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’s Waterloo Property  located in San Bernardino County, California. Silver assay results continue to be consistent with the silver grades in the resource block model, illustrating the predictable nature of the silver mineralization. Additionally, gold assay results continue to expand the gold mineralized horizon.

Results below are reported for 11 reverse circulation drill holes which were drilled between early May to mid-June 2022 and bring the results released to market for this portion of the drill program to a total of 21 holes (2,281.50 m), of 44 holes completed to date (5,021.0 m). Drilling is part of the multi-component 2022 Calico Technical Program, which aims to upgrade and expand the previously announced maiden Inferred Mineral Resource Estimate 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-011
  • 137 g/t Ag over 76.5 metres (“m”) from 16.0 m depth down hole;
  • including 477 g/t over 1.5 m from 46.0 m depth down hole;

• Hole W22-RC-013
  • 107 g/t Ag over 73.5 m from 19.0 m depth down hole; and

• Hole W22-RC-020
  • 86 g/t Ag over 107.5 m from surface; and

• Hole W22-RC-024
  • 84 g/t Ag over 89.0 m from surface.

Silver assays are reported at a 50 g/t silver cut-off grade with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths.

GOLD HIGHLIGHTS

• Hole W22-RC-012
  • 0.354 g/t Au over 27.0 m from 94.0 m depth down hole;
  • including 1.960 g/t Au over 1.5 m from 101.5 m depth down hole;

• Hole W22-RC-013
  • 0.417 g/t Au over 19.5 m from 134.5 m depth down hole; and
  • including 1.230 g/t Au over 1.5 m from 142.0 m depth down hole;

• Hole W22-RC-022
  • 0.219 g/t Au over 27.0 m from 79.0 m depth down hole; and

• Hole W22-RC-023
  • 0.313 g/t Au over 10.5 m from 49.0 m depth down hole.

Gold assays are reported at a 0.1 g/t gold cut-off grade with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths.

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.

“The significance of these results cannot be overstated” Apollo CEO Tom Peregoodoff commented. “We have now received assays from a total of 21 holes and these results have clearly demonstrated the very high correlation between the 2022 drilling to date and the resource block model. This gives me great confidence that the upcoming resource calculation will convert a significant percentage of silver ounces currently classified as inferred to a higher resource classification which will provide a very sound foundation for our future engineering and economic studies. The emerging gold story has previously been poorly defined, and these recent results demonstrate that there is the potential for gold to make a meaningful contribution to the upcoming resource calculation and value of the Calico Project. All samples from this first phase of drilling are currently being processed at ALS and shareholders can expect to see the next batch of results shortly.”

ASSAY RESULTS

Silver assay results show all 11 holes intersected near-surface zones of silver mineralization over and above the mineral resource silver cut-off grade of 50 g/t, and five holes show intercepts of high-grade silver (greater than 100 g/t Ag). Refer to Figure 1 for drill hole locations, Table 1 for drill hole information and Table 2 for silver assay results.

Gold assay results continue to show the thick nature (up to 27.0 m in the latest results) of the gold-mineralized horizon hosted at the contact between the Barstow sediments and Pickhandle volcaniclastics. Refer to Figure 1 for drill hole locations, Table 1 for drill hole information and Table 3 for gold assay results.

Table 1: Drill hole information for results reported July 26, 2022, for the for 2022 Drill Program at the Calico Project.

Note: Drill holes 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 July 26, 2022, for the for 2022 Drill Program at the Calico Project.

Silver intercepts calculated using 50 g/t silver cut-off with significantly higher-grade intercepts reported at 250 g/t cut-off 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-024 is a twin of ASARCO rotary hole 77. *Troy ounces per US short ton.

Table 3: Gold assay results reported July 26, 2022, for the for 2022 Drill Program at the Calico Project.

Gold intercepts calculated using 0.1 g/t gold cut-off grade with higher-grade intercepts calculated at 0.5 g/t gold. Intercepts are down hole lengths and may not represent true widths. W22-RC-024 is a twin of ASARCO rotary hole 77.

2022 DRILL PROGRAM UPDATE

The 2022 Drill Program at Calico is proceeding as planned, with a total of 44 holes (5,021.0 m out of a planned 10,000 m) completed to date, comprising Phase 1. Phase 2 is scheduled to commence in mid-September following a planned summer hiatus due to the extreme heat. Drill program design for Phase 2 will incorporate the results from Phase 1. Due to the consistency of the results from Phase 1 with the resource block model, Apollo believes it will be able to further optimize Phase 2 drilling which could result in a significant saving of drilling metres.

QUARTERLY FILINGS

Apollo filed its Financial Statements and Management Discussion and Analysis for the three and six months ended May 31, 2022 on the Company’s website and SEDAR on July 25, 2022.

APPOINTMENT OF TARGET IR

Apollo announces that it has entered into an investor relations agreement with Target IR & Communications, to provide digital marketing and investor relations services to the Company, as defined in accordance with the policies of the TSX Venture exchange and applicable securities laws. Target IR will receive consideration of C$10,000/month, payable monthly in arrears, for an initial term of twelve months, with the option for the Company to renew on a quarterly basis thereafter.

Target IR, a company based in Toronto, Ontario, provides investor communications and marketing strategies for growing and emerging public companies. Salisha Ilyas, the principal of Target IR, is a senior investor relations professional with more than 15 years of experience across a range of industries, such as mining, healthcare and renewable/green energy. She has held senior investor relations and communication roles at Canadian and UK publicly listed companies and has also served as the head of professional development at the Canadian Investor Relations Institute in Toronto. Salisha holds a Bachelor of Commerce from the University of Toronto, a Master in Business Administration from the Schulich School of Business (York University), and has completed the Canadian Securities Course. Neither Target IR, nor any of its principals hold any securities of Apollo.

The Agreement is subject to the approval of the TSX Venture Exchange.

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 for sample preparation and gold analysis. Splits of prepared pulps are securely shipped from ALS Reno to ALS Vancouver, British Columbia for further analysis.

Samples were prepared at ALS Reno (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 CALICO 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 at Calico

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