VANCOUVER - Apollo Silver Corp. ('Apollo' or the 'Company') (TSX.V: APGO, OTCQB: APGOF, Frankfurt: 6ZF0) is pleased to provide an update on its 2022 Drilling Program that is currently underway at its Calico Silver Project ('Calico' or the 'Project') located in San Bernardino County, California.

The 2022 Drilling 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 ('MRE') of 166 million ounces ('Moz') of silver contained in 58.1 million tonnes ('Mt') at an average grade of 89 grams per tonne ('g/t').

HIGHLIGHTS

Drilling began on April 5, 2022, and nine reverse circulation ('RC') holes have been completed to date on the Waterloo Property.

First assay sample dispatch of 92 samples has been made.

Sourcing of a second drill rig underway.

'The 2022 drill program is advancing well,' Apollo CEO Tom Peregoodoff commented. 'The program has very clearly defined objectives each of which is designed to add significant value to the resource we have declared at Calico. The drilling to date has confirmed the relatively simple geometry of the silver mineralization and the Barstow-Pickhandle contact which is prospective for gold mineralization. Securing a second rig will provide us with optionality to both bring forward the timing of drill results and expand the program.'

2022 Drilling Program

The 2022 Drilling Program comprises a planned 15,000 m (49,213 ft) of drilling using RC and diamond core drilling methods. Approximately 10,000 m (32,808 ft) of RC drilling and 5,000 m (16,404 ft) of diamond drilling are planned. RC drilling is being completed by Cooper Drilling LLC, of Monte Vista, Colorado.

Contact:

Tom Peregoodoff

Tel: +1 (604) 428-6128

Email: tomp@apollosilver.com

About Apollo Silver Corp.

Apollo Silver Corp. has assembled an experienced and technically strong leadership team who have joined to advance world class precious metals projects in tier-one jurisdictions. The Company is focused on advancing its portfolio of two significant silver exploration and resource development projects, the Calico Silver Project, in San Bernardino California and Silver District Project in Arizona.

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 Calico Project; the potential for identification of gold and barite resources at Calico; the potential to expand the resource estimate and upgrade its confidence level, including prospective mineralization on strike and at depth; timing of commencement of mobilization, drilling and exploration activities; timing of announcement of drill results. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as 'anticipate', 'believe', 'plan', 'estimate', 'expect', 'potential', 'target', 'budget' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could' or 'might' occur or be achieved and other similar expressions and includes the negatives thereof.

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.

(C) 2022 Electronic News Publishing, source ENP Newswire