Apollo Increases Measured and Indicated Silver Resource Estimate at Calico Project
Executive Summary
- Apollo Silver announced a 61 % increase in measured & indicated silver tonnage at the Waterloo property, now totaling 55 Mt at 71 g/t Ag for 125 Moz Ag – a 14 % rise in contained ounces (≈15 Moz) versus the 2023 MRE.
- The update adds inaugural barite (BaSO₄) and zinc (Zn) resources (indicated and inferred) and expands inferred gold resources by 86 %.
- A single low‑strip‑ratio pit (0.8:1) now underlies all metals, further de‑risking the Calico Project and supporting an upcoming Preliminary Economic Assessment (PEA).
Key Details
- Silver Resources – Waterloo
- Measured & Indicated: 55 Mt @ 71 g/t Ag → 125 Moz Ag
-
Inferred: 0.6 Mt @ 26 g/t Ag → 0.51 Moz Ag
-
Gold Resources – Waterloo (Inferred)
-
17 Mt @ 0.25 g/t Au → 0.13 Moz Au (↑86 % from prior MRE)
-
Barite (BaSO₄) – Waterloo
- Indicated: 36 Mt @ 7.4 % BaSO₄ → 2.7 Mt BaSO₄
-
Inferred: 17 Mt @ 3.9 % BaSO₄ → 0.65 Mt BaSO₄
-
Zinc – Waterloo
- Indicated: 36 Mt @ 0.45 % Zn → 354 Mlb Zn
-
Inferred: 17 Mt @ 0.71 % Zn → 258 Mlb Zn
-
Silver Resources – Langtry (Inferred)
-
24 Mt @ 73 g/t Ag → 57 Moz Ag
-
Pit Economics
- Waterloo pit depth ≈192 m; strip ratio 0.8:1 (total resource).
-
Langtry pit depth ≈149 m; strip ratio 2.8:1 (inferred resource).
-
Cut‑off Grades Used
- Silver equivalent (AgEQ) cut‑off: 47 g/t AgEq for Waterloo (includes BaSO₄, Zn, Au).
- Gold‑only cut‑off: 0.17 g/t Au.
-
Langtry silver‑only cut‑off: 43 g/t Ag.
-
Assumptions for Cut‑offs
- Prices: Ag US$28/oz, Au US$2,451/oz, BaSO₄ US$120/mt, Zn US$1.22/lb.
- Processing costs: $26.5/short ton (combined), $8.2/short ton (gold‑only), $24/short ton (silver‑only).
- Mining cost: $2.8/short ton; G&A $3/short ton.
-
Recoveries: Ag 65 %, Au 80 %, BaSO₄ 85 %, Zn 80 %.
-
Sensitivity Analyses
- Demonstrated resource tonnage and contained silver remain robust across AgEQ cut‑offs from 35 to 60 g/t (e.g., at 47 g/t: 43 Mt Measured, 12 Mt Indicated, 0.6 Mt Inferred).
-
Langtry inferred resource varies from 63 Moz Ag (COG 35 g/t) to 39 Moz Ag (COG 60 g/t).
-
Drilling Data Supporting MRE
- Total holes: 343 (258 historic, 85 in 2022) – 28,407 m drilled.
-
Re‑assayed 7,431 historical and recent drill pulps for Ba; 7,893 Ba samples used.
-
Qualified Persons
- Derek Loveday, P.Geo., Johnny Marke, P.G., Mariea Kartick, P.Geo. (Stantec) – independent QPs for resource estimation & QA/QC.
-
Isabelle Lépine, M.Sc., P.Geo. – Apollo’s Director of Mineral Resources (non‑independent).
-
Forward‑Looking Statements
- Company expects the updated resources to enhance project economics, support a forthcoming PEA, and provide additional upside through further exploration of silver, gold, barite, and zinc at Waterloo and Langtry.
Notable Quotes
“The Calico Project continues to increase in value, scale and optionality… new data confirms the presence of additional minerals, such as barite and zinc, which are included on the US critical mineral list.” – Ross McElroy, President & CEO
Materiality Assessment: Material – Positive (substantial increase in resource size, addition of critical‑mineral commodities, and de‑risking of project economics).