Apollo Silver signs option deal for Cinco de Mayo project in Mexico

On September 20, 2024, Apollo Silver Corp. entered into an exploration, earn-in, and option agreement with MAG Silver Corp. and its subsidiary, Minera Pozo Seco, S.A. de C.V. This agreement allows Apollo Silver the option to acquire the Cinco de Mayo Project located in Chihuahua, Mexico. The project is known for its carbonate replacement type deposits, including the Upper Manto Pb-Zn-Ag (Au) deposit, which has a historical inferred resource of 12.45 million tonnes containing significant amounts of silver, lead, and zinc. The Upper Manto deposit consists of two overlapping manto deposits, the Jose Manto and the Bridge Zone, while the Pozo Seco Mo-Au deposit also contributes to the project's potential. Apollo Silver plans to conduct a thorough review of historical data and perform additional exploration work to confirm previous results and produce a current mineral resource estimate. To exercise the option, Apollo Silver must obtain necessary licensing and complete at least 20,000 meters of exploratory drilling within five years. Upon successful completion of the transaction, the company will issue common shares to MAG, representing 19.9% of its outstanding shares, subject to TSX Venture Exchange approval. The company aims to enhance community relations and regain access to the project site, which is crucial for advancing exploration activities. This strategic move aligns with Apollo Silver's focus on developing its portfolio of significant silver exploration projects, including the Calico Project in California.