Apollo Silver Corp. (TSX.V:APGO, OTCQB:APGOF,
FSE:6ZF) (“
Apollo” or the
“
Company”) is pleased to announce that it has
received its Conditional Temporary Use Permit (the “Drill Permit”)
from the County of San Bernardino (“the County”) authorising the
2022 proposed drilling activities at the Waterloo Silver-Barite
Project. (the “Waterloo Project”).
Highlights:
- 2022
Drill Permit for the Waterloo Project received from the
County;
- Maiden
resource declaration for Waterloo and Langtry on track for
completion in the first quarter of 2022;
- 3-D
induced polarization survey underway, acquisition at Waterloo
complete; and
- 2021
geological mapping program completed.
“2022 will be a defining year for the Company,”
Apollo CEO, Tom Peregoodoff, commented. “Our maiden resource
estimation work program at the Waterloo and Langtry silver-barite
projects is well advanced with results expected in the first
quarter of 2022. With the receipt of the Drill Permit from the
County, we are well placed to deliver against the stated objectives
of our 2022 proposed drill program. The permit took less than six
weeks to process and issue and I believe this is indicative of the
supportive view of mining activities within the County and the
relationship we are building with key stakeholders.”
2022 Waterloo Drill Permit and Proposed
Program
The County issued Drill Permit is effective from
February 1, 2022, for a one-year period, subject to annual renewal
by written request for up to five years. The Drill Permit is
subject to a number of conditions as provided by the County, one of
which is the submission of a required reclamation bond totalling
US$113,757, which has been posted by Apollo. The Drill Permit as
granted allows as much flexibility in the final drill program
design as possible.
As previously reported (see news release
December 6, 2021) the now permitted 2022 drill program will focus
on four primary objectives:
- Refine the understanding of the distribution of high-grade
silver mineralization;
- Expand silver mineralization and test for other styles of
mineralization;
- Test newly identified targets; and
- Obtain relevant geotechnical data and samples for the planned
metallurgical testing program.
The proposed 2022 drill program will utilize
existing infrastructure (access roads and drill pads) on private
lands. Updates on final drill program design and drill collar
locations can be expected in early 2022.
Waterloo and Langtry Technical Program
Update
The on-the-ground technical program at the
Waterloo and Langtry projects began mid-November with a rolling
three-dimensional (“3D”) ground induced polarization (“IP”) and
resistivity survey. The ground IP survey is being conducted across
both the Waterloo and Langtry properties (covering 16 km2) by Dias
Geophysical of Saskatoon, Saskatchewan, Canada. The goal of the
survey is to provide a detailed 3D model of chargeability and
resistivity across the projects to discern important structural and
lithological features and identify possible extensions to
mineralisation down to a depth of 400 m. At time of writing the
survey was complete at Waterloo, with Langtry anticipated to be
finished in late January 2022. Preliminary results of the 3D
inversion of Waterloo are expected to be made available in January.
Results from the complete survey will be incorporated into the
definition of the 2022 drill program.
Detailed geological field mapping was recently
completed by Dr. Warren Pratt, a renowned geologist with over 30
years experience exploring and mapping mineralized systems
worldwide. His work was focused on the Langtry project which had
never before been mapped in detail. Follow up work was completed at
Waterloo where he previously completed detailed mapping for the
previous operator Pan American Minerals (a wholly-owned subsidiary
of Pan American Silver Corp.), in 2008 and 2012. This is the first
time that both Langtry and Waterloo have been mapped simultaneously
and will allow for a better understanding of the underlying mineral
system in the broader context. The results of Dr. Pratt’s work will
be incorporated into 3D geology models and will be part of the
foundational work of the maiden resource estimate currently being
undertaken by Stantec.
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 please see the 2021 N.I. 43-101 technical report “NI 43-101
Technical Report Waterloo Project, California, USA” with an
effective date of May 12, 2021, and about the Langtry Project
please see the 2021 N.I. 43-101 technical report “NI 43-101
Technical Report Langtry Project, California, USA” with an
effective date of December 1, 2021. Both reports are prepared by H.
Samari and L. Breckenridge of Global Resource Engineering, Ltd.,
and are available on www.sedar.com and www.apollosilver.com.
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, execution 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.
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