American Pacific Summarizes $20 Million Exploration Budget Across Two High-Grade Copper Projects in 2024
American Pacific Summarizes $20 Million Exploration Budget Across
Two High-Grade Copper Projects in 2024
Vancouver, British Columbia / May 2, 2024 – American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF
/ FWB: 1QC) (“American Pacific” or “the Company”) is pleased to provide a corporate update on its 2024
exploration programs, including the high-grade copper-zinc Palmer VMS Project in Alaska , under joint-
venture with DOWA METALS & MINING ALASKA LTD. (“ Dowa”) and the 100%-owned Madison Copper-
Gold Project in Montana.
Following the successful completion of an oversubscribed non -brokered private placement, American
Pacific has a strong treasury of CAD $6.3 million and anticipates an exploration expenditure of up to CAD
$20 million in 2024, the majority of which will be funded by the Company's joint venture partners.
“We are thrilled to be ramping up with significant exploration work in the coming weeks ahead of what
we expect will be a catalyst-rich year for American Pacific,” commented CEO, Warwick Smith. “Palmer and
Madison both have tremendous copper grades headlining their respected commodity mixes, and with up
to $20 million of planned exploration work across our portfolio this year, we are excited to get underway
with drilling to further test these highly prospective properties and build shareholder value.”
Palmer VMS Project Update
After having reported the four (4) highest-grade copper intercepts ever drilled at the Palmer Project
earlier this year, American Pacific, with its joint venture partner at Palmer , Dowa, plan to spend
approximately CAD $17.5 million (USD $12.8 million [see March 25th, 2024 news release]) on exploration
and development work in 2024. The program will include diamond drilling expected to commence in mid-
June to follow up on previous drilling with a focus on mineral resource expansion.
Recent Palmer Drill Highlights (see January 10, 2024 news release)
• CMR23-172 Zone 1: 43.8 m of 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 of 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 of 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 of 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 of 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 of 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: m = metres, Cu = copper, Zn = zinc, Au = gold, Ag = silver, CuEq = copper equivalent and g/t = grams per tonne.
Copper equivalents (“CuEq”) calculated using the same metal prices and recovery assumptions as the Company’s NI 43-101
Technical Report (JDS 2022). See Tables 1-3 for all new assay results and corresponding disclosure notes (metres = m).
Of the projected CAD $17.5 million, American Pacific will contribute approximately CAD $1 million (USD
$750,000).
Previous drilling has demonstrated the potential for significant mineralization beyond the current mineral
resource estimate, which currently hosts 4,677 tonnes of 3.92% CuEq Indicated and 9,594 tonnes of 3.40
% CuEq. There are at least sixteen (16) separate known mineralized showings (many undrilled) across the
Palmer Project with only two deposit areas included in the 2019 Amended Preliminary Economic
Assessment.
The North Wall Alteration Zone, interpreted to be the fault offset of the South Wall Zone, presents an
opportunity to substantially increase the mineral resource base and will be drilled for the first time in
2024. A successful 2024 drill program could be a major catalyst for American Pacific , with a backdrop of
rising copper prices.
Madison Copper-Gold Project Update
The fully funded 2024 exploration program at Madison is expected to commence in 30-45 days and will
include a five -hole, 1,350 m Phase I diamond drill program targeting near -mine mineralization and
extensions. Phase I drilling will, in part, follow up on historical drilling successes, (C05-06: 14.69 m of 12.10
g/t Au and further downhole 61.63 m of 6.97% Cu) where the Company believes further drilling can
support future mineral resource estimation . The program will also focus on untested, but highly
prospective areas identified through the interpretation of historical and recent datasets. Phase II will focus
both on follow-up of successful Phase I drilling, and on deeper regional targets within the western portion
of the property that has shown undrilled gold targets with surface values of up to 48.5 g/t Au, which the
Company believes could be indicative of a buried intrusive heat source.
Previous Madison Drill Highlights
• UG17-05: 38.18 m of 24.5 g/t Au, 0.39% Cu
• UG17-06: 10.97 m of 41.65 g/t Au, 0.38% Cu, including 4.60 m of 82.87 g/t Au
• 86-6: 7.31 m of 25.75 g/t Au
• C05-06: 14.69 m of 12.10 g/t Au
• C05-06: 61.63 m of 6.97% Cu, including 8.47 m of 40.03% Cu
• C06-08: 84.70 m of 1.89% Cu
• C06-08: 2.70 m of 41.73 g/t Au, 19.58% Cu
American Pacific continues to actively explore strategic partnerships for its portfolio of Nevada -based
projects and is committed to identifying suitable partners that share its vision and commitment to
sustainable exploration and development.
Qualified Person Statement
Technical aspects of this press release have been reviewed and approved by the designated Qualified
Person under National Instrument 43-101, Eric Saderholm, P.Geo.
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 Global 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, partnered with Centerra Gold 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]
Full disclosure can be found in the Company’s NI 43-101 Technical Report for the Madison Project and
NI 43-101 Technical Report for the Palmer Project (americanpacificmining.com).
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news
release.