American Pacific Reports Most Significant Copper Drill Intersections To-Date at its Palmer VMS Project, Including 43.8 Meters of 6.54% and 23.9 Meters of 9.03% Copper
NEWS RELEASE
AMERICAN PACIFIC REPORTS MOST SIGNIFICANT COPPER DRILL INTERSECTIONS TO-DATE
AT ITS PALMER VMS PROJECT, INCLUDING 43.8 METRES OF 6.54% AND 23.9 METRES OF 9.03% COPPER
Vancouver, British Columbia / January 10, 2024 - American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF /
FWB: 1QC) (“American Pacific” or the “Company”) is pleased to report the third and final batch of assay results
from the 2023 resource definition and geotechnical drill programs at the Palmer Project (“ Palmer ” or the
“Project ”). Palmer is an advanced-stage, high-grade volcano genic massive sulphide-sulphate deposit (“ VMS ”)
located in the Porcupine Mining District of the Haines Borough, Alaska, USA. Constantine North Inc., a subsidiary
of American Pacific, is the operator for the Projec t and the ~US$20 million 2023 program was funded by joint
venture (“ JV ”) partner Dowa Metals & Mining Co., Ltd (“ Dowa ”).
The final batch of 2023 assay results include the four (4) most significant copper (“Cu”) drill intersections (grade
x thickness) reported to-date at Palmer , with significant zinc (“Zn”), gold (“Au”) and silver (“Ag”) results, as well
as extending Cu-Zn mineralization beyond the current mineral resource estimate (“MRE”).
Highlights include :
● CMR23-172 Zone 1: 43.8 m grading 6.54% Cu, 3.15% Zn, 0.42 g/t Au and 27.97 g/t Ag (8.22% CuEq)
● CMR23-167 Zone 1: 37.1 m grading 4.57% Cu, 8.44% Zn, 0.50 g/t Au and 29.33 g/t Ag (8.40% CuEq)
● CMR23-169 Zone 1: 33.2 m grading 5.48% Cu, 7.22% Zn, 0.64 g/t Au and 36.78 g/t Ag (8.95% CuEq)
● CMR23-171 Zone 1: 23.9 m grading 9.03% Cu, 3.49% Zn, 0.83 g/t Au and 41.75 g/t Ag (11.15% CuEq)
● CMR23-168 Zone 1: 28.4 m grading 2.29% Cu, 4.01% Zn, 0.21 g/t Au and 26.61 g/t Ag (4.20% CuEq)
● CMR23-174 Zone 2-3: 39.8 m grading 1.11% Cu, 4.34% Zn, 0.45 g/t Au and 32.45 g/t Ag (3.31% CuEq) ,
including 17.8 m grading 1.05% Cu, 8.86% Zn, 0.94 g/t Au and 66.24 g/t Ag (5.54% CuEq)
Notes: Copper equivalents (“CuEq”) calculated using the same metal prices and recovery assumptions as the
Company’s NI 43-101 Technical Report (JDS 2022). Se e Tables 1-3 for all new assay results and correspo nding
disclosure notes (metres = m).
“The final assay results from Palmer’s 2023 resourc e definition drilling have exceeded expectations wi th
tremendous copper grades and aggregate metals value s over significant widths,” commented Peter Mercer,
Senior Vice President, Advanced Projects. “Last year’s drilling has extended the mineralized envelope beyond the
current MRE and our team is updating our 3D geologi cal model. Preliminary interpretations have highlig hted
several priority target areas for follow-up drillin g in 2024. In addition, the knowledge gained from t his year’s
drilling will provide valuable insights as we re-ev aluate and rank the numerous VMS showings throughou t the
mineralized district.”
The 2023 diamond drill program successfully targeted high-priority areas in two unique mineralized lenses,
Zone 1 and Zone 2-3, which together make up the South Wall Zone of the Palmer deposit (see Figure 1). The
Company is incorporating all 2023 results into its 3D geological model to complete interpretation/analysis and
target rank drill locations for the 2024 program.
