Apollo Silver Initiates Preliminary Economic Assessment for the Calico Project
Original announcement by tmx on
- Company
- Apollo Silver Corp.
- Ticker
- APGO
- Exchange
- TSX
- Region
- California
- Primary commodity
- Silver
- Secondary commodities
- Barite, Zinc
- Document categories
- Resource update, Other
- Extracted
- 2026-09-15 10:53:14 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Apollo Silver has engaged SLR Consulting to lead a Preliminary Economic Assessment (PEA) for the Calico Silver Project in California. The company is also advancing metallurgical and geotechnical programs and recently completed a high-resolution airborne geophysical survey.
Reasoning: The announcement of a PEA initiation is a major development milestone, though the resource figures themselves are restatements of the 2025 MRE.
Positive factors
- Initiation of PEA marks significant project advancement
- Large silver resource scale (125 Moz M&I)
- Presence of critical minerals (barite, zinc)
- Engagement of reputable engineering firm SLR
Negative factors
- Resource data is historical (2025 estimate)
Facts used in scoring: 6
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides details on the 2025 mineral resource estimate for the Calico Project.
Evidence · text
“The 2025 mineral resource estimate for Calico contains 125 million ounces of silver”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The resource estimate is based on a NI 43-101 Technical Report.
Evidence · text
“The Technical Report was prepared in accordance with National Instrument 43-101 (“NI 43-101”) Standards”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Isabelle Lépine, a QP, reviewed and approved the technical data.
Evidence · text
“reviewed and approved by Isabelle Lépine, M.Sc., P.Geo., Apollo’s Director, Mineral Resources.”
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
indicatedCalico Silver Project · silverTonnes: 55000000Grade: 71Grade Unit: g/tContained Metal: 125Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Calico Silver Project
- Commodity
- silver
- Region
- california
- Reported Region
- California
- Ticker
- APGO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Isabelle Lépine
- Resource group id
- resource:70224d669a634d50d302
- Deposit or zone
- Calico Project
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 55000000
- Grade
- 71
- Grade Unit
- g/t
- Contained Metal
- 125
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-10-16T00:00:00.000Z
Dates
- Event date
- 2026-03-18T00:00:00.000Z
Reasoning: Indicated silver resource component of the 2025 MRE.
Positive factors
- High grade (71 g/t)
- Large scale
Negative factors
- Historical data
Evidence · text
“125 million ounces of silver in the Measured and Indicated category within 55 million tonnes grading 71 g/t silver”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCalico Silver Project · silverTonnes: 25000000Grade: 71Grade Unit: g/tContained Metal: 58Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Calico Silver Project
- Commodity
- silver
- Region
- california
- Reported Region
- California
- Ticker
- APGO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Isabelle Lépine
- Resource group id
- resource:c36900491bf4f6d9d4e5
- Deposit or zone
- Calico Project
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 25000000
- Grade
- 71
- Grade Unit
- g/t
- Contained Metal
- 58
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-10-16T00:00:00.000Z
Dates
- Event date
- 2026-03-18T00:00:00.000Z
Reasoning: Inferred silver resource component of the 2025 MRE.
Positive factors
- Significant tonnage
Negative factors
- Inferred category
Evidence · text
“58 million ounces of silver in the Inferred category within 25 million tonnes grading 71 g/t silver”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCalico Silver Project · bariteTonnes: 2700000Grade: 7.4Grade Unit: %Contained Metal: 2.7Contained Unit: mtHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Calico Silver Project
- Commodity
- barite
- Region
- california
- Reported Region
- California
- Ticker
- APGO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Isabelle Lépine
- Resource group id
- resource:2e5603409a46e8a20d5e
- Deposit or zone
- Calico Project
Resource Data
- Category
- indicated
- Tonnes
- 2700000
- Grade
- 7.4
- Grade Unit
- %
- Contained Metal
- 2.7
- Contained Unit
- mt
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-10-16T00:00:00.000Z
Dates
- Event date
- 2026-03-18T00:00:00.000Z
Reasoning: Indicated barite resource component.
Positive factors
- Critical mineral resource
Evidence · text
“Indicated Resource of 2.7 million tonnes of barite”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedCalico Silver Project · zincTonnes: 36000000Grade: 0.45Grade Unit: %Contained Metal: 354Contained Unit: million poundsHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Calico Silver Project
- Commodity
- zinc
- Region
- california
- Reported Region
- California
- Ticker
- APGO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Isabelle Lépine
- Resource group id
- resource:3c02656afbb4d8590ca9
- Deposit or zone
- Calico Project
Resource Data
- Category
- indicated
- Tonnes
- 36000000
- Grade
- 0.45
- Grade Unit
- %
- Contained Metal
- 354
- Contained Unit
- million pounds
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-10-16T00:00:00.000Z
Dates
- Event date
- 2026-03-18T00:00:00.000Z
Reasoning: Indicated zinc resource component.
Positive factors
- Critical mineral resource
Evidence · text
“354 million pounds of zinc within 36 million tonnes grading 7.4% barite and 0.45% zinc”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCalico Silver Project · bariteTonnes: 650000Grade: 3.9Grade Unit: %Contained Metal: 0.65Contained Unit: mtHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Calico Silver Project
- Commodity
- barite
- Region
- california
- Reported Region
- California
- Ticker
- APGO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Isabelle Lépine
- Resource group id
- resource:22a7715b34308ff38f70
- Deposit or zone
- Calico Project
Resource Data
- Category
- inferred
- Tonnes
- 650000
- Grade
- 3.9
- Grade Unit
- %
- Contained Metal
- 0.65
- Contained Unit
- mt
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-10-16T00:00:00.000Z
Dates
- Event date
- 2026-03-18T00:00:00.000Z
Reasoning: Inferred barite resource component.
Positive factors
- Critical mineral resource
Negative factors
- Inferred category
Evidence · text
“Inferred Resource of 0.65 million tonnes of barite”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredCalico Silver Project · zincTonnes: 17000000Grade: 0.71Grade Unit: %Contained Metal: 258Contained Unit: million poundsHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Calico Silver Project
- Commodity
- zinc
- Region
- california
- Reported Region
- California
- Ticker
- APGO
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Isabelle Lépine
- Resource group id
- resource:accb562ca96c0b13faca
- Deposit or zone
- Calico Project
Resource Data
- Category
- inferred
- Tonnes
- 17000000
- Grade
- 0.71
- Grade Unit
- %
- Contained Metal
- 258
- Contained Unit
- million pounds
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-10-16T00:00:00.000Z
Dates
- Event date
- 2026-03-18T00:00:00.000Z
Reasoning: Inferred zinc resource component.
Positive factors
- Critical mineral resource
Negative factors
- Inferred category
Evidence · text
“258 million pounds of zinc within 17 million tonnes grading 3.9% barite and 0.71% zinc”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.