American Pacific Drills 10.4 Metres of 1.17% Copper, 12.17% Zinc, 1.01 g/t Gold and 101.49 g/t Silver (7.3% Copper Equivalent) from Zone 1 at the Palmer Copper-Zinc VMS Project
American Pacific Drills 10.4 Metres of 1.17% Copper, 12.17% Zinc, 1.01
g/t Gold and 101.49 g/t Silver (7.3% Copper Equivalent) from Zone 1
at the Palmer Copper-Zinc VMS Project
Vancouver, British Columbia / October 31, 2024 – American Pacific Mining Corp (CSE: USGD / OTCQX:
USGDF / FWB: 1QC) (“American Pacific” or the “Company”) is pleased to report assay results from the
first seven (7) holes of the Company’s sixteen (16) hole drill program at its Palmer Copper-Zinc VMS Project
(“Palmer”) in Southeast Alaska. The 2024 drill program was part of a planned CAD $17.5 million (USD
$12.8 million) exploration and development budget funded by a joint venture partnership between Dowa
Metals & Mining Alaska Ltd. (“Dowa”) and American Pacific (see March 25, 2024 news release). The initial
assay results provided herein are from South Wall Zone 1 and RW Zone (2 holes) of the Palmer Deposit.
Highlights include:
• CMR24-194: 16.4 m of 0.8% Cu, 8.4% Zn, 0.6% Pb, 0.72 g/t Au and 77.5 g/t Ag (5.1 CuEq);
including 10.4 m of 1.17% Cu, 12.17% Zn, 1.01 g/t Au and 101.49 g/t Ag (7.3% CuEq)
• CMR24-193: 3.5 m of 0.1% Cu, 1.7% Zn, 0.6% Pb, 0.86 g/t Au and 92.4 g/t Ag (1.9% CuEq)
• CMR24-192: 2.9 m of 3.5% Cu, 0.68% Zn, 0.3 g/t Ag (3.8% CuEq) and 9.8 m of 0.58% Cu further
downhole
Notes: m = metres; Cu=copper; Zn=zinc; Au=gold; Ag=silver; Pb=lead. CuEq=copper equivalent. Copper
Equivalent calculated using the same metal prices and recovery assumptions as the Company’s NI 43-101
Technical Report (JDS 2022). See Table 1 for all new assay results and corresponding disclosure notes.
“This year’s drill program was successful in following up on last year’s high-grade results, while better
defining the known mineralization on the property, ahead of the updated Mineral Resource Estimate and
Technical Report budgeted to begin this year,” commented Peter Mercer, VP Advanced Projects for
American Pacific. “The Palmer Project is located within a prolific mineral belt in Southeast Alaska. This
mineral terrane extends hundreds of kilometres north and south of Palmer, hosting several historic and
current mining operations. The Palmer and AG deposits are just two of the mineralized areas defined and
drill tested to date, on the property that has district-scale potential.”
The 2024 drill program included a total of 6,035.9 metres (19,650 feet) in nineteen (19) drill holes including
three (3) drill holes (125.8 met res; 410 feet) that were recollared. T he drill program was designed to
continue infill drilling and testing the extents of the high-grade copper-zinc mineralization of the South
Wall Zone 1 and Zone 2-3. The program also include d three exploration drill holes for 1,033.3 met res
(3,390 feet) to test the nearby North Wall Target testing, a potential fault offset extension of the South
Wall mineralization.
Initial Observations and Interpretations
Highlights of the Zone 1 drilling indicate a high-grade zoning in the upper portion of Zone 1, with continuity
of the mineralized horizon to the west and downdip. Drill hole locations are shown on Figure 1 and 2 with
assay results provided on Table 1.
• CMR24-194 infilled a 70-metre gap in the west portion of Zone 1 with a well mineralized interval
over a drilled thickness of 16.4 metres (13.9 metres estimated true width) . The mineralized
interval intersected semi-massive to massive sulphides with barite over most of its length with
significant copper, zinc, gold and silver grades. The infill drill hole reflects good continuity of the
grade and thickness within the mineralized envelope.
• CMR24-189, CMR24-191 and CMR24-193 tested and confirmed the western extension of Zone 1
mineralization with low -grade base and precious metal mineralization intersected along the
projected mineralized horizon. Two of the drill holes (CMR24-191 and 193) intersected the RW
Zone near the top of the drill holes with significant gold and silver mineralization , plus barite,
intersected in CMR24-193.
• CMR24-189, CMR24 -190C and CMR24 -192 tested the downdip extension of Zone 1 and
intersected significant zones of semi -massive to massive pyrrhotite and pyrite mineralization
extending mineralization downdip. Assay results returned a large low-grade halo of base and
precious metal mineralization with local higher-grade samples.
