Apollo Silver Corp. (“
Apollo” or
the “
Company”) (TSX.V:APGO, OTCQB:APGOF,
Frankfurt:6ZF) is pleased to announce it has filed on SEDAR an
independent technical report (the
“Technical
Report”) for the Langtry Silver-Barite Project
(“
Langtry” or the “
Langtry
Project”), located in San Bernardino County, California.
The Technical Report was prepared in accordance with National
Instrument 43-101 (“
N.I. 43-101”) Standards of
Disclosure for Mineral Projects by Global Resource Engineering, of
Denver, Colorado. The Technical Report is the first N.I. 43-101
filed for the Langtry Project and provides a comprehensive history
of the project. There are no material differences in the Technical
Report from the information disclosed in previous Apollo
disclosure.
The Technical Report can be found under the Company’s profile on
SEDAR (www.sedar.com) and on the Company’s website
(www.apollosilver.com).
Previous Technical Work at the Langtry
Project
The Langtry and nearby Waterloo projects are
Apollo’s cornerstone silver-barite projects located near Barstow,
California. At Langtry, an extensive amount of historical technical
work has been completed by over a period of 40 years by previous
operators Superior Oil and Athena Minerals Corp. Work programs
included geological mapping, geochemical sampling, surface
trenching and drilling (approximately 20,710 metres (67,946 feet)
in 161 drill holes in the database for the Technical Report). A
historic resource estimate was completed in 2012 by SRK for Athena
Minerals Corp., based on Athena’s 2012 drilling and validated
Superior Oil data. The historical resource estimate comprises 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 1. 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 on historical
mineral resources below.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/36cb3459-c942-4795-b693-aa85636f6701
Note: 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
documents. 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.
Appointment of Corporate
Secretary
Apollo also announces that effective December 1,
2021, Ms. Rona Sellers will assume the role of Corporate Secretary
for the Company, in addition to Vice President, Commercial and
Compliance.
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.
The independent Qualified Persons responsible
for the Technical Report, Hamid Samari, MMSA and Larry
Breckenridge, PE, both of Global Resource Engineering, have also
reviewed and approved the technical content in the release.
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 date of
December 1, 2021.
Please visit www.apollosilver.com for further
information on the Company.
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 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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