed in Q1 2023. Following this, engineering studies are planned to commence.
Amended Arizona Silver District Option Agreement
The terms of the Option to Purchase Agreement to acquire 100% interest in the
US$70,000 upon closing (paid in January 2021);US$100,000 andUS$100,000 in common shares of Apollo due onJanuary 22, 2022 (paid in January 2022);US$125,000 andUS$125,000 in common shares of Apollo due onJanuary 22, 2023 ;US$175,000 andUS$175,000 in common shares of Apollo due onJanuary 22, 2024 ;US$250,000 andUS$250,000 in common shares of Apollo due onJanuary 22, 2025 ;US$300,000 andUS$300,000 in common shares of Apollo due onJanuary 22, 2026 ;
Apollo and the vendor, pursuant to an amendment to the Option Agreement, have agreed to defer payment obligations 3 through 6 above by 12 months from the dates stipulated in the Option Agreement, with the next payment now due by
2022/2023 Option Grant
The Company also announces the granting, subject to regulatory acceptance, of an aggregate of 4,000,000 incentive stock options to certain officers, directors, employees and advisors of the Company (the “Options”). The Options have a term of five (5) years and are exercisable at a price of
ABOUT THE CALICO PROJECT
Location
The Project is located in
Geology and Mineralization at Calico
The Project is situated in the southern
QUALIFIED PERSON
The scientific and technical data contained in this news release was reviewed and approved by
Please visit www.apollosilver.com for further information.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
About
Neither
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
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.
For further information, please contact:Tom Peregoodoff Chief Executive Officer Telephone: +1 (604) 428-6128 tomp@apollosilver.com
Source:
2022 GlobeNewswire, Inc., source