Apollo Silver Corp. (“
Apollo” or
the “
Company”) (TSX.V:APGO, OTCQB:APGOF,
Frankfurt:6ZF) is pleased to announce the commencement of it’s 2022
Maiden Resource Declaration Program at its cornerstone Waterloo and
Langtry Silver-Barite projects, located in San Bernardino County,
California.
Highlights:
- Initial
data QA/QC for the Maiden Resource Declaration Program has been
completed;
- A resource
declaration for Waterloo and Langtry is anticipated to be completed
in the first quarter of 2022, roughly six months earlier than
planned;
- Stantec
Incorporated (“Stantec”) has been engaged to provide independent
mineral resource estimation services; and
- Submission
of the permit application for the proposed 2022 drill program to
the County of San Bernardino.
“I am extremely pleased with the progress we are
making,” Apollo CEO, Tom Peregoodoff, commented. “Stantec is a
global leader in the engineering and geological services consulting
sector whose involvement will enable us to advance Waterloo and
Langtry on a solid underpinning and their input will assist Apollo
in optimising our proposed 2022 drill and metallurgical testing
programs. The conclusions of their preliminary data review have
confirmed our conviction in the integrity of the more than 40,000
metres of drill data we hold and have given us the confidence to
bring forward the timing of our resource declaration work.”
Cathy Fitzgerald, Vice President Exploration and
Resource Development, added, “We look forward to working with
Stantec and their highly experienced team for our Waterloo and
Langtry resource declaration and upcoming drilling program. Our
extensive and high-quality data sets are an excellent foundation on
which to build a prospective current mineral resource. We look
forward to a long-term relationship with Stantec as we advance
these projects.”
Maiden Resource Declaration
Program
Apollo has engaged Stantec to complete an
independent maiden resource estimate and technical report for the
Waterloo and Langtry silver-barite projects. Stantec, a leading
consulting services company, has been providing geological,
engineering and environmental services for over 80 years. The
Stantec Qualified Person is Derek Loveday, P.Geo., whom has over 25
years of experience as a Professional Geologist in the mining
industry performing exploration and consulting services for surface
and underground operations. Mr. Loveday is a registered
Professional Geoscientist, registered in Alberta, Canada.
The resource estimates at Waterloo and Langtry
will be prepared in accordance with the requirements of the
Canadian Institute of Mining Metallurgy and Petroleum’s (“CIM”)
National Instrument 43-101 (“NI 43-101”). The work will incorporate
the drilling and assay results completed by previous operators at
both the Langtry and Waterloo projects. This data comprises more
than 40,000 metres of rotary, reverse circulation and core drilling
over a period of 40 years. It will also incorporate Apollo’s recent
geological modeling and results from Apollo’s geological mapping
program which is currently underway.
The initial phase of the resource declaration
program was recently completed. This work included multiple
independent reviews of the drilling and assay data (i.e.,
historical technical reports and recent work by independent
consultants) available for both the Waterloo and Langtry projects.
This has confirmed our confidence in the quality of the historical
data and QA/QC procedures and has maximized the amount of historic
information that can be incorporated into a maiden resource
estimate.
Stantec estimates completion of the initial
resource calculation will be in the first quarter of 2022.
Following QA/QC of the preliminary results, the Company anticipates
the maiden resource estimates to be available shortly
thereafter.
Planning and Permitting for Proposed
Drill Program
Planning for the proposed 2022 drilling program
is well advanced and given the positive outcomes of early technical
work discussed above, is being re-focused to achieve four primary
objectives:
- Refine the understanding of the distribution of high-grade
mineralization examples of which are shown in Table 1 below;
- Expand mineralization;
- Test newly identified targets; and
- Obtain relevant geotechnical data and samples for the planned
metallurgical testing program.
Stantec will provide input into the design of
the upcoming drill program based on the outcome of the maiden
resource estimation work. Stantec is currently undertaking a review
of the available historic metallurgical test work completed on the
projects and their conclusions and recommendations will be
incorporated into the upcoming planned 2022 metallurgical testing
program.
Permitting for the upcoming Phase 1 drilling
program has commenced with the submission of a Temporary Use Permit
application with San Bernardino County’s Land Use Department (“the
County”). Applications in support of drilling at Langtry will be
made and will incorporate any feedback received from the County
during of the Waterloo permit review and approval process. The
proposed 2022 drill program will utilize existing infrastructure
(access roads and drill pads) on private lands. The permit
applications have been designed to allow as much flexibility in
final collar locations as possible. Updates on drill permitting and
finalization of the proposed drill collar locations can be expected
in early 2022.
Table 1: Selection of High-Grade Silver
Intercepts at the Waterloo and Langtry Projects.
