Apollo Files N.I. 43-101 Technical Report for the Cinco de Mayo Project, Chihuahua State, Mexico
Apollo Silver Corp (TSX.V:APGO, OTCQB:APGOF) has filed an NI 43-101 Technical Report for the Cinco de Mayo Project in Chihuahua State, Mexico, effective February 28, 2025. The project comprises 29 concessions totaling 25,113.2049 ha.
The project includes two distinct deposits: The Upper Manto Pb-Zn-Ag (Au) deposit and the Pozo Seco Mo-Au deposit. Historical resource estimates from 2012 show the Upper Manto deposit contains Inferred Resources of 12.45 million tonnes at 132 g/t silver, 0.24 g/t gold, 2.86% lead, and 6.47% zinc. The Pozo Seco deposit's 2010 estimate indicated 29.1 Mt at 0.147% Mo and 0.25 g/t Au.
Under the earn-in agreement with MAG Silver Corp, Apollo must obtain necessary permits and complete 20,000m of exploration drilling within five years. Upon completion, Apollo will issue shares to MAG equivalent to 19.9% of Apollo's outstanding shares.
Apollo Silver Corp (TSX.V:APGO, OTCQB:APGOF) ha presentato un Rapporto Tecnico NI 43-101 per il Progetto Cinco de Mayo nello Stato di Chihuahua, Messico, con effetto dal 28 febbraio 2025. Il progetto comprende 29 concessioni per un totale di 25.113,2049 ha.
Il progetto include due depositi distinti: il deposito Upper Manto Pb-Zn-Ag (Au) e il deposito Pozo Seco Mo-Au. Le stime storiche delle risorse del 2012 mostrano che il deposito Upper Manto contiene Risorse Indicate di 12,45 milioni di tonnellate a 132 g/t di argento, 0,24 g/t di oro, 2,86% di piombo e 6,47% di zinco. La stima del deposito Pozo Seco del 2010 indicava 29,1 Mt a 0,147% di Mo e 0,25 g/t di Au.
In base all'accordo di earn-in con MAG Silver Corp, Apollo deve ottenere i permessi necessari e completare 20.000 m di perforazioni esplorative entro cinque anni. Al termine, Apollo emetterà azioni a MAG equivalenti al 19,9% delle azioni in circolazione di Apollo.
Apollo Silver Corp (TSX.V:APGO, OTCQB:APGOF) ha presentado un Informe Técnico NI 43-101 para el Proyecto Cinco de Mayo en el Estado de Chihuahua, México, con fecha efectiva del 28 de febrero de 2025. El proyecto comprende 29 concesiones que totalizan 25,113.2049 ha.
El proyecto incluye dos depósitos distintos: el depósito Upper Manto Pb-Zn-Ag (Au) y el depósito Pozo Seco Mo-Au. Las estimaciones históricas de recursos de 2012 muestran que el depósito Upper Manto contiene Recursos Inferidos de 12.45 millones de toneladas a 132 g/t de plata, 0.24 g/t de oro, 2.86% de plomo y 6.47% de zinc. La estimación del depósito Pozo Seco de 2010 indicaba 29.1 Mt a 0.147% de Mo y 0.25 g/t de Au.
Bajo el acuerdo de earn-in con MAG Silver Corp, Apollo debe obtener los permisos necesarios y completar 20,000 m de perforaciones de exploración en un plazo de cinco años. Al finalizar, Apollo emitirá acciones a MAG equivalentes al 19.9% de las acciones en circulación de Apollo.
아폴로 실버 코프 (TSX.V:APGO, OTCQB:APGOF)가 멕시코 치와와 주의 Cinco de Mayo 프로젝트에 대한 NI 43-101 기술 보고서를 2025년 2월 28일 기준으로 제출했습니다. 이 프로젝트는 총 25,113.2049헥타르에 달하는 29개의 권한을 포함합니다.