Figure 1: Isometric Plan view with 2024 drill holes – Palmer Deposit
Figure 2: Projected Long Section - Palmer Deposit
Photo 1: Piece of CMR24-189 split drill core from 247.8 to 248.0 m
Table 1: Assay Results from Zone 1
*ETT = Estimated True Thickness; na = samples not analyzed by XRF; BaSO4 not included in CuEQ or ZnEQ; Shaded
areas in the table reflect the RW Zone.
Copper and Zinc Equivalent Notes:
1. ZnEQ = (Cu/100*2204.6*$lbCu*CuREC) + (Zn/100*2204.6*$lbZn*ZnREC) + (Au/31.1035*$ozAu*AuREC) +
(Ag/31.1035*$ozAg*AgREC) / (2204.6/100*$lb Zn*ZnREC)
From To Interval ETT* Cu Zn Pb Au Ag BaSO4 CuEQ ZnEQ
(m) (m) (m) (m) % % % g/t g/t % % %
CMR24-188 289.5 292.5 3.0 2.8 0.20 2.78 0.02 0.07 5.55 na 1.4 3.5
CMR24-189 161.2 162.3 1.1 1.1 1.09 0.41 0.00 0.02 3.80 na 1.3 3.2
AND 199.3 211.7 12.4 12.3 0.53 1.12 0.01 0.04 3.80 na 1.0 2.6
includes 199.3 203.3 4.0 4.0 0.91 0.56 0.01 0.05 6.96 na 1.2 3.1
includes 206.3 210.8 4.5 4.5 0.53 1.25 0.00 0.04 3.23 na 1.1 2.7
AND 201.3 211.7 10.4 10.3 0.43 1.28 0.01 0.03 3.08 na 1.0 2.5
AND 243.1 248.3 5.2 5.2 0.52 0.01 0.00 0.05 1.61 na 0.6 1.4
AND 258.1 258.6 0.5 0.5 1.52 0.08 0.00 0.05 11.70 0.56 1.7 4.2
CMR24-190C 202 227.6 25.6 11.1 0.16 0.96 0.00 0.00 0.75 0.22 0.55 1.38
includes 202 204.9 2.9 1.2 0.10 2.76 0.00 0.01 0.31 1.94 1.21 3.03
includes 207.5 209 1.5 0.6 0.26 1.24 0.00 0.02 3.20 0.00 0.78 1.96
includes 215.7 220.8 5.1 2.2 0.18 0.78 0.00 0.00 0.87 0.00 0.50 1.27
includes 224.6 227.6 3.0 1.3 0.10 2.44 0.00 0.00 0.29 0.00 1.08 2.70
AND 241.2 263.5 22.3 9.6 0.56 0.17 0.00 0.02 3.36 na 0.66 1.66
includes 249.4 249.7 0.3 0.1 2.47 0.35 0.00 0.07 20.80 na 2.81 7.05
includes 258.8 259.2 0.4 0.2 1.22 0.33 0.00 0.02 3.90 na 1.39 3.48
AND 279.6 281.1 1.5 0.7 0.02 1.15 0.01 0.02 0.80 na 0.49 1.23
CMR24-191 111.5 113.0 1.5 1.4 0.03 1.10 0.00 0.01 0.00 na 0.5 1.2
AND 246.2 268.5 22.3 20.9 0.09 0.82 0.00 0.00 2.05 na 0.4 1.1
includes 246.2 249.2 3.0 2.8 0.06 1.37 0.00 0.01 0.00 na 0.6 1.5
includes 257.1 262.5 5.4 5.1 0.10 1.17 0.01 0.00 1.31 na 0.6 1.5
CMR24-192 153.9 156.8 2.9 1.6 3.53 0.68 0.00 0.00 0.30 na 3.8 9.5
AND 176.8 186.6 9.8 5.4 0.58 0.10 0.00 0.02 2.45 na 0.7 1.6
includes 177.8 178.8 1.0 0.6 1.05 0.02 0.00 0.04 5.60 na 1.1 2.8
AND 190.1 190.9 0.8 0.5 0.22 1.18 0.00 0.05 1.80 na 0.7 1.8
AND 212.0 213.1 1.1 0.6 0.01 2.12 0.00 0.00 0.00 na 0.9 2.1
AND 244.0 245.0 1.0 0.6 0.09 3.35 0.00 0.01 0.70 na 1.4 3.6
CMR24-193 109.3 112.8 3.5 3.5 0.11 1.74 0.60 0.86 92.46 40.1 1.9 4.9
includes 109.3 110.7 1.4 1.4 0.15 0.39 1.11 1.95 207.00 69.3 2.9 7.2
includes 110.7 112.8 2.1 2.1 0.09 2.64 0.26 0.13 16.10 20.6 1.3 3.3
AND 281.5 287.5 6.0 6.0 0.12 0.72 0.08 0.05 3.50 na 0.5 1.2
includes 281.5 282.5 1.0 1.0 0.00 1.15 0.00 0.00 0.00 na 0.5 1.2
includes 285.8 287.5 1.7 1.7 0.26 1.31 0.21 0.08 4.97 na 0.9 2.2
CMR24-194 269.8 286.2 16.4 13.9 0.80 8.40 0.61 0.72 77.55 39.4 5.1 12.8
includes 273.7 284.1 10.4 8.8 1.17 12.17 0.69 1.01 101.49 52.2 7.3 18.3
includes 276.4 284.1 7.7 6.6 1.36 9.83 0.75 1.23 120.94 49.5 6.8 17.1
Drill Hole
2. CuEQ = (Cu/100*2204.6*$lbCu*CuREC) + (Zn/100*2204.6*$lbZn*ZnREC) + (Au/31.1035*$ozAu*AuREC) +
(Ag/31.1035*$ozAg*AgREC) / (2204.6/100*$lb Cu*CuREC)