Project |
Hole |
From (m) |
To (m) |
Intercept (m) |
Ag Grade (g/t) |
Waterloo |
DH-80 |
28.96 |
106.68 |
77.72 |
329.70 |
incl. |
65.53 |
79.25 |
13.72 |
955.70 |
DH-163 |
0 |
41.15 |
41.15 |
256.20 |
DH-42 |
39.62 |
91.44 |
51.82 |
240.50 |
W-0043 |
35.05 |
80.77 |
45.72 |
232.60 |
W-0007 |
0 |
94.00 |
94.00 |
198.10 |
Langtry |
CAL-40 |
1.52 |
25.90 |
24.38 |
497.0 |
CAL-102 |
112.77 |
132.58 |
19.81 |
241.3 |
CAL-177 |
67.05 |
94.48 |
27.43 |
233.9 |
CAL-194 |
88.39 |
124.96 |
36.57 |
197.8 |
CAL-38 |
73.15 |
100.58 |
27.43 |
193.0 |
Previous Technical Work at the Waterloo
Project
Exploration on the Waterloo Property commenced
in 1964 and consisted of numerous technical programs completed by
two companies: American Smelting and Refining Company (“Asarco”)
and Pan American Minerals Inc. (“Pan American,” a wholly-owned
subsidiary of Pan American Silver Corp.). Exploration by Asarco
from 1964 to 1994 consisted of geological mapping, geochemical
sampling, geophysical surveys to characterize subsurface faults
(gravity, magnetics, electromagnetic and induced polarization),
surface trenching and drilling. This work culminated in the
completion of comprehensive environmental impact and economic
feasibility studies by Asarco in 1981. Due to a fall in silver
prices at the time, the project was put on care and maintenance
until 1994 when Pan American acquired an initial interest in the
project and subsequently acquired 100% in 1996. Pan American
completed two geological mapping programs, conducted by Dr. Warren
Pratt, as well as reverse circulation and diamond drilling between
2008 and 2012. A total of 17,790 metres (58,366 feet) in 255
drillholes has been completed on the Property by the previous
operators.
The initial historical resource estimate was
calculated by Asarco in 1968, followed by a computer-calculated
resource estimate in the late 1970’s. Subsequently, Pan American
calculated an internal resource based on the results of their 2012
drilling program and validated historical data from Asarco. This
work yielded a historical resource estimate of 37.1 million tonnes
grading 86 grams/tonne for a total of 103 million ounces of
contained silver (refer to Table 2). The reader is
cautioned that this resource estimate is historical in nature and
the Company is not treating it, or any part of it, as a current
mineral resource. Refer to note 1 below.
Table 2: Historical mineral resource
estimate for the Waterloo Project.
Project |
Source |
Category |
Grade |
Tonnage |
Cutoff |
Ounces |
Waterloo |
Pan American, 2013 |
Inferred |
86 g/t Ag |
37,079,349 tonnes |
20 g/t Ag |
102,953,457 |
Note 1: Reference to historic resources at the
Waterloo project refer to an internal company document prepared by
Pan American., dated 2013, unpublished. Historic resources are
reported here as documented in original documents. Abbreviations
are grams per metric tonne (g/t) and tonnes are metric. The
historical mineral resources discussed here were calculated using
mining industry standard practices for estimating Mineral Resource
and Mineral Reserves (2005) which was prior to the implementation
of the current CIM’’s standards for mineral resource estimation (as
defined by the CIM Definition Standard on Mineral Resources and Ore
Reserves dated May 10, 2014). The reader is cautioned not to treat
them, or any part of them, as current mineral resources or
reserves. An independent Qualified Person (‘QP’) has not completed
sufficient work to classify the estimates discussed as current
mineral resources or reserves and therefore the estimates should be
treated as historical in nature and not current mineral resources
or mineral reserves. Apollo’s QP, Cathy Fitzgerald, has determined
these historic resources are reliable, and relevant to be included
here in that they demonstrate simply the mineral potential of the
properties. A thorough review of all historic data performed by an
independent QP, along with additional exploration work to confirm
results, would be required to produce a current mineral resource
estimate for either property. Effective February 25, 2019, the U.S.
Security and Exchange Commission (‘SEC’) adopted new mining
disclosure rules under subpart 1300 of Regulation S-K of the U.S.
Securities Act of 1933, as amended (the “SEC Modernization Rules”),
with compliance required for the first fiscal year beginning on or
after January 1, 2021. These replace the disclosure requirements
included in SEC Industry Guide 7 and as a result, the SEC now
recognizes terms such as “indicated” and “inferred” with respect to
mineral resources. U.S. investors are cautioned that while the SEC
Modernization Rules are “substantially similar” to the CIM
Standards, readers are cautioned that there are differences between
the SEC Modernization Rules and the CIM Standards.
