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American Pacific Mining Provid – GuruFocus.com


VANCOUVER, British Columbia, May 09, 2022 (GLOBE NEWSWIRE) — American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF / FWB: 1QC) (“American Pacific” or the “Company”) is pleased to provide an update for its Tuscarora Gold Project in Nevada (the “Project”), including drill program progress and the expansion of the land package through the staking of additional claims.

The Company has now completed 13 holes of a planned 17,000 metre (up to 70 hole) drill program at the Project. Initial assays are pending with results expected in the coming weeks.

Drilling to date has focused on the south and central area of the Modoc Target, where high-grade rock chip and grab samples, up to 2,850 grams per tonne (“g/t”) gold (“Au”) and 1,460 g/t silver (“Ag”), were reported by the Company in 2021. This is the first time the area encompassing Modoc, which American Pacific acquired in 2021, has ever been drilled (see September 15, 2021 news release)

Image 1: American Pacific Mining Corp. – Satellite Base
https://www.globenewswire.com/NewsRoom/AttachmentNg/cc6875a2-41f5-4683-87f5-d5399724a1f4

The Company has also recently staked an additional 53 claims for 1,095 acres just north of the Modoc veins, which project onto Bureau of Land Management (“BLM”) ground. Tuscarora is now a 268 claim, 5,370-acre project.

Image 2: American Pacific Mining Corp. – Topographic Base
https://www.globenewswire.com/NewsRoom/AttachmentNg/998896d7-5bfd-4c48-804b-8d5375494682

“Drilling continues along the Modoc vein set on the western portion of our property. Last week we acted swiftly and staked an additional 53 claims north of the current Modoc drilling after observing evidence that the Modoc structure continued north of our previous property boundary. Our plans have been modified to drill in this area as we move north along the Modoc veins acquired last year. Modoc is one of several priority targets at Tuscarora and drilling will shift to the silver/gold veins associated with the Grand Prize area in the coming weeks, stated Eric Saderholm, the Company’s President.

The Company has observed visible gold both in reverse circulation drill cuttings and in detailed sluice box sampling in several holes and noticed some discrepancies in reproducibility in assays. It appears that some of the coarse gold and silver, which are common in the Tuscarora District, may have been missed during the traditional assaying processes. The procedures in most assay labs are geared toward defining finer grained or microscopic gold and generally perform adequately for deposits containing gold found in the finer fractions. American Pacific, in conjunction with our Reno based lab, has initiated new sampling and assaying procedures, including finer grinding and specialized assaying protocols that will assist in obtaining more representative values for both gold and silver. Implementing these new procedures has caused a delay in obtaining final results but the Company believes that this move is critical in providing accurate assays.

Image 3: American Pacific Mining Corp. – Drill Hole TS22-10 with 20 meters of strong quartz veining near surface. Samples submitted for assay on April 27th.
https://www.globenewswire.com/NewsRoom/AttachmentNg/56333f8e-d7d5-4e45-82e3-96d543c5d9c1

An additional 50 holes are planned for the 2022 drill program and will focus on several high-priority targets, including the Grand Prize Target, where bonanza grade surface rock samples included up to 21,032 g/t Au and 38,820 g/t Ag, which were reported by the Company in 2021 (see September 15, 2021 news release).

Qualified Person

Technical aspects of this press release have been reviewed and approved by the designated Qualified Person (QP) under National Instrument 43-101, Eric Saderholm, P.Geo.

About American Pacific Mining Corp.

American Pacific Mining Corp. is a precious metals explorer focused on opportunities in the Western United States. The Company’s flagship asset is the high-grade, past-producing Madison Copper-Gold project in Montana, under option to joint venture with Kennecott Exploration Company, a division of the Rio Tinto Group, which the Company acquired in 2020. For this transaction, American Pacific was selected as a finalist in the S&P Global Platts Global Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories, including ‘Deal of the Year,’ the category in which American Pacific Mining competed. The awards program is hosted by S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets. Also in the American Pacific’s asset portfolio are the Gooseberry Silver-Gold project and the Tuscarora Gold-Silver project: two high-grade, precious metals projects located in key mining districts of Nevada, USA. The Company’s mission is to grow by the drill bit and by acquisition.

On Behalf of the Board of American Pacific Mining Corp.

“Warwick Smith”
CEO & Director

Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada

Investor Relations Contact:
Kristina Pillon, High Tide Consulting Corp.,
604.908.1695 / [email protected]

Media Relations Contact:
Adam Bello, Primoris Group Inc.,
416.489.0092 / [email protected]

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.


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