3. Lead (Pb) and Barite (BaSO4) are not included in the CuEQ and ZnEQ values.
4. Assumed metal prices are US$1.15/lb for zinc (Zn), US$3.00/lb for copper (Cu), US$1250/oz for gold (Au), US$16/oz
for silver (Ag) (JDS 2022).
5. Estimated metal recoveries (REC) are 93.1% for zinc, 89.6% for copper, 90.9% for silver and 69.6% for gold as
determined from metallurgical locked cycle flotation tests completed in 2018 (JDS 2022).
Quality Assurance (QA) and Quality Control (QC)
There are strict Quality Assurance and Quality Control (QA/QC) protocols at Palmer covering the planning
and placing of drill holes in the field; drilling and retrieving drill core; drill hole surveying; core transport
to the Palmer Camp; core logging, sam pling and bagging of core for analysis; transport of core samples
from site to ALS Laboratory in North Vancouver, BC for sample preparation and analysis; recording and
final statistical vetting of results.
Sampling Procedures – The Company’s QA/QC drill core sample protocol consists of collection of samples
over a minimum 0.3 m interval to a maximum 1.5 m interval (depending on the lithology and style of
mineralization) over the mineralized portions of the drillhole. The drill core sample is cut in half with a
diamond saw, with half of the core placed in individual sealed polyurethane bags and the remaining half
securely retained in the original core box for permanent storage. Drill core samples are shipped by
transport truck in sealed woven plastic bags to ALS Geochemistry Analytical Lab facility in North
Vancouver, BC for sample preparation and analysis. ALS Geochemistry meets all requirements of
International Standards ISO/IEC 17025:2017 and ISO 9001:2015. ALS Global operates according to the
guidelines set out in ISO/IEC Guide 25.
Various metals including copper, lead, zinc and silver were analyzed by inductively coupled plasma (ICP)
atomic emission spectroscopy, following multi -acid digestion. The elements copper, lead and zinc are
determined by ore grade assay for samples that return values >10,000 ppm by ICP analysis. Silver is
determined by ore-grade assay for samples that return >100 ppm by ICP analysis. Gold was determined
by fire -assay fusion of a 30 g sub -sample with atomic absorption spectroscopy (AAS). Barium (BaO)
analysis utilized lithium borate fusion into fused discs for XRF analyses, with BaO converted to BaSO4
(barite) using a conversion factor of BaO x 1.52217. Density measurements were determined at the
project site by Constantine personnel on cut core for each assay sample.
The Company maintains a robust QA/QC program that includes the collection and analysis of duplicate
samples and the insertion of blanks and standards (certified reference material). In addition, prepared
samples, sample replicates, duplicates and internal reference materials are routinely used as part of ALS
Geochemistry’s internal quality assurance program.
Qualified Person Statement
The technical information in this news release regarding the Palmer Project has been reviewed and
approved by Michael Vande Guchte, P.Geo., V ice President of E xploration for the Palmer Project and a
Qualified Person (QP) as defined by National Instrument 43 -101, Standards of Disclosure for Mineral
Projects.
About American Pacific Mining Corp.
American Pacific Mining Corp. is a precious and base metals explorer and developer focused on
opportunities in the Western United States. The Company has two flagship assets: the Palmer Project, a
Volcanic Massive Sulphide-Sulphate (VMS) project in Alaska, under joint-venture partnership with Dowa
Metals & Mining, owner of Japan’s largest zinc smelter; and the Madison Project, a past-producing copper-
gold project in Montana. For the Madison transaction, American Pacific was selected as a finalist in both
2021 and 2022 for ‘Deal of the Year’ at the S&P Global Platts Metals Awards, an annual program that
recognizes exemplary accomplishments in 16 performance categories.
Also, in American Pacific’s asset portfolio are high -grade, precious metals projects located in key mining
districts in Nevada, USA, including the Ziggurat Gold Project and the Tuscarora Gold -Silver District. The
Company’s mission is to grow by the drill bit, strategic partnerships, and M&A.
On behalf of the American Pacific Mining Corp Board of Directors:
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]
Full disclosure can be found in our NI 43-101 Technical Report for the Palmer Project at
www.americanpacificmining.com.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news
release.