Apollo Silver Corp.  (TSX-V:APGO) (OTCQB:APGOF) (Frankfurt:6ZF0) is pleased to report further assay results from the recently completed Phase 2 of the 2022 Drill Program at the Calico Silver Project located in San Bernardino County, California.

• Resource infill drilling results continue to deliver exceptional silver intercepts such as 109 grams per tonne Ag over 109.0 metres from surface (drill hole W22-RC-045).
• Latest results continue to expand silver mineralization (above 50 g/t cut-off grade) below the base of the current mineral resource estimate

• The oxide gold horizon continues to be defined, with 0.262 g/t Au over 19.5 m from 134.5 m depth down hole in drill hole W22-RC-045 (including 0.921 g/t Au over 3.0 m).
• Results reported below are from 10 holes, bringing the total number of holes with assays released for Phase 2 drilling to 16 out of 44 completed.

New significant intercepts include:

SILVER

• 109 g/t Ag over0 m from surface (W22-RC-045), including;
  • 267 g/t Ag over 1.5 m from 25.0 m depth down hole;
  • 456 g/t Ag over 1.5 m from 29.5 m depth down hole; and
  • 307 g/t Ag over 1.5 m from 55.0 m depth down hole;
• 106 g/t Ag over 45.0 m from 11.5 m depth down hole (W22-RC-048);
• 169 g/t Ag over 64.5 m from 1.0 m depth down hole (W22-RC-056), including
  • 260 g/t Ag over 6.0 m from 13.0 m depth down hole; and
  • 261 g/t Ag over 15.0 m from 26.5 m depth down hole;
• 101 g/t Ag over 67.0 m from surface (W22-RC-062), including;
  • 268 g/t Ag over 4.0 m from surface.

GOLD

• 262 g/t Au over 19.5 m from 134.5 m depth down hole (W22-RC-045), including;
  • 921 g/t Au over 3.0 m from 140.5 m depth down hole; and
  • 220 g/t Au over 1.5 m from 140.5 m depth down hole;
• 160 g/t Au over 21.0 m from 134.5 m depth down hole (W22-RC-049);
• 327 g/t Au over 18.0 m from 86.5 m depth down hole (W22-RC-050), including;
  • 806 g/t Au over 1.5 m from 95.5 m depth down hole; and
  • 774 g/t Au over 1.5 m from 101.5 m depth down hole.

Silver intercepts are reported at a 50 g/t silver cut-off grade 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.

Silver assay results from Phase 2 drilling from the Calico Project continue to support the robust nature of the current MRE block model at the Waterloo deposit. Infill drilling results reported here show near-surface silver grades continue to be predictable and continuous. 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 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 g/t (see news release dated February 9, 2022)¹.

Results below are reported for 10 reverse circulation drill holes totaling 1,243.0 m completed between September 30, 2022, and October 24, 2022. These are the second set of assays received from Phase 2 of the drill program, in which 44 holes (4,822.0 m) were completed between September 19, 2022, and November 12, 2022.

“I am very pleased with the technical progress the team made in 2022”, commented Apollo’s VP Exploration & Resource Development Cathy Fitzgerald. “The shallow, broad zones of silver mineralization above the 50 g/t cut-off grade are ubiquitous in the Waterloo deposit. Similarly, these results continue to confirm the extensive nature of the oxide gold horizon stratigraphically below the silver mineralization. This oxide gold horizon is not included in the current MRE and we will look to include this gold mineralization in the revised mineral resource estimate. Importantly, we remain on track to deliver the upcoming revised mineral resource estimate as planned in Q1 of this year.”

ASSAY RESULTS

All 10 holes reported below intersected silver mineralization above the MRE COG of 50 g/t silver. These holes were designed to complete further infill drilling in the middle to southern portion of the Waterloo deposit to support upgrading the current MRE to a higher confidence level, and to test for additional mineralization at depth below the MRE. Assay results continue to support the robust nature of the current MRE block model of near-surface silver mineralization at Waterloo. Refer to Figure 1 and Table 1 for drill hole locations, and Table 2 for silver assay results.

Of the 10 holes reported here, six were selected for gold analysis as they targeted the gold-mineralized horizon at the Barstow-Pickhandle lithologic contact beneath the silver MRE. This horizon is currently modeled as being approximately 900 m x 400 m and from 5 m to 45 m thick. All six holes returned gold mineralized intervals above 0.100 g/t Au within this modeled horizon. Refer to Figure 1 and Table 1 for drill hole locations and Table 3 for gold assay results.

