Apollo details 2026 drill program at Calico

Executive Summary

• Apollo Silver Corp. announced its 2026 exploration and development program for its Calico silver project in San Bernardino County, California.
• The program focuses on advancing project development through metallurgical studies, geotechnical work, and the initiation of development-stage permitting, alongside exploration drilling to expand resource potential.
• Key activities include a 4,500-meter HQ core drilling program at Waterloo for geotechnical and metallurgical data, and a 1,000-meter NQ exploration drilling program at the Waterloo property to test the Burcham gold target.

Key Details

• Project Development Drilling: A 4,500-meter HQ large diameter core drill program is scheduled to commence in mid-Q1 2026 and continue through Q2 2026 at the Waterloo property.
  • Purpose: To provide material for geotechnical analysis to support engineering and mine design, and for metallurgical testwork to characterize silver recovery and evaluate enhancement opportunities.
• Metallurgical Studies: Testwork will continue throughout 2026 to evaluate ore characteristics and processing options.
  • Target: Investigate opportunities to improve silver recoveries above historical levels, which are currently estimated at approximately 65 percent.
• Permitting: Initiation of early-stage, development-level permitting activities, including long-term baseline environmental monitoring, to align regulatory progress with technical advancements.
• Exploration Drilling: A 1,000-meter NQ diameter core drilling program is planned for Q1 to Q2 2026 at the Waterloo property.
  • Target: Test the Burcham gold potential on the east side of Waterloo (historical Burcham mine area) with the goal of expanding the gold resource.
• Geophysical Surveys: A multimethod geophysical program is planned for Q1, Q2, and Q4 2026.
  • Activities: Ground gravity and subsurface historical mine workings surveys at Waterloo; IP and airborne magnetic surveys at Waterloo and Mule properties.
  • Goal: To image and characterize subsurface controls of mineralization, lithological, structural, and alteration features to define and prioritize future drill targets.
• Geological Mapping: Expanded surficial geological mapping across Waterloo and Mule properties throughout 2026 to update interpretations and support target generation.
• Underground Survey: A lidar survey of historical underground drifts and tunnels at Waterloo is planned for Q4 2026 to determine the precise location and scale of historic workings for improved resource classification and mine development planning.
• Laboratory Analysis: Petrographic studies and soil/rock assays will run from Q1 to Q3 2026 to support geological mapping and drill target refinement.

Notable Quotes

• "Our 2026 program positions Apollo Silver to advance Calico at an opportune moment... Silver's addition to the U.S. critical minerals list and the current strength in precious-metal markets highlight the importance of responsibly developing domestic supply. Calico hosts one of the largest undeveloped primary silver deposits in the United States. The exploration program will allow us to evaluate the blue-sky potential of the project, while the planned metallurgical, geotechnical and geophysical work will further strengthen our technical understanding and support the next stages of its advancement." — Ross McElroy, President and CEO