Apollo Silver reports initial resource for Calico silver project in California

Apollo Silver (TSX.V: APGO; US-OTC: APGOF) has released an initial resource estimate for its Calico silver project, which CEO Tom Peregoodoff describes as “one of the largest undeveloped silver deposits” in the United States. 

The 1,194-hectare project in California’s San Bernardino County, about 233 km northeast of Los Angeles, hosts five past-producing mines — Waterloo, Voca, Union, Burcham and Langtry. 

The company has outlined its first resource for Waterloo of 38.9 million inferred tonnes grading 93 grams silver per tonne for 116 million oz. of contained silver and 19.3 million inferred tonnes grading 81 grams silver per tonne for 50 million oz. of silver at Langtry. The resource estimate was based on 438 historic drill holes. 

“This is the culmination of a lot of hard work by the team,” Peregoodoff told The Northern Miner, and “confirms Calico as one of the largest undeveloped silver deposits in the U.S.A. and positions Calico as one of the largest globally.”  

“There are significant opportunities to grow the value through expansion of the contained silver,” he continued. “And understanding and delineating the distribution of gold and barite, both of which are present, but neither of which was included in the resource statement.”  

Last year the company completed a rolling three-dimensional ground induced polarization and resistivity survey and Peregoodoff says drilling at the project this year will begin in March. The results will feed into a revised resource estimate, he says, “with potential to increase and to convert inferred to indicated/measured” in the fourth quarter of this year. The company also plans to work on a preliminary economic assessment.  

The project’s size and continuity, and its location in a Tier 1 jurisdiction, Peregoodoff says, make Calico a significant silver project. 

Equinox Gold’s (TSX: EQX; NYSE: EQX) Castle Mountain and Mesquite gold mines, which produced 25,300 and 137,500 oz. gold, respectively are about 300 km from Calico, while Rio Tinto’s (NYSE: RIO; LSE: RIO; ASX:  RIO) Boron mine is about 50 km away.  

Historically, the Calico mining district produced roughly 15 to 20 million oz. of silver between 1881 and 1896.  

Apollo acquired the Waterloo property in July 2021 and is earning a 100% stake in the Langtry claims. 

At presstime, Apollo Silver was trading at 65¢ per share within a 52-week trading range of 38¢ and $1.15. The company has 162.05 million common shares outstanding for a market cap of $105.33 million.