Apollo Silver Corp. (TSX-V:APGO) (OTCQB:APGOF) (Frankfurt:6ZF0) is pleased to report new assay results from the 2022 Drill Program at the Calico Silver Project located in San Bernardino County, California. Infill drilling at the Waterloo deposit continues to show silver results consistent with the 2022 mineral resource estimate block model and expand the gold mineralized horizon. Additionally, notable silver mineralization has been intercepted beneath the MRE, whose maximum depth is 125 metres below surface. Drill hole W22-RC-033 reported silver grades above the MRE cut-off grade of 50 g/t to at least 180 m depth down hole and indicates possible stacking of silver mineralized horizons in the Barstow sediments. This is encouraging as it illustrates the opportunity to expand the mineral resource at depth. In addition, these latest results show 11 of 12 holes intersected shallow silver mineralization above the COG and two holes intersected silver grades in excess of 500 g/t.

Results below are reported for 12 reverse circulation drill holes completed between mid-May and the end of June 2022, bringing the results released to market for Phase 1 of the drill program to a total of 33 holes (3,681.0 m), of the 44 holes completed (5,021.0 m). 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 (see news release dated February 9, 2022)¹.

SILVER HIGHLIGHTS

• Hole W22-RC-014
  • 139 g/t Ag over 103.5 m from 1.0 m depth down hole;
    • including 662 g/t Ag over 1.5 m from 79.0 m depth down hole;
• Hole W22-RC-018
  • 133 g/t Ag over 66.0 m from 4.0 m depth down hole;
• Hole W22-RC-019
  • 104 g/t Ag over 105.0 m from 2.5 m depth down hole; and
• Hole W22-RC-025
  • 135 g/t Ag over 91.5 m from 1.0 m depth down hole;
    • including 908 g/t Ag over 1.5 m from 55.0 m depth down hole;
• Hole W22-RC-033
  • 66 g/t Ag over 12.0 m from 134.5 m down hole; and
  • 95 g/t Ag over 25.5 m from 154.0 m depth down hole.

_{Silver assays are reported at a 50 g/t silver COG with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths.}

¹_{The 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.}

“The Calico silver resource is already one of the largest undeveloped silver resources in the world,” commented Apollo CEO Tom Peregoodoff. “We have always believed that the resource had the potential to grow beyond what is currently shown in our 2022 resource declaration. These latest results confirm that silver mineralization above the 50 g/t COG extends well below the current base of the resource model. Further, the latest results again demonstrate the consistent and predictable nature of the near-surface silver mineralization within the current resource which adds further support to our goal of achieving upgraded confidence of silver ounces in our pending updated resource. Continued positive results will greatly reduce future development and mining risks for the Project, which is a clear advantage over more structurally complex and narrow silver resources. We look forward to discussing these results, and all results received to date in the context of our pending 2022 revised resource declaration and encourage all interested investors to attend our previously announced webinar to be held on Thursday, September 8, 2022.”

ASSAY RESULTS

Results show that 11 of 12 holes intersected silver mineralization at or above the mineral resource silver COG of 50 g/t, with two holes intercepting silver over 500 g/t. Refer to Figure 1 for drill hole locations, Table 1 (below) for drill hole information and Table 2 (below) for silver assay results. Cross sections of select drill hole results relative to the 2022 MRE block model are shown in Figure 2, Figure 3 and Figure 4.

Gold assay results continue to expand the gold mineralized horizon at the contact between the Barstow sediments and Pickhandle volcaniclastics beneath the MRE. Refer to Figure 1 for drill hole locations, Table 1 (below) for drill hole information and Table 3 (below) for gold assay results.

Table 1: Drill hole information for results reported August 23, 2022, for the Calico Project 2022 Drill Program.

^{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 August 23, 2022, for the Calico Project 2022 Drill Program.

^{Silver intercepts calculated using 50 g/t cut-off grade with significantly higher-grade intercepts reported at 250 g/t cut-off grade with a maximum of 4.5 m internal dilution and are uncapped. Intercepts are down hole lengths and may not represent true widths. W22-RC-019 is a twin of ASARCO rotary hole 44. *Troy ounces per US short ton.}

Table 3: Gold assay results reported August 23, 2022, for the Calico Project 2022 Drill Program.

^{Gold intercepts calculated using 0.1 g/t cut-off grade with higher-grade intercepts calculated at 0.5 g/t cut-off grade. Intercepts are down hole lengths and may not represent true widths. W22-RC-019 is a twin of ASARCO rotary hole 44.}

SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL

Drilling is being 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 laboratories, such as ALS Global-Geochemistry in Carson City, Nevada (“ALS Carson City”) for preparation. After preparation, splits of prepared pulps are securely shipped to ALS Vancouver, British Columbia for multi-element analysis.

Samples were prepared at either ALS Reno or ALS Carson City (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 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 Cathy Fitzgerald, M.Sc., P.Geo., Apollo’s Vice President Exploration and Resource Development, a Qualified Person as defined by NI 43-101 Standards of Disclosure for Minerals Projects. Ms. Fitzgerald 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.