The third and final batch of assay results reported in this release consists of 13 drillholes (seven at Zone 1, five at
Zone 2-3, and one geotechnical drill hole at the RW Oxide Zone – see Figures 1-3 and Tables 1-3). See Company
news releases dated October 18 and November 14, 2023, for previous 2023 assay results.
Key Takeaways from Latest Assay Results:
1. High-grade copper mineralization with strong metal zoning demonstrated in the core of Zone 1 (see
Figure 2 and 3 and Photo 1).
2. Cu-Zn mineralization extends beyond the limits of the MRE in Zone 1 highlighting the potential for
mineral resource expansion and the discovery of additional lenses downdip and along strike.
3. Increased confidence in the current MRE and the 2023 infill drilling provides better methodology for
assessing feasibility-level drill space requirements.
Figure 1: Oblique plan view highlighting South Wall Zone 1, South Wall Zone 2-3 and RW Zone
with 2023 drill traces (blue corresponding to newly reported assays).
Figure 2: Longitudinal projection of South Wall and RW Zone (looking North) with drillhole pierce points.
Figure 3: Longitudinal projection of Zone 1 (looking north) with 2023 drillhole pierce points (circles) and
previous drillhole pierce points (squares) showing Copper Equivalent grade thickness intersections. Note the
four new copper-rich drill intersections (red circles) in the core of Zone 1.
Summary of Results and Initial Observations:
● Zone 1: Drill holes CMR23-167, CMR23-169 and CMR23-171/172 stand out for their exceptional copper
grades and thicknesses and support an emerging copper-rich core to Zone 1 (see Figures 2 and 3 above).
● Zone 1 : CMR23-172 intersected 43.8 m of 6.54% Cu and 3.15 % Zn, extending below the MRE wireframe in
an area correlating to the emerging Cu-rich core and that remains open to the west and downdip.
● Zone 1: CMR23-168 (28.4 m of 2.29% Cu and 4.01% Zn) represen ting a priority step-out target for future
drilling as there is limited drilling at >100 m spacing downdip.
● Zone 1: CMR23-161 intersected 18.4 m of 1.6% Cu and 14.7 m of 2.66% Cu and 2.93% Zn, with the bottom
of the last intercept extending approximately 20.6 m below the limits of the Zone 1 MRE in an area tha t
remains open to the NE and downdip.
● Zone 2-3: Two distinct sphalerite-chalcopyrite-pyrrhotite-ba rite massive sulphide horizons have been
identified in the drill core. Zone 2-3 remains open for expansion along strike and within the current resource
model. The Zone 2-3 mineralization is cut off by th e Kudo fault at depth; the interpreted fault offset of the
mineralization remains a compelling exploration target.
● RW Oxide Zone: Geotechnical drill hole GT23-025 intersected 1.88% lead, 0.94 g/t Au and 137.4 g/t Ag over
8.1 m. The RW Oxide Zone has limited drilling and is not included in the current MRE. GT23-25 also bottomed
in copper mineralization (0.9 m of 2.27% Cu) in an area with limited drilling. This mineralization represents a
proximal exploration target for future drill campaigns.
Photo 1: Piece of CMR23-171 split drill core pictured from 15.4 m interval starting from 160.6 m that returned
9.12% Cu, 5.21% Zn, 0.87 g/t Au and 41.93 g/t Ag (11.94% CuEq).
