- Drilling continues to expand silver (“Ag’) mineralization at depth up to approximately 100 metres (“m”) below the base of the current mineral resource estimate (“MRE”) in the northern portion of the Waterloo deposit.
- Resource infill drilling results continue to confirm the continuous and predictable nature of near-surface silver mineralization, providing a solid foundation for the updated MRE in early 2023.
- Gold (“Au”) horizon continues to be intercepted with 39.0 m of 0.790 g/t Au intercepted in drill hole W22-RC-044 (15.0 m estimated true width).
- New significant intercepts include:
SILVER
- 133 g/t Ag over 129.0 m from 7.0 m depth down hole (W22-RC-043), including;
- 288 g/t Ag over 6.0 m from 67.0 m depth down hole;
- 287 g/t Ag over 3.0 m from 91.0 m depth down hole; and
- 280 g/t Ag over 6.0 m from 103.0 m depth down hole;
- 93 g/t Ag over 52.5 m from 38.5 m depth down hole (W22-RC-044), including;
- 257 g/t Ag over 1.5 m from 62.5 m depth down hole;
- 257 g/t Ag over 1.5 m from 62.5 m depth down hole;
- 72 g/t Ag over 143.5 m from surface (W22-RC-058);
- 119 g/t Ag over 79.5 m from 1.0 m depth down hole (W22-RC-059), including;
- 284 g/t Ag over 1.5 m from 32.5 m depth down hole;
- 113 g/t Ag over 47.5 m from surface (W22-RC-061), including;
- 302 g/t over 1.5 m from 55.0 m depth down hole.
GOLD
- 0.790 g/t Au over 39.0 m from 109.0 m depth down hole (W22-RC-044), including;
- 1.080 g/t Au over 19.5 m from 112.0 m depth down hole;
- and 2.551 g/t Au over 4.5 m from 115.0 m depth down hole;
- and 1.645 g/t Au over 1.5 m from 125.5 m depth down hole;
- and 1.125 g/t Au over 1.5 m from 130.0 m depth down hole;
- 0.825 g/t Au over 7.5 m from 137.5 m depth down hole;
- and 1.910 g/t Au over 1.5 m from 143.5 m depth down hole.
- and 1.910 g/t Au over 1.5 m from 143.5 m depth down hole.
- 1.080 g/t Au over 19.5 m from 112.0 m depth down hole;
Silver intercepts are reported at a 50 g/t silver cut-off grade (“COG”) with up to 4.5 m dilution and are uncapped. Gold intercepts are reported at a 0.1 g/t COG with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths unless otherwise stated.
Assay results from the Waterloo Property continue to confirm the near-surface silver mineralization within the current MRE block model is continuous and predictable. Additionally, silver continues to be identified at depths below the base of the MRE potentially expanding the resource. Phase 2 drilling is part of the 2022 Calico Technical Program, which aims to upgrade and expand the previously announced maiden Inferred MRE of 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 grams per tonne (“g/t”) (see news release dated
Results below are reported for six reverse circulation (“RC”) drill holes totaling 828.0 metres (“m”), completed between
“These first assay results from our Phase 2 drill program continue where Phase 1 left off,” commented Apollo CEO
ASSAY RESULTS
All six holes reported below intersected silver mineralization above the MRE cut-off grade (“COG”) of 50 g/t silver. These holes were designed to complete further infill drilling in the southern half of the Waterloo deposit to confirm silver grade trends identified in the MRE block model and to test possible extensions of silver mineralization at depth below the base of the MRE in the northern half of the deposit. Refer to Figure 1, Figure 2 and Figure 3 for drill hole locations and select cross sections showing assay results relative to the MRE. Specifically, holes W22-RC-058 and W22-RC-059 were designed to follow up deeper silver identified in hole W22-RC-033 (see news release dated
Hole W22-RC-044 was selected for gold analysis as it specifically targeted the modeled gold mineralized horizon occurring at the
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-043 | 510899 | 3867874 | 855 | 154.0 | 505 | 140 | -60 |
W22-RC-044 | 510843 | 3867934 | 830 | 148.0 | 486 | 140 | -70 |
W22-RC-058 | 510475 | 3868017 | 775 | 166.0 | 545 | 0 | -90 |
W22-RC-059 | 510545 | 3868090 | 789 | 199.0 | 653 | 230 | -76 |
W22-RC-060 | 510478 | 3868109 | 785 | 91.0 | 299 | 225 | -65 |
W22-RC-061 | 510540 | 3868003 | 805 | 70.0 | 230 | 0 | -90 |
Note: Drill hole assay results are reported as received from the laboratory. Results are not necessarily received in the order holes were drilled.
