Apollo Silver Corp. pleased to report further assay results from the recently completed Phase 2 of the 2022 Drill Program at the Calico Silver Project (ôCalicoö or the ôProjectö) located in San Bernardino County, California. Resource infill drilling results continue to deliver exceptional silver (ôAgö) intercepts such as 109 grams per tonne (ôg/tö) Ag over 109.0 metres (ômö) from surface (drill hole W22-RC-045).

Latest results continue to expand silver mineralization (above 50 g/t cut-off grade (ôCOGö)) below the base of the current mineral resource estimate (ôMREö). The oxide gold (ôAuö) horizon continues to be defined, with 0.262 g/t Au over 19.5 m from 134.5 m depth down hole in drill hole W22-RC-045 (including 0.921 g/t Au over 3.0 m). Results reported below are from 10 holes, bringing the total number of holes with assays released for Phase 2 drilling to 16 out of 44 completed.

New significant intercepts include: SILVER: 109 g/tAgover 109.0 m from surface (W22-RC-045), including; 267 g/t Ag over 1.5 m from 25.0 m depth down hole; 456 g/t Ag over 1.5 m from 29.5 m depth down hole; and 307 g/t Ag over 1.5 m from 55.0 m depth down hole; 106 g/t Ag over 45.0 m from 11.5 m depth down hole (W22-RC-048); 169 g/t Ag over 64.5 m from 1.0 m depth down hole (W22-RC-056), including 260 g/t Ag over 6.0 m from 13.0 m depth down hole; and 261 g/t Ag over 15.0 m from 26.5 m depth down hole; 101 g/t Ag over 67.0 m from surface (W22-RC-062), including; 268 g/t Ag over 4.0 m from surface. GOLD: 0.262 g/tAuover 19.5 m from 134.5 m depth down hole (W22-RC-045), including; 0.921 g/t Au over 3.0 m from 140.5 m depth down hole; and 1.220 g/t Au over 1.5 m from 140.5 m depth down hole; 0.160 g/t Au over 21.0 m from 134.5 m depth down hole (W22-RC-049); 0.327 g/t Au over 18.0 m from 86.5 m depth down hole (W22-RC-050), including; 0.806 g/t Au over 1.5 m from 95.5 m depth down hole; and 0.774 g/t Au over 1.5 m from 101.5 m depth down hole. Silver intercepts are reported at a 50 g/t silver cut-off grade (ôCOGö) with up to 4.5 m dilution and are uncapped.

Gold intercepts are reported at a 0.1 g/t COG with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths unless otherwise stated. Silver assay results from Phase 2 drilling from the Calico Project continue to support the robust nature of the current MRE block model at the Waterloo deposit.

Infill drilling results reported here show near-surface silver grades continue to be predictable and continuous. Additionally, silver continues to be identified at depths below the base of the MRE, potentially expanding the resource. Phase 2 drilling is part of the 2022 Calico Technical Program, which aims to upgrade and expand the previously announced maiden Inferred MRE 166 million ounces of silver contained in 58.1 million tonnes at an average grade of 89 g/t.