Table 1. Significant Assay Results – South Wall Zone 1
Zone 1
From
(m)
To
(m)
Interval
(m)
Cu
%
Zn
%
Pb
%
Au
g/t
Ag
g/t
BaSO 4
%
CuEQ
%
ZnEQ
%
CMR23-163 154.8 158.5 3.7 1.33 18.46 0.45 0.44 50.95 32.26 9.29 23.33
CMR23-163B 150.9 168.2 17.3 0.49 9.40 0.15 0.32 27.18 40.02 4.60 11.56
includes 150.9 158.5 7.6 0.82 14.78 0.10 0.33 25.36 49.23 7.06 17.74
includes 163.3 168.2 4.9 0.47 10.25 0.37 0.62 56.61 64.96 5.29 13.29
CMR23-167 161.0 198.1 37.1 4.57 8.44 0.11 0.50 29.33 8.57 8.40 21.10
includes 161.0 189.0 28.0 5.84 9.70 0.13 0.65 36.20 11.35 10.30 25.86
includes 189.0 198.1 9.1 0.66 4.58 0.04 0.05 8.21 0.00 2.57 6.45
CMR23-168 208.3 236.7 28.4 2.29 4.01 0.08 0.21 26.61 12.71 4.20 10.54
includes 208.3 220.2 11.9 3.31 1.08 0.01 0.22 21.57 1.57 4.02 10.08
includes 220.2 236.7 16.5 1.56 6.13 0.12 0.20 30.24 20.75 4.33 10.88
CMR23-169 159.4 192.6 33.2 5.48 7.22 0.13 0.64 36.78 14.77 8.95 22.47
includes 159.4 168.1 8.7 1.36 12.27 0.06 0.15 12.03 22.52 6.41 16.10
includes 168.1 186.4 18.3 8.98 1.80 0.02 0.83 37.22 1.70 10.38 26.05
includes 186.4 192.6 6.2 0.94 16.41 0.55 0.78 70.21 42.46 8.29 20.81
and 192.6 204.2 11.6 0.40 9.72 0.04 0.10 10.36 3.76 4.40 11.04
includes 198.9 204.2 5.3 0.38 16.03 0.03 0.06 8.01 3.60 6.86 17.22
CMR23-171 160.6 184.5 23.9 9.03 3.49 0.01 0.83 41.75 1.94 11.15 27.98
includes 160.6 176.0 15.4 9.12 5.21 0.01 0.87 41.93 2.91 11.94 29.97
includes 176.0 184.5 8.5 8.87 0.38 0.01 0.77 41.42 0.19 9.71 24.38
CMR23-172 169.6 213.4 43.8 6.54 3.15 0.01 0.42 27.97 3.72 8.22 20.63
includes 175.2 181.7 6.5 6.70 5.89 0.01 0.36 32.37 0.00 9.47 23.77
includes 184.6 194.0 9.4 12.61 0.78 0.00 0.66 44.39 0.00 13.58 34.10
includes 194.0 213.4 19.4 5.73 2.18 0.01 0.46 25.53 8.40 7.01 17.61
and 216.4 219.5 3.1 0.23 6.29 2.12 0.58 109.97 75.24 3.87 9.72
CMR23-163 abandoned (lost hole) at top of Zone 1; R eported drill intercepts are downhole core lengths with true thickness
estimated to be approximately 65-85% of downhole core length.
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*$ozAg*AgREC) / (2204.6/100*$lbZn*ZnREC)
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*$lbCu*CuREC)
