- 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;
- 273 g/t Ag over 18.0 m from 35.5 m down hole, and including;
- 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.
- 197 g/t Ag over 61.0 m from surface (W22-RC-075), including;
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
“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
1The 2022 MRE has been prepared by
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
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
Table 2: Silver assay results reported
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
GOLD ASSAY RESULTS
New gold results are reported here for three holes for which silver results were previously disclosed (see news releases dated
Table 3: Gold assay results reported
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
SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL
Drilling was undertaken by
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,
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
Geology and Mineralization
QUALIFIED PERSONS
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 Apollo Silver Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
CautionaryStatementRegarding“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.
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
Figure 1
Locations of drill hole collars for results reported February 1, 2023 , for Phase 2 of the Calico Project 2022 Drill Program.
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.
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