이 프로젝트에는 두 개의 별개의 매장층이 포함되어 있습니다: Upper Manto Pb-Zn-Ag (Au) 매장층과 Pozo Seco Mo-Au 매장층. 2012년의 역사적 자원 추정에 따르면 Upper Manto 매장층에는 132 g/t의 은, 0.24 g/t의 금, 2.86%의 납, 6.47%의 아연을 포함한 1245만 톤의 추정 자원이 포함되어 있습니다. Pozo Seco 매장층의 2010년 추정치는 29.1Mt에서 0.147% Mo와 0.25 g/t Au를 나타냈습니다.
MAG Silver Corp와의 수익 공유 계약에 따라 아폴로는 필요한 허가를 받고 5년 이내에 20,000m의 탐사 드릴링을 완료해야 합니다. 완료 후, 아폴로는 MAG에 아폴로의 발행 주식의 19.9%에 해당하는 주식을 발행할 것입니다.
Apollo Silver Corp (TSX.V:APGO, OTCQB:APGOF) a déposé un Rapport Technique NI 43-101 pour le Projet Cinco de Mayo dans l'État de Chihuahua, au Mexique, effectif à partir du 28 février 2025. Le projet comprend 29 concessions totalisant 25,113.2049 ha.
Le projet inclut deux dépôts distincts : le dépôt Upper Manto Pb-Zn-Ag (Au) et le dépôt Pozo Seco Mo-Au. Les estimations historiques des ressources de 2012 montrent que le dépôt Upper Manto contient des Ressources Indiquées de 12,45 millions de tonnes à 132 g/t d'argent, 0,24 g/t d'or, 2,86% de plomb et 6,47% de zinc. L'estimation du dépôt Pozo Seco de 2010 indiquait 29,1 Mt à 0,147% de Mo et 0,25 g/t d'Au.
Dans le cadre de l'accord de earn-in avec MAG Silver Corp, Apollo doit obtenir les permis nécessaires et compléter 20 000 m de forage d'exploration dans un délai de cinq ans. À l'issue de cette période, Apollo émettra des actions à MAG équivalentes à 19,9% des actions en circulation d'Apollo.
Apollo Silver Corp (TSX.V:APGO, OTCQB:APGOF) hat einen NI 43-101 Technischen Bericht für das Cinco de Mayo Projekt im Bundesstaat Chihuahua, Mexiko, eingereicht, gültig ab dem 28. Februar 2025. Das Projekt umfasst 29 Konzessionen mit einer Gesamtfläche von 25.113,2049 ha.
Das Projekt beinhaltet zwei verschiedene Lagerstätten: Die Upper Manto Pb-Zn-Ag (Au) Lagerstätte und die Pozo Seco Mo-Au Lagerstätte. Historische Ressourcenschätzungen aus dem Jahr 2012 zeigen, dass die Upper Manto Lagerstätte geschätzte Ressourcen von 12,45 Millionen Tonnen bei 132 g/t Silber, 0,24 g/t Gold, 2,86% Blei und 6,47% Zink enthält. Die Schätzung der Pozo Seco Lagerstätte aus dem Jahr 2010 wies 29,1 Mt bei 0,147% Mo und 0,25 g/t Au aus.
Im Rahmen des Earn-In-Vereinbarungs mit MAG Silver Corp muss Apollo die erforderlichen Genehmigungen einholen und innerhalb von fünf Jahren 20.000 m Explorationsbohrungen abschließen. Nach Abschluss wird Apollo MAG Aktien ausgeben, die 19,9% der ausstehenden Aktien von Apollo entsprechen.
