Apollo Silver Enhances Resource Estimates at Calico Project

Apollo Silver Enhances Resource Estimates at Calico Project

Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is excited to share the latest developments regarding its Calico Silver Project, which has recently experienced a significant uptick in its mineral resource estimates. The updated independent Mineral Resource Estimate (MRE) reflects a notable 61% increase in the total Measured & Indicated (M&I) silver (Ag) tonnes at the Waterloo property, pushing the total to 55 million tonnes with an impressive average grade of 71 grams per tonne (g/t) Ag, amounting to approximately 125 million troy ounces (Moz). This update marks a 14% spike in Ag ounces compared to previous estimates.

Key Highlights from the Resource Update

In conjunction with the silver resources, Apollo's MRE now includes inaugural estimates for barite (BaSO4) and zinc (Zn), adding further diversity to the project’s mineral offerings. Here are some of the important highlights:

• The updated combined M&I total now stands at 55 million tonnes at a grade of 71 g/t Ag for a total of 125 Moz Ag.
• An inferred resource of 0.6 million tonnes at a grade of 26 g/t Ag, corresponding to 0.51 Moz contained Ag.
• Sensitivity analyses confirm the resilience of the silver resource even with fluctuations in metal prices.
• Barite and zinc resources estimate includes 36 Mt at 7.4% BaSO4 and 0.45% Zn in the Indicated category, and 17 Mt at 3.9% BaSO4 and 0.71% Zn in the Inferred category.
• Gold ounces within the inferred category have seen an impressive increase of 86%, resulting in a total of 17 million tonnes at a grade of 0.25 g/t Au, totaling 0.13 Moz of gold.

Future Growth and Expansion Potential

The Calico Project holds promising growth opportunities across various metals:

• Silver: There are potential expansion opportunities for silver mineralization, particularly beneath the current resource estimate.
• Barite and Zinc: The existing mineral resources for BaSO4 and Zn exhibit clear possibilities for upgrades into M&I levels with additional drilling.
• Gold: Gold mineralization remains open for further exploration along strike and depth, indicating a significant potential for new discoveries.
• Langtry Property: Parts under the Quaternary cover have yet to be explored, particularly for BaSO4 and additional metals.

Ross McElroy, President and CEO of Apollo, reflected on the recent developments, stating, "The Calico Project continues to grow in value, scale, and potential. It is one of the largest undeveloped silver deposits in the U.S. and the addition of critical minerals like barite and zinc bolsters our development strategy. Much of the mineralization lies at shallow depths, which results in an economical mining feasibility with a low strip ratio. Our considerable land holdings further support the potential for further discoveries at Calico."

Calico Project 2025 Mineral Resource Estimate Overview

The 2025 MRE has focused on improving and expanding upon the estimates declared in previous reports. The significant aspect of this year's MRE is the incorporation of BaSO4 and Zn alongside the Ag and gold resources.

To summarize:

• Waterloo Property contains 125 Moz Ag at a grade of 71 g/t in M&I categories and an additional 0.51 Moz at 26 g/t in the Inferred category.
• The Langtry property features 57 Moz of Ag at a grade of 73 g/t in the Inferred category.
• The resource estimates reflect shallow mineralization with an open pit depth of approximately 192 m (630 ft) for Waterloo and 149 m (490 ft) for Langtry.

Resource Methodology and Assumptions

The estimation for the 2025 mineral resources adhered to NI 43-101 regulations. Factors like the silver price at $28 per troy ounce, gold at $2,451, barite priced at $120 per mt, and zinc at $1.22 per lb, were all taken into account along with the operational costs related to mining and processing.

The estimation took into account historical drilling information and recent geological activities within the project. The methodology involved ordinary kriging techniques and ensured a comprehensive quality assurance/quality control (QA/QC) program to guarantee the reliability of the data used.

Frequently Asked Questions

What are the main updates from the Apollo Silver report?

The report highlights a 61% increase in Measured & Indicated silver resources at the Calico Project, now totaling 55 million tonnes with a silver content of 125 Moz.

How significant is the addition of barite and zinc resources?

The inclusion of barite and zinc resources is significant as it diversifies the project’s mineral offerings and adds value to the economic potential of the Calico Project.

What future plans does Apollo have for the project?

Apollo plans to continue exploration, particularly aiming at expanding the resource estimates for silver, barite, and gold, along with further development of their existing properties.

Who is leading the management of Apollo Silver?

Apollo Silver is led by a skilled management team including President and CEO Ross McElroy, known for their extensive experience in exploration and development in the mining industry.

How can investors keep track of Apollo Silver's developments?

Investors can stay updated by visiting Apollo Silver's official website, where ongoing communications regarding their projects and new releases are published.

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