Previous Technical Work at the Langtry
Project
Exploration on the Langtry Property commenced in
1960 and consisted of several technical programs completed by two
companies: Superior Oil Company (“Superior”) and Athena Silver
Corp. (now Athena Minerals Corp., “Athena”). Exploration by
Superior from 1967 to 1984 consisted of geological mapping,
geochemical sampling, surface trenching and drilling. Superior was
subsequently purchased by Mobil Corporation and the Langtry Project
sat dormant due to depressed silver prices until Athena acquired an
interest in the Project in 2010. Subsequently Athena completed
surface geological mapping, sampling, geotechnical work and
drilling. A total of 213 drillholes (26,200 metres/86,000 feet) is
reported to have been completed on the Langtry Property by the
previous operators. Of these, 20,710 metres (67,946 feet) in 161
drill holes existed in the drill database for the recently released
technical report “NI 43-101 Technical Report Langtry Project,
California, USA” prepared by H. Samari and L. Breckenridge of
Global Resource Engineering, Ltd., with an effective date of
December 1, 2021 (see news release of December 2, 2021). Data for
the remaining holes has been recently acquired and will be
incorporated into the drill database.
An initial historical resource estimate was
calculated by Superior in 1970. Subsequently, Athena calculated a
resource estimate based on the results of their 2012 drilling
program, along with validated historical data from Superior’s
programs. This independent work was completed by SRK Consulting in
2012 and yielded a historical resource estimate of 12.7 million
tons grading 1.48 ounce per tonne for a total of 18.8 million
ounces of contained silver in the Indicated category and 30.4
million tons grading 1.40 ounce per tonne for a total of 42.6
million ounces of silver in the Inferred Category as detailed below
in Table 3.
The reader is cautioned that this resource
estimate is historical in nature and the Company is not treating
it, or any part of it, as a current mineral resource. See note 2
below.
Table 3: Historical mineral resource
estimate for the Langtry Project.
Project |
Source |
Category |
Grade |
Tonnage |
Cutoff |
Ounces |
Langtry |
Moran et al., 2012 |
Indicated |
1.48 opt (50.7 g/t) |
12,709,000 tons |
0.76 opt Ag (26.1 g/t Ag) |
18,809,000 |
Inferred |
1.40 opt (48.0 g/t) |
30,445,000 tons |
0.76 opt Ag (26.1 g/t Ag) |
42,623,000 |
Note 2: Reference to historic resources at
Langtry refer to Moran et al, 2012, which was an internal report on
the Langtry Silver Project, San Bernardino County, California:
prepared for Athena Silver Corp, April 2012. [Accessed April 30,
2021]. Historic resources are reported here as documented in
original document. Abbreviations are ounces per short ton (opt) and
tonnes are imperial. The historical mineral resources discussed
here were calculated using mining industry standard practices for
estimating Mineral Resource and Mineral Reserves (2005) which was
prior to the implementation of the current Canadian Institute of
Mining’s (‘CIM’) standards for mineral resource estimation (as
defined by the CIM Definition Standard on Mineral Resources and Ore
Reserves dated May 10, 2014). The reader is cautioned not to treat
them, or any part of them, as current mineral resources or
reserves. An independent Qualified Person (‘QP’) has not completed
sufficient work to classify the estimates discussed as current
mineral resources or reserves and therefore the estimates should be
treated as historical in nature and not current mineral resources
or mineral reserves. Apollo’s QP, Cathy Fitzgerald, has determined
these historic resources are reliable, and relevant to be included
here in that they demonstrate simply the mineral potential of the
properties. A thorough review of all historic data performed by an
independent QP, along with additional exploration work to confirm
results, would be required to produce a current mineral resource
estimate for either property. Effective February 25, 2019, the U.S.
Security and Exchange Commission (‘SEC’) adopted new mining
disclosure rules under subpart 1300 of Regulation S-K of the U.S.
Securities Act of 1933, as amended (the “SEC Modernization Rules”),
with compliance required for the first fiscal year beginning on or
after January 1, 2021. These replace the disclosure requirements
included in SEC Industry Guide 7 and as a result, the SEC now
recognizes terms such as “indicated” and “inferred” with respect to
mineral resources. U.S. investors are cautioned that while the SEC
Modernization Rules are “substantially similar” to the CIM
Standards, readers are cautioned that there are differences between
the SEC Modernization Rules and the CIM Standards.
Qualified Person
The scientific and technical data contained in
this news release was reviewed and approved under the supervision
of Cathy Fitzgerald, P.Geo., Vice President Exploration and
Resource Development, a Qualified Person as defined by National
Instrument 43- 101 Standards of Disclosure for Minerals Projects.
