Apollo Silver Corp. announced that drilling at the Calico Silver Project is well underway, and 13 reverse circulation drill holes have been completed as part of Phase 2 of the 2022 drill program. The Phase 2 Drill Program is one component of the multi-component 2022 Calico Technical Program that aims to upgrade and expand the Company's Inferred Mineral Resource Estimate of 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 grams per tonne.

Additionally, Apollo has commenced initial groundwater assessment work, which is designed to assess groundwater quality, depth, and well pumping capacity. The program will utilize existing wells and will involve the addition of a new monitoring well on its Waterloo Property which was recently permitted by the County of San Bernardino. Since commencing the Phase 2 Drill Program at Calico on September 19, 2022, 13 of the proposed 39 RC drill holes have been completed, totaling 1,829.0 metres.

A total of 4,300 m (14,108 feet) is currently planned as part of the Phase 2 Drill Program. To date, 1,183 samples from 11 drill holes have been dispatched to ALS Global-Geochemistry in Reno, Nevada, for analysis. Similar to the Phase 1 Drill Program, assay results are expected to be released to the market on a regular basis as they become available.

The Phase 2 Drill Program is expected to conclude in late November 2022. Upon receipt of all assay data an update to the MRE is anticipated to commence in December 2022 with completion expected in First Quarter 2023.