Apollo Silver Corp. announced it has completed Phase 2 of the 2022 Calico Drill Program at its Calico Silver Project (“Calico” or the “Project”), located in San Bernardino County, California. With the completion of Phase 2 drilling, the proposed 10,000 metre (“m”) 2022 Calico Drill Program is now complete on schedule and under budget.

Reverse circulation (“RC”) drilling as part of the Phase 2 program began September 19, 2022 and was completed November 12, 2022, ahead of schedule. The 2022 Calico Drill Program is one component of the multi-component 2022 Calico Technical Program that aims to upgrade and expand the recently announced 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 (“g/t”). The Phase 2 Drill Program was composed of 4,819 m (15,810 feet) across 44 RC drill holes.

The program was completed on November 12, 2022, approximately 14 days ahead of schedule. A total of 9,840 m (32,283 feet) across 88 RC drill holes has been successfully completed at the Waterloo Property in the 2022 Calico Drill Program. The drill program was designed to: 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 Barstow sediments approximately 30 m below the base of the current MRE (which is approximately 125 m depth below surface); and has shown the gold-mineralized horizon is more extensive than historic drilling indicated. An update to the MRE is expected to commence once all the assay results have been received and is expected to be completed in First Quarter 2023. Following this, engineering studies are planned to commence.