- Large historical resource base: 52.7Moz silver, 785Mlb lead, 1,777Mlb zinc at Upper Manto
- Additional untapped potential in Pegaso Zone not included in historical estimates
- Technical Report recommends significant exploration program to expand mineralization
- Historical resource estimates from 2010-2012 require updating
- Social license and permits still needed before work can begin
- 5-year timeline to complete earn-in requirements
VANCOUVER, British Columbia, March 07, 2025 (GLOBE NEWSWIRE) -- Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to announce that it has filed an independent National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report titled “NI 43-101 Technical Report Cinco de Mayo Project, Chihuahua State, Mexico” with an effective date of February 28, 2025 (the “Technical Report”) in connection with its previously announced earn-in and option agreement with MAG Silver Corp. (“MAG”) and its subsidiary, Minera Pozo Seco, S.A. de C.V. (“MPS”) (see news release dated September 23, 2024) with respect to the 29 concessions totalling 25,113.2049 ha located in the Municipio de Buenaventura comprising the Cinco de Mayo Project (or “Project”).
Ms. Katharine Masun, MSA, M.Sc., P.Geo., Principal Resource Geologist with SLR Consulting (Canada) Ltd. (“SLR”) is the Qualified Person (“QP”) for this Technical Report as defined in NI 43-101, and in compliance with Form 43-101F1. In compliance with NI 43-101 requirements, Ms. Masun and Apollo Silver management conducted the required site visit to the Project on January 7-8, 2025. During the site visit, Ms. Masun visited the core facility in Chihuahua City and the Upper Manto Project site. In Chihuahua City, Ms. Masun reviewed drill core from the Upper Manto deposit and viewed stored sample pulps from historical drilling. Relevant intervals of core from six holes were examined, comparing the logged information to the core. At the Project site, Ms. Masun reviewed collar coordinates for eight drill holes.
The Technical Report can be found under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.apollosilver.com).
Previous Technical Work at the Cinco de Mayo Project
The Upper Manto Pb-Zn-Ag (Au) deposit consists of two parallel and overlapping manto deposits referred to as the Jose Manto deposit and the Bridge Zone. The Project also hosts the Pozo Seco Mo-Au deposit. The two deposits host distinctly different mineralization with different commodities, are separated by four kilometres, and are divided by a small mountain range. At the Project, extensive amount of historical technical work has been completed by MAG between mid-2004 and 2012. The work included geological mapping, geochemical sampling, geophysical surveys, surface drilling (approximately 213,591 m in 445 drill holes), and metallurgical testing.
An independent technical report and Mineral Resource estimate (“MRE”) on the Upper Manto deposit was prepared in 2012 (the “2012 Historical MRE”), by Roscoe Postle and Associates (“RPA”), which is now part of SLR. RPA estimated the Mineral Resources for the Upper Manto deposit using drill hole data available as of September 1, 2012. At an NSR cut-off of US
Table 1: 2012 Historical Mineral Resource Estimate for the Upper Manto Deposit
Class | Tonnage | Gold | Silver | Zinc | Lead | AgEq | Gold | Silver | Zinc | Lead |
(Mt) | (g/t) | (g/t) | (%) | (%) | (g/t) | (oz) | (Moz) | (Mlb) | (Mlb) | |
Inferred | 12.45 | 0.24 | 132 | 6.47 | 2.86 | 385 | 96,000 | 52.7 | 1,777 | 785 |
Note: Estimates by David Ross, P. Geo., of RPA (Ross 2012). Mineral Resources were estimated at an NSR cut-off value of US |
In 2010, RPA prepared an independent technical report and Mineral Resource estimate for the Pozo Seco deposit based on drill results available as of July 12, 2010 (the “2010 Historical MRE”). At a cut-off grade of
Table 2: 2010 Historical Mineral Resource Estimate for the Pozo Seco Deposit
Class | Tonnage | Molybdenum | Molybdenum | Gold | Gold |
(000 t) | (%) | (lb) | (g/t) | (oz) | |
Indicated | 29,066 | 0.147 | 94,012,000 | 0.25 | 230,000 |
Inferred | 23,376 | 0.103 | 53,250,000 | 0.17 | 129,000 |
Note: Estimate by David Ross, P.Geo., of Scott Wilson RPA (Ross, 2010). The cut-off grade of |
The reader is cautioned not to treat these historical Mineral Resource estimates disclosed in Table 1 and Table 2 above, or any part thereof, as current Mineral Resources or Reserves, nor should they be relied upon. However, they are included here as an indication of mineralization on the Project. The QP has not completed sufficient work to classify both Upper Manto and Pozo Seco as current Mineral Resources and Apollo is not treating them, or any part of them, as current Mineral Resources.