Table 2: Silver assay results reported
Hole | From (m) | To (m) | Interval (m) | Ag (g/t) | Ag (opt*) | |
W22-RC-043 | 0.0 | 1.0 | 1.0 | 117 | 3.4 | |
and | 7.0 | 136.0 | 129.0 | 133 | 3.9 | |
including | 49.0 | 50.5 | 1.5 | 267 | 7.8 | |
including | 67.0 | 73.0 | 6.0 | 288 | 8.4 | |
including | 91.0 | 94.0 | 3.0 | 287 | 8.4 | |
including | 98.5 | 100.0 | 1.5 | 251 | 7.3 | |
including | 103.0 | 109.0 | 6.0 | 280 | 8.2 | |
W22-RC-044 | 1.0 | 8.5 | 7.5 | 50 | 1.4 | |
and | 26.5 | 28.0 | 1.5 | 88 | 2.6 | |
and | 38.5 | 91.0 | 52.5 | 93 | 2.7 | |
including | 62.5 | 64.0 | 1.5 | 257 | 7.5 | |
and | 110.5 | 113.5 | 3.0 | 64 | 1.9 | |
and | 125.5 | 127.0 | 1.5 | 69 | 2.0 | |
and | 137.5 | 139.0 | 1.5 | 73 | 2.1 | |
W22-RC-058 | 0.0 | 143.5 | 143.5 | 72 | 2.1 | |
W22-RC-059 | 1.0 | 80.5 | 79.5 | 119 | 3.5 | |
including | 32.5 | 34.0 | 1.5 | 284 | 8.3 | |
including | 43.0 | 44.5 | 1.5 | 252 | 7.4 | |
and | 88.0 | 124.0 | 36.0 | 73 | 2.1 | |
and | 191.5 | 194.5 | 3.0 | 321 | 9.4 | |
including | 191.5 | 193.0 | 1.5 | 520 | 15.2 | |
W22-RC-060 | 1.0 | 2.5 | 1.5 | 53 | 1.5 | |
and | 13.0 | 25.0 | 12.0 | 71 | 2.1 | |
W22-RC-061 | 0.0 | 47.5 | 47.5 | 113 | 3.3 | |
including | 34.0 | 35.5 | 1.5 | 302 | 8.8 | |
and | 55.0 | 56.5 | 1.5 | 54 | 1.6 |
Silver intercepts calculated using 50 g/t cut-off grade (“COG”) with significantly higher-grade intercepts reported at 250 g/t COG with a maximum of 4.5 m internal dilution and are uncapped. Intercepts are down hole lengths and may not represent true widths. *Troy ounces per US short ton.
Table 3: Gold assay results reported
Hole | From (m) | To (m) | Interval (m) | Au (g/t) | |
W22-RC-043 | Not assayed for Au | ||||
W22-RC-044 | 109.0 | 148.0 | 39.0 | 0.790 | |
including | 112.0 | 131.5 | 19.5 | 1.080 | |
and including | 115.0 | 119.5 | 4.5 | 2.551 | |
and including | 125.5 | 127.0 | 1.5 | 1.645 | |
and including | 130.0 | 131.5 | 1.5 | 1.125 | |
including | 137.5 | 145.0 | 7.5 | 0.825 | |
and including | 143.5 | 145.0 | 1.5 | 1.910 | |
W22-RC-058 | Not assayed for Au | ||||
W22-RC-059 | Not assayed for Au | ||||
W22-RC-060 | Not assayed for Au | ||||
W22-RC-061 | Not assayed for Au |
Gold intercepts calculated using 0.1 g/t cut-off grade (“COG”) with higher-grade intercepts calculated at 0.5 g/t COG. Intercepts are down hole lengths and may not represent true widths.
1 The MRE has been prepared by
SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL
Drilling was undertaken by
Samples were prepared at ALS-Naves and ALS-Chihuahua, both in
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.
Figure 1: Locations of drill hole collars for results reported
Figure 2: Assay results for drill holes W22-RC-043 and W22-RC-044 reported
Figure 3: Assay results for drill holes W22-RC-058 and W22-RC-059 reported
ABOUT THE PROJECT
Location
The Project is located in
Geology and Mineralization
The Project is situated in the southern
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
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.
Photos accompanying this announcement are available at
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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 December 1, 2022 , for Phase 2 of the Calico Project 2022 Drill Program.
Figure 2:
Assay results for drill holes W22-RC-043 and W22-RC-044 reported December 1, 2022 , for Phase 2 of the Calico Project 2022 Drill Program.
Figure 3:
Assay results for drill holes W22-RC-058 and W22-RC-059 reported December 1, 2022 , for Phase 2 of the Calico Project 2022 Drill Program.
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