¹The MRE has been prepared by Derek Loveday, P. Geo. of Stantec Consulting Services Ltd., in conformance with Canadian Institute of Mining and Metallurgy’s “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities Administrators NI 43-101. It is effective January 28, 2022. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve. Mr. Loveday is an independent Qualified Person for Apollo’s MRE. Please refer to the Company’s news release dated February 9, 2022, for more information.

Table 1: Drill hole information for results reported January 9, 2023, for the Calico Project 2022 Drill Program.

Figure 1: Locations of drill hole collars for results reported January 9, 2023, for Phase 2 of the Calico Project 2022 Drill Program

 Table 2: Silver assay results reported January 9, 2023, for Phase 2 of the Calico Project 2022 Drill Program

 Table 3: Gold assay results reported January 9, 2023, for Phase 2 of the Calico Project 2022 Drill Program

SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL

Drilling was undertaken by Cooper Drilling LLC, of Monte Vista, Colorado. RC chip samples were collected in 1.5 m lifts with 15 lb representative samples sent for analysis. Representative chip samples were also collected for logging purposes (lithology, alteration, mineralization), detailed photography and analysis by portable X-Ray Fluorescence. RC samples are catalogued and securely stored in a warehouse facility in Barstow, California until they are ready for secure shipment to ALS Global-Geochemistry in Reno, Nevada (“ALS Reno”) for sample preparation and gold analysis. ALS Reno may selectively ship samples to other ALS laboratories for preparation. After preparation, splits of prepared pulps are securely shipped to ALS Vancouver, British Columbia for multi-element analysis.

Samples were prepared at ALS Reno and ALS Carson City of Nevada, and ALS Chihuahua, of Mexico (Prep-31 package) with each sample crushed to better than 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No.10) screen. A split of up to 250 g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, U.S. Std. No. 200) screen. All samples were analyzed for 48 elements via ICP-MS following a four-acid digestion with reportable ranges for silver of 0.01 to 100 ppm (method ME-MS61). Over-range samples analyzed for silver were re-submitted for analysis using a four-acid digestion and ICP-AES finish with a silver range of 1-1,500 ppm (method Ag-OG62). When results were over 400 ppm silver, they were re-submitted for analysis by fire assay with a gravimetric finish using a 30 g nominal sample weight with reportable silver range of 5-10,000 ppm (method Ag-GRA21). Over-range samples analyzed for copper, lead and zinc were re-submitted for analysis using a four-acid digestion and ICP-AES finish with range of 0.001-50% for copper, 0.001-20% for lead, and 0.001-30% for zinc. Gold was analyzed by fire assay with atomic absorption finish (method Au-AA26) with a reportable range of 0.01-100 ppm Au. All analyses were completed at ALS Vancouver except for gold by fire assay, which was completed at ALS Reno.

The Company maintains its own comprehensive quality assurance and quality control 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.

ABOUT THE PROJECT

Location

The Project is located in San Bernardino County, California and comprises the adjacent Waterloo and Langtry properties which total 2,950 acres. The Project is 15 km (9 miles) from the city of Barstow and has an extensive private gravel road network spanning the property. There is commercial electric power within 5 km (3 miles) of the Project.

Geology and Mineralization

The Project is situated in the southern Calico Mountains of the Mojave Desert, in the south-western region of the Basin and Range tectonic province. This mountain range is a 15 km (9 mile) long northwest- southeast trending range dominantly composed of Tertiary (Miocene) volcanics, volcaniclastics, sedimentary rocks and dacitic intrusions. Mineralization at the Project comprises high-level low-sulfidation silver-dominant epithermal vein-type, stockwork-type and disseminated-style deposits associated with northwest-trending faults and fracture zones and mid-Tertiary volcanic activity. The Project represents a district-scale mineral system endowment with approximately 6,000 m (19,685 ft) in mineralized strike length controlled by Apollo. Oxidized, disseminated and stockwork-style mineralization is primarily hosted in the Barstow sedimentary formation and is the subject of the MRE.

QUALIFIED PERSONS

The scientific and technical data contained in this news release was reviewed, and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director of Mineral Resources, a Qualified Person as defined by NI 43-101 Standards of Disclosure for Minerals Projects. Ms. Lépine is a registered Professional Geoscientist in British Columbia, Canada.

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 County, California and Silver District Project in La Paz County, Arizona.