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Test Work Commences At The Calico Silver Project

Test Work Commences At The Calico Silver Project

VANCOUVER – Apollo Silver Corp. President and CEO, Tom Peregoodoff, said, “The test work we have commenced is an important step towards including barite in a 2024 resource update at the Calico Silver Project. The results from this program will enable us to determine the most efficient and cost-effective method for analyzing our drill material for barite. We have extensive sample coverage over the entirety of the Waterloo deposit and with a comprehensive assay program later this year, we will have a very good understanding of the distribution of barite. This will enable us to include this critical mineral in our planned 2024 resource update for Calico.”

As part of the 2022 Metallurgical Test Program for the Calico Silver Project an initial assessment of the quality of barite in the deposit was completed. This initial test work illustrated that a high quality barite concentrate could be produced, warranting a follow up investigation. As a follow-up to these positive results, and in anticipation of adding barite to the mineral resource inventory at Waterloo, further samples have been selected for assay to characterize the distribution of barite in the deposit.

In 2023, the Company completed two important steps towards including barite in an updated mineral resource estimate for Calico, expected in 2024. Results from initial metallurgical test work showed that barite concentrates of up to 94% barite were achieved. In addition, barite quality analysis was completed and confirmed that the barite concentrate produced meets or exceeds the quality requirements for us in the U.S. as set by the API.

As a follow up to these positive results and as the next step to adding barite to the mineral resource inventory at Waterloo, the Company has begun a test program designed to determine the optimal assay technique for barite. Using 79 samples distributed across the deposit, barite concentration will be analyzed to determine the best method to use to assay for barite in future test work. Typically, multi-element analytic assay methods under report barium; this program aims to determine the best analytical method for barium in order to then be able to ensure we are reporting the maximum concentration in each sample. Once results of this test work have been completed and the best method is identified, a comprehensive re-assay program of select drilling pulps will be completed, with the goal of then updated the Waterloo mineral resource estimate with the addition of barite.

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.

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