Apollo does not intend to complete additional work at Pozo Seco to update the historical Mineral Resource estimate in the foreseeable future and all future field work activities and proposed work would only occur once Apollo has obtained social license, and necessary permits for the Project. The Technical Report recommends that a significant exploration budget is warranted at the Upper Manto deposit. Recommended work includes additional drilling to expand the mineralized domains along strike and down dip, collect density data, and construct a geological model to improve confidence in the mineralization controls. The 61.6 m intersection of massive sulphide known as the Pegaso Zone, was not included in the historical estimate at the Upper Manto deposit and additional drilling is also recommended to establish the geometry of this zone during the first phase. The Technical Report recommends that as part of a Phase 2 program, Apollo prepares a current Mineral Resource estimate on the Upper Manto deposit.
Cinco de Mayo Transaction Terms
On September 20, 2024, Apollo entered into an earn-in and option agreement with MAG and its subsidiary MPS, pursuant to which Apollo was granted the option (the “Option”) to acquire all of the issued and outstanding shares of 0890887 B.C. Limited (“089 Limited”), a wholly owned subsidiary of MAG. MPS is (except for one share that is owned Los Lagartos S.A. de C.V., who holds such share for the benefit of MAG, in order to comply with the minimum legal requirement of having two shareholders in a Mexican corporation) an indirect, wholly-owned subsidiary of 089 Limited and the sole registered and beneficial owner of the Project. In order to render the Option exercisable, and to acquire a
During the Option term, the Company will control all exploration and development activities on the Project and will be responsible for all expenses associated with maintaining the Project in good standing.
About Cinco de Mayo Project
The Project is located in the north central part of Chihuahua State, Mexico approximately 190 kilometres northwest of the state capital of Chihuahua City in the Municipio de Buenaventura. The Project area is located immediately west of the village of Benito Juárez and benefits from excellent access via local gravel roads.
The Project is prospective for and hosts carbonate replacement type deposits including the Upper Manto Pb-Zn-Ag (Au) deposit, which consists of two parallel and overlapping manto deposits referred to as the Jose Manto and the Bridge Zone.
A potential new discovery, called the Pegaso Zone was not included in the 2012 Historical MRE. Apollo’s technical team considers this intersection as a high priority target that has potential to be a significant new discovery. The Company’s initial review of historical data suggests that the Pegaso Zone could indicate a larger and higher-grade resource at depth.
Qualified Person
The scientific and technical data contained in this news release was reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources. Ms. Lépine is a registered professional geologist in British Columbia and a QP as defined by NI 43-101 and is not an independent of the Company.
Information in this news release relating to the Technical Report has been reviewed and approved by SLR Principal Resource Geologist, Ms. Katharine Masun, MSA, M.Sc., P.Geo., a QP as defined under NI 43-101. Ms. Masun is considered to be “independent” of the Company under Section 1.5 of NI 43-101.
About Apollo Silver
Apollo Silver has assembled an experienced and technically strong leadership team who have joined to advance quality precious metals projects in sought after jurisdictions. The Company is focused on advancing its portfolio of two prospective silver exploration and resource development projects, the Calico Project, in San Bernardino County, California and the Cinco de Mayo Project, in Chihuahua, Mexico.
Please visit www.apollosilver.com for further information.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew Bowering
Chairman and Interim Chief Executive Officer
For further information, please contact:
Andrew Bowering
Chairman and Interim Chief Executive Officer
Telephone: +1 (604) 428-6128
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the 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. 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 the 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 based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused 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 associated with mineral exploration and development and the requisite receipt of approvals therefor; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; and changes in Project parameters as plans continue to be refined. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. 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.
