Apollo Receives 2024 Drill Permit for Waterloo Property and Provides Operational Update

VANCOUVER, British Columbia, March 19, 2024 (GLOBE NEWSWIRE) -- Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce that it has received its Conditional Temporary Use Permit (the “Drill Permit”) from the County of San Bernardino (“the County”) authorizing 2024 drilling activities at the Waterloo Silver-Barite Property. Results from the 2024 assay testing program have been received and are being used to define planned barite assaying as part of declaring a maiden barite resource estimate at Waterloo.

HIGHLIGHTS

• 2024 Drill Permit for the Waterloo Property received from the County; and
• Barite analysis test program completed. Results will be incorporated into preparation for maiden barite resource estimate at Waterloo.

“The receipt of the 2024 Drill Permit ensures we can proceed with future drilling at Waterloo,” commented Apollo’s President and CEO Tom Peregoodoff. “The County took less than four weeks to issue the latest permit confirming their support for responsible resource development in the County. Results from the barite analysis testing program have enabled us to determine the most efficient and cost effective method for analyzing our drill material for barite. Our extensive pulps cover the entirety of the Waterloo deposit and this will provide us with a very good understanding of the distribution of barite and enable us to include this critical mineral in future resource updates for Calico.”

BARITE ANALYSIS TEST PROGRAM
As reported on January 24, 2024, the Company began a test program designed to determine the optimal assay technique for barite. Using 79 samples distributed across the Waterloo Property, barite concentration was analysed to determine the best method to assay for barite. Results of this test work have been received and enable, a comprehensive re-assay program of select drilling pulps to be planned, with the goal of updating the Waterloo mineral resource estimate with the addition of barite.

In 1979 ASARCO calculated an estimate of barite in the Waterloo deposit. The estimate reported a total of 33.9 million tonnes of mineralized rock in the deposit at a grade of 13.4% barite for a total of 4.5 million tonnes of barite at a grade of 93%. Please refer to Table 1 for the results of and further information of this estimate and results are reported here as documented in original documents. The reader is cautioned not to treat this historical estimate or any part of it as a current mineral resource or reserve. An independent Qualified Person has not completed sufficient work to classify this as a current mineral resource or reserve and therefore the Company is not treating the historical estimate as a current mineral resource or mineral reserve.