Silver Explorer Surges on Bonanza Grade Discovery

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Monday, May 11, 2026

Silver has spent much of the past year reasserting itself in the precious metals conversation, driven by surging industrial demand from solar, electric vehicles and electronics alongside its traditional role as a monetary asset. With the United States importing the bulk of its silver and domestic exploration taking on renewed urgency as policymakers push to secure critical mineral supply chains, high-grade discoveries in the historic silver districts of the American Southwest carry real weight for the junior mining sector.

Shares of Apollo Silver Corp. (TSX-V: APGO) (OTCQB: APGOF) are climbing on Monday after the company reported standout surface assay results from its sampling and mapping program at the Calico Silver Project in San Bernardino County, California.

The program collected 245 rock samples and 893 soil samples across the project's three properties (Langtry, Waterloo and Mule), aimed at evaluating gold potential along the Calico Fault, testing the silver-host potential of the Pickhandle Formation volcanics at Mule, and ground-truthing historic geophysical anomalies at Langtry and Waterloo.

The headline result came from the Mule Property, where select samples from the Pickhandle Formation returned silver values of up to 1,280 grams per tonne ("g/t"), alongside a second sample grading 221 g/t silver. The mineralization was associated with felsic volcanic tuffs hosting dark purple barite veinlets, confirming what Apollo describes as an important new exploration target warranting systematic follow-up.

At the Burcham mine area within the Waterloo Property, infill rock sampling delivered multiple anomalous gold assays of 4.85 g/t, 3.70 g/t and 3.59 g/t, along with high-grade zinc reaching 30.0% in specularite manto zones. The Langtry Property returned elevated barite assays of 76.12% and 27.78%, confirming barite mineralization at a property where its presence had previously been less well documented.

"Encouraging gold and silver results, including high-grade silver at the Mule Property, along with elevated barite values at Langtry, reinforce our confidence in the upside prospectivity for additional discoveries at Calico," said Ross McElroy, President and CEO of Apollo Silver.

The company is advancing Calico toward a Preliminary Economic Assessment expected in Q3 2026, with a drill program rescheduled to begin in Q3 following permitting and seasonal heat constraints. The 2026 plan includes 4,500 metres of HQ large diameter drilling for metallurgical and geotechnical work and 1,000 metres of NQ exploration drilling targeting gold expansion at Burcham.

Calico hosts one of the largest undeveloped primary silver resources in the United States, with 125 million ounces of silver in the Measured and Indicated category and 58 million ounces in the Inferred, alongside significant barite and zinc credits.

Shares of APGO are ahead 9.5% to C$3.57 so far in Monday action, while shares of APGOF are up 8.2% to $2.61.

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