Apollo Silver Corp. reported gold assay results from the Calico Silver Project located in San Bernardino County, California. Results reported herein are from the remaining five reverse circulation drill holes from Phase 2 of the 2022 Drill Program and new surface sample assay results.

All five drill holes intercepted Au above 0.100 g/t Au over significant thicknesses including 91.0 metres (“m”) of 0.390 g/t Au from surface (estimated 88 m true thickness) (W22-RC-080). Surface sampling returned several high-grade results including 211 g/t Au (P715944) and 849 g/t silver (P715962). Gold mineralization occurs stratigraphically below silver mineralization at Waterloo and extends continuously across more than 1,000 m strike length and up to 400 m width.

The gold mineralized horizon remains open along strike. Initial cyanide solubility tests show recoveries ranging from 75% to 95% confirming gold mineralization is oxidized and amendable to simple leaching. Gold mineralization represents a compelling prospect with the latest results providing further support for adding to the metal inventory for the upcoming mineral resource estimate update.

New significant gold intercepts include: 0.390 g/t Au over 91.0 m from surface (W22-RC-080), including; 1.715 g/t Au over 1.5 m from 8.5 m down hole; and 1.771 g/t Au over 3.0 m from 41.5 m down hole; and 1.373 g/t Au over 3.0 m from 79.0 m down hole. 0.613 g/t Au over 65.5 m from surface (W22-RC-081), including; 3.62 g/t Au over 1.5 m from 4.0 m down hole, and 1.239 g/t Au over 6.0 m from 47.5 m down hole, and 1.100 g/t Au over 1.5 m from 58.0 m down hole. 0.353 g/tAu over 52.0 m from surface (W22-RC-082), including; 1.204 g/t Au over 4.5 m from 4.0 m depth down hole; and 2.05 g/t Au over 1.5 m from 34.0 m depth down hole.

0.567 g/t Au over 51.0 m from 35.5 m down hole (W22-RC-083), including; 1.673 g/t Au over 10.5 m from 58.0 m depth down hole. Gold intercepts are reported at a 0.100 g/t gold cut-off grade (“COG”) with significantly higher-grade intercepts reported at a 1.00 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.

The 2022 Calico Drill Program, which is one component of the 2022 Calico Technical Program, comprised 9,840 m (32,283 feet) of drilling with 88 holes on the Waterloo property completed between April 5, 2022 and November 12, 2022. The 2022 Calico Technical Program aimed to upgrade and expand the previously announced maiden Inferred mineral resource estimate (“MRE”) at Waterloo of 116 million ounces of silver contained in 38.9 million tonnes at an average grade of 93 g/t, which forms part of the Calico maiden Inferred MRE of 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 g/t. Results for five RC holes are reported below, which total 483.5 m (1,586 feet) and were completed between November 8, 2022, and November 12, 2022. These drill holes were completed in the Burcham area of the Waterloo property, approximately 225 m southeast of the southern extent of the current Waterloo silver MRE.

These holes specifically targeted shallow oxide gold mineralization hosted in the lower Barstow and Pickhandle formations. The overlying Barstow stratigraphy, host to the silver mineralization, is interpreted to have been eroded off in this area. Also reported are gold and silver assay results from a surface rock grab sampling program completed in the fall of 2022, in which 82 samples were collected across the Waterloo property to further understand the distribution of gold mineralization at surface.

GOLD HORIZON: As previously reported, a review by the Company of historic drilling data for the Waterloo property identified a 25 m thick, gold bearing horizon stratigraphically below silver mineralization and associated with the contact between the Barstow sediments and Pickhandle volcaniclastics. The Burcham mine was the only mine in the district to have produced gold as its primary commodity. The identification of these drill intercepts in the historic data suggested that gold mineralization extended further north from the Burcham area than previously known.

Further, surface geological mapping completed by the Company in December 2021 identified evidence that the entire 2.2 km long Barstow/Pickhandle contact at Waterloo is prospective for gold. Based on this work, one goal of the 2022 Calico Drill Program was to better understand the distribution and styles of gold mineralization across the property. The drill program design included holes targeting the prospective Barstow-Pickhandle contact at depth below the Waterloo silver MRE and along strike from the Burcham area.

It also aimed to verify historic drilling completed at Burcham and assess to what extent the Pickhandle volcaniclastics may be mineralized with gold. All five drill holes reported herein intersected gold mineralization across significant widths at or above a 0.100 g/t Au cut-off grade, the longest intercept being 91.0 m of 0.390 g/t Au from surface. More than 74 m of this intercept is hosted within Pickhandle volcaniclastics suggesting this lithostratigraphic unit may be more prospective for gold than previously understood.

Definition of gold mineralization is further supported by 2022 surface rock grab sampling for which a total of 128 samples have now been reported. Surface sampling targeted historically and newly identified northwest and north-south oriented high-angle structures, structural intersections, surface mapped silicified rocks and bleached/brecciated fault gouge in the basal Barstow formation siltstones. Notable results reported from the latest samples include 211 g/t Au, 7.14 g/t Au, 6.31 g/t Au, and 4.97 g/t Au from the Burcham area.

Refer to Results from drilling and surface sampling completed to date at Waterloo show that gold mineralization is spatially continuous along more than 1,000 m strike length and remains open along strike. Gold was intercepted in several holes 625 m further north of the current northern extent; however, the continuity of the mineralized horizon in this gap and across the northern half of the Waterloo property has not been fully tested. GOLD CYANIDE SOLUBILITY: To assess gold recovery in a preliminary fashion, 66 samples from gold mineralized intercepts (0.100 g/t Au cutoff grade) from three 2022 RC drill holes were selected for cyanide solubility testing, all of which had been previously assayed using fire assay.

Results of this preliminary testing show a range of average recoveries of 75-95% which confirms that gold mineralization is oxide in nature and is amenable to recovery by traditional cyanide leaching methods. Additional metallurgical test work to better define gold recoveries is being planned as part of the 2023 Phase 2 Metallurgical program.