3. Lead and Barite 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).
Table 2. Significant Assay Results – South Wall Zone 2-3
Zone 2-3 From To Interval Cu Zn Pb Au Ag BaSO 4 CuEQ ZnEQ
(m) (m) (m) % % % g/t g/t % % %
CMR23-164 417.7 421.0 3.3 1.79 3.32 0.05 0.47 44.62 8.15 3.69 9.26
CMR23-166 401.1 435.9 29.5 0.07 4.09 0.10 0.05 11.41 6.92 1.82 4.56
includes 410.0 425.0 15.0 0.07 5.77 0.04 0.06 12.63 6.97 2.49 6.26
includes 410.7 419.0 8.3 0.06 6.93 0.04 0.03 7.63 4.78 2.90 7.27
CMR23-170 483.0 485.1 2.1 0.14 2.23 1.06 0.54 107.95 0.00 2.14 5.36
and 490.6 495.9 5.3 0.24 4.72 0.43 0.17 46.20 0.00 2.57 6.45
and 500.9 509.6 8.7 0.79 6.46 0.16 0.27 37.24 26.04 3.79 9.51
includes 502.9 509.6 6.7 1.01 7.88 0.19 0.31 42.47 33.82 4.63 11.62
CMR23-174 187.7 227.5 39.8 1.11 4.34 0.18 0.45 32.45 17.58 3.31 8.30
includes 187.7 204.9 17.2 1.05 8.86 0.39 0.94 66.24 39.13 5.54 13.91
includes 188.8 196.0 7.2 0.18 8.40 0.28 0.49 81.06 50.20 4.40 11.04
includes 197.1 204.0 6.9 1.30 12.86 0.68 1.75 67.19 43.97 7.78 19.53
includes 204.9 227.5 22.6 1.15 0.90 0.01 0.09 6.73 1.17 1.60 4.03
CMR23-175 362.2 364.0 1.8 0.03 5.17 0.09 0.15 27.43 43.40 2.38 5.97
Drill Intercepts are downhole core lengths. True thickness estimated to be approximately 65-95% of downhole core length.
Table 3. Significant Assay Results – RW Zone
RW Zone From
(m)
To
(m)
Interval
(m)
Cu
%
Zn
%
Pb
%
Au
g/t
Ag
g/t
BaSO 4
%
CuEQ
%
ZnEQ
%
GT23-025 30.5 38.6 8.1 0.06 0.04 1.88 0.94 137.42 76.35 1.60 4.02
includes 33.5 38.6 5.1 0.08 0.04 2.85 1.06 162.08 76.35 1.87 4.70
and 359.9 360.8 0.9 2.27 0.04 0.00 0.21 7.40 0.00 2.44 6.14
Drill Intercepts are downhole core lengths. True thickness is estimated to be near core length.
Quality Assurance (QA) and Quality Control (QC)
There are strict Quality Assurance and Quality Cont rol (QA/QC) protocols at Palmer covering the planni ng and
placing of drill holes in the field; drilling and retrieving drill core; drill hole surveying; core transport to the Palmer
Camp; core logging, sampling and bagging of core fo r analysis; transport of core from site to ALS Labo ratory 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 c onsists 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 sa w, 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 Nort h Vancouver, BC for sample preparation and analysis . ALS
Geochemistry meets all requirements of Internationa l Standards ISO/IEC 17025:2017 and ISO 9001:2015. A LS
Global operates according to the guidelines set out in ISO/IEC Guide 25.
Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (AAS ).
Various metals including silver, gold, copper, lead and zinc were analyzed by inductively-coupled plas ma (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. Barium (BaO) analysis utilized lithium
borate fusion into fused discs for XRF analyses, wi th BaO converted to BaSO4 (barite) using a conversi on 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., VP Exploration 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 flag ship 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 Pr oject, a past-producing copper-gold project in Mont ana
partnered with Kennecott Exploration, a division of the Rio Tinto Group. 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 Plat ts Global
Metals Awards, an annual program that recognizes ex emplary accomplishments in 16 performance categories.
Also, in American Pacific’s asset portfolio are thr ee high-grade, precious metals projects located in key mining
districts of Nevada, USA: the Ziggerat Gold project, partnered with Centerra Gold; the Gooseberry Silve r-Gold
project; and the Tuscarora Gold-Silver project. 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 co ntents of this news release. Neither the CSE nor it s
Regulation Services Provider (as that term is defin ed in the policies of the CSE) accepts responsibili ty for the
adequacy or accuracy of this release .
JDS (2022 ): 2022 Amended NI 43-101 Technical Report for the Palmer Project prepared by JDS Energy & Mining
Inc for Constantine Metal Resources Ltd. The Techn ical Report is available on the Company's issuer pr ofile on
SEDAR at www.sedar.com