American Pacific Provides Update on Drill Programs at its Madison and Palmer Projects
American Pacific Provides Update on Drill Programs at its Madison
and Palmer Projects
Vancouver, British Columbia / July 30, 2024 – American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF
/ FWB: 1QC) (“American Pacific” or “the Company”) is pleased to provide a progress update for two drill
programs occurring at its Madison Copper-Gold Project (“Madison”) in Montana and its Palmer Copper -
Zinc VMS Project (“Palmer”) in Alaska.
Madison Update
The Madison drill program was expanded from five (5) to seven (7) holes based on positive visual
observations and real-time modeling updates that supported additional drill holes. A total of 3,452 feet
(1,050 metres) were drilled and the Phase I program at Madison is now complete. Phase I drilling focused
on near-mine extensions and areas where historical drilling successes*, including 14.69 metres (“m”) of
12.10 grams per tonne (“g/t”) gold (“Au”) and further downhole 61.63 m of 6.97% copper (“Cu”),
highlighted the potential to define future mineral resources with significant Au and Cu mineralization.
Native copper was observed in several drill holes (see Image 1) and the Company has completed detailed
logging of lithology to enhance modeling to guide Phase II drilling with a view towards stepping out, drilling
deeper and expanding the mineralized footprint well beyond the historical mine site area. Results from
Phase I will be released beginning in Q3, 2024 once received and interpreted.
“We are thrilled to have drill programs occurring at two very high -grade western US copper and gold
projects this summer, which will lead us into a catalyst-rich Q3 and Q4 this year as results are released, ”
commented CEO Warwick Smith. “This has been one of our most active summer seasons of drilling ever
for American Pacific and we are well positioned for growth with a healthy treasury, positive trends in the
gold and copper markets and drill results we believe will further demonstrate the grade profiles and
exploration upside at our flagship projects.”
The next phase of drilling at Madison will follow up on successes from Phase I drilling, as well as on deeper
regional targets within the western portion of the property where surface samples of up to 48.5 g/t Au
are suggestive of a buried intrusive heat source.
Image 1. Native copper encountered during Phase I drilling at Madison
Palmer Update
Drilling is well underway at Palmer with nine (9) holes of a fourteen (14) hole program completed to-date.
The drill program is part of a planned CAD $17.5 million (USD $12.8 million [see March 25th, 2024 news
release]) exploration and development budget for 2024, funded by both joint venture partner, DOWA
METALS & MINING ALASKA LTD. (“ Dowa”) and American Pacific . This year’s d rilling has focused on
building upon the results of last year’s campaign where the four most significant copper intercepts ever
drilled at Palmer were reported earlier this year, including 43.8 m of 6.54% Cu, 3.15% zinc, 0.42 g/t Au
and 27.97 g/t silver (8.22% copper equivalent (“CuEq”)) (see January 10, 2024 news release for full
details).
The Palmer Deposits have demonstrated potential for significant mineralization beyond the current
Indicated mineral resource estimate of 4,677 tonnes of 3.92% CuEq and Inferred mineral resource of 9,594
tonnes of 3.40 % CuEq **. At least sixteen separate known mineralized showings , many of which have
never been drilled, exist on the property , with only two deposit areas included in the 2019 Amended
Preliminary Economic Assessment.
Image 2. Diamond Drill at Palmer
The two programs are fully-funded with American Pacific having a strong balance sheet ($6.17M CAD, as
of April 2024).
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 project. The Company’s mission is to grow by drill
bit and by acquisition.
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]
Notes:
*Full disclosure for the Madison Project can be found in the Company’s NI 43-101 Technical Report
HERE, or at americanpacificmining.com.
**Full disclosure for the Palmer Project can be found in our NI 43-101 Technical Report HERE or at
americanpacificmining.com.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news
release.