Apollo Silver Corp. reported additional assay results from the recently completed Phase 2 of the 2022 Drill Program at the Calico Silver Project (“Calico” or the “Project”) located in San Bernardino County, California. Results include the thickest, higher grade silver intercept reported to date at Calico: 189 g/t silver (“Ag”) over 140.5 metres (“m”) from surface (114 m estimated true width, hole W22-RC-042).

Bonanza grade silver intercepted in two holes: 1,610 g/t Ag over 1.5 m from 92.5 m downhole (W22-RC-042), and 1,095 g/t Ag over 1.5 m from 82.0 m downhole (W22-RC-047). Results for 15 holes are reported below, bringing the total number of holes released for Phase 2 drilling to 31 out of 44. Stantec Consulting Services Ltd. (“Stantec”) engaged for the 2023 Calico mineral resource estimation (“MRE”) update.

New significant intercepts include: SILVER: 189 g/t Ag over 140.5 m from surface (W22-RC-042), including; 416 g/t Ag over 24.0 m from 82.0 m depth down hole, and including 528 g/t Ag over 4.5 m from 82.0 m depth down hole, and 658 g/t Ag over 6.0 m from 92.5 m depth down hole, which includes 1,610 g/t Ag over 1.5 m from 92.5 m depth down hole. 129 g/t Ag over 58.5 m from 1.0 m depth down hole (W22-RC-046), including; 367 g/t Ag over 6.0 m from 19.0 m depth down hole, and including 421 g/t Ag over 1.5 m from 20.5 m depth down hole, and 597 g/t Ag over 1.5 m from 23.5 m depth down hole. 138 g/t Ag over 112.0 m from surface (W22-RC-047), including; 539 g/t Ag over 4.5 m from 80.5 m depth down hole, and including 1,095 g/t Ag over 1.5 m from 82.0 m depth down hole.

113 g/t Ag over 43.5 m from 8.5 m depth down hole (W22-RC-055); 138 g/t Ag over 57.0 m from 5.5 m depth down hole (W22-RC-068); 115 g/t Ag over 63.0 m from 2.5 m depth down hole (W22-RC-070); 141 g/t Ag over 74.5 m from surface (W22-RC-071), including; 311 g/t Ag over 1.5 m from 16.0 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. Lengths are down hole lengths and may not represent true widths unless otherwise stated.

Results below are reported for 15 reverse circulation (“RC”) drill holes totaling 1,693.5 m (5,556 feet) completed between September 22, 2022, and November 1, 2022. These are the third set of assays reported for Phase 2 of the drill program, in which 44 holes totaling 4,822.0 m (15,820 feet) were completed between September 19, 2022, and November 12, 2022. 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 g/t. Of the 15 holes reported, 14 intersected silver mineralization above the MRE cut-off grade (“COG”) of 50 g/t silver.

Eight holes were for the purpose of mineral resource infill drilling, one hole was a twin of a historic drill hole and the remaining six were completed to better define structural boundaries or steeply dipping mineralized structures. Assay results continue to support the robust nature of the current MRE block model of near-surface silver mineralization at the Waterloo property and assist in refining modeled structures and controls of zones of bonanza style high grade silver mineralization. Six of the 15 holes reported here were selected for gold analysis as they targeted the modeled gold-mineralized horizon at the Barstow-Pickhandle lithologic contact, occurring between 10 m and 30 m beneath the base of the silver MRE.

As previously reported, the modeled gold-mineralized horizon is estimated to be approximately 900 m by 400 m in size, and from 5 to 45 m in thickness.