Ms. Fitzgerald is a registered Professional Geoscientist in British
Columbia, Canada.
For further information about the Waterloo
Project historic mineral resource estimate, please see the 2021
N.I. 43-101 technical report “NI 43-101 Technical Report Waterloo
Project, California, USA” prepared by H. Samari and L. Breckenridge
of Global Resource Engineering, Ltd., with an effective data of May
12, 2021. For further information about the Langtry Project
historic mineral resource estimate, please see the 2021 N.I. 43-101
technical report “NI 43-101 Technical Report Langtry Project,
California, USA” prepared by H. Samari and L. Breckenridge of
Global Resource Engineering, Ltd., with an effective data of
December 1, 2021.
Please visit www.apollosilver.com for further
information on the Company and the Waterloo and Langtry
projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Tom PeregoodoffChief Executive Officer
For further information, please
contact:
Tom PeregoodoffChief Executive Officer Telephone: +1 (604)
428-6128tomp@apollosilver.com
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 three significant
pure silver exploration and resource development projects, the
historical Waterloo and Langtry projects, in San Bernardino
California and Silver District Project in Arizona.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding “Forward-Looking”
Information
This news release includes “forward-looking
statements” and “forward-looking information” within the meaning of
Canadian securities legislation. All statements included in this
news release, other than statements of historical fact, are
forward-looking statements including, without limitation,
statements with respect to the potential of the Company’s
properties; the timing and completion of the anticipated
declaration of resource estimates at the Company’s silver-barite
projects; the evaluation of the quality of the
historical data collection, historical estimates,
geological models, drilling and assay data, data sets prepared
by and acquired from previous operators; timing and cost of
future exploration, drilling, metallurgical testing and geophysical
program plans and targets; success of exploration
activities; the estimation of mineral resources;
and conclusions of economic evaluations. Forward-looking
statements include predictions, projections and forecasts and are
often, but not always, identified by the use of words such as
“anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”,
“target”, “budget” and “intend” and statements that an event or
result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions and includes the negatives
thereof.
Forward-looking statements are based on the
reasonable assumptions, estimates, analysis and opinions of
the management of the Company made in light of its experience and
its perception of trends, current conditions and expected
developments, as well as other factors that management of the
Company believes to be relevant and reasonable in the circumstances
at the date that such statements are made. Forward-looking
information is inherently subject to known and unknown
risks, significant operational, economic, and competitive
uncertainties, contingencies and other factors that
may cause the actual results, level of activity, performance or
achievements of the Company to be materially different from those
expressed or implied by such forward-looking information,
including but not limited to risks related to the
Company’s goal of creating shareholder value by concentrating on
the development of the Waterloo project, the Langtry project, or
the AZ Silver District project (the “Properties”); believing that
the Properties have the potential to contain economic silver
deposits; the Company’s assessment of future plans for the
Properties; managements’ economic outlook regarding future trends;
the Company’s exploration budget for the Properties; and in
particular, the availability of equipment, skilled
labour and services needed, timing and the amount of the
expected budget; the Company’s ability to meet its working capital
needs at the current level in the short term; expectations with
respect to raising capital; sensitivity analysis on financial
instruments may vary from the amounts disclosed; government
regulation and environmental liability; relations with
local stakeholders
and the surrounding communities; general business
and economic conditions; the timing and receipt of
governmental permits and approvals; the timing and receipt of
community and landowner approvals; changes in regulations;
political factors; the accuracy of the Company’s interpretation of
drill results; the geology, grade and continuity of the Company’s
mineral deposits; currency fluctuations; and impact of the COVID-19
pandemic.
There can be no assurance that forward-looking
statements will prove to be accurate and actual results, and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company’s expectations include actual
exploration results, interpretation of exploration results,
changes in project parameters as plans continue to be refined,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
uninsured risks, regulatory changes, delays or inability to receive
required approvals, unknown impact related to potential business
disruptions stemming from the COVID-19 pandemic, or another
infectious illness, and other exploration or other risks detailed
herein and from time to time in the filings made by the Company
with securities regulators, including those discussed or
referred to in the Company’s continuous disclosure filings with the
securities regulatory authorities in Canada, available
at www.sedar.com.
Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward looking information,
other factors could also cause materially different results. There
can be no assurance that forward looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward looking
information. The forward-looking information contained herein is
presented for the purpose of assisting investors in understanding
the Company’s expected financial and operational performance and
the Company’s plans and objectives and may not be appropriate for
other purposes. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
Apollo Silver (TSXV:APGO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Apollo Silver (TSXV:APGO)
Historical Stock Chart
From Apr 2023 to Apr 2024