VANCOUVER, British Columbia, July 19, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCQB: USGDF) (“American Pacific” or the “Company”) is pleased to report results from 18 rock chip samples from two significant zones of altered and mineralized exposures on the Madison property revealing high grade gold (“Au”), silver (“Ag”), copper (“Cu”), lead (“Pb”) and zinc (“Zn”) values.
Ten rock chip samples were collected from an exploration trench located nearly two (2) kilometres southwest of the Madison Mine. One of the grab samples from this exploration trench returned a very significant 15.7 g/t Au, 612 g/t Ag and 1.53% Cu.
The high-grade sample was taken from a narrow vein expression near-surface. The Company believes this new result, which includes visible gold (“VG”) and base metals, demonstrates the potential for a new significant zone and lends further support for targeting a larger porphyry system at the Project. Initial drilling will aim to trace the extent of this new mineralized vein located approximately 2km away from the areas that hosted the historical production at Madison.
The sulfide vein is hosted in Archean quartzo-feldspathic-amphibolite gneisses and schists. A zone of alteration consisting of silicification, sericitization, and FeOx of the wall rock was observed hosting the vein. Three samples of the quartz vein reported high grade gold values ranging from 9.56 g/t Au to a high of 15.7 g/t Au. Two of the samples had good showings of sphalerite-galena-chalcopyrite and native gold (see Table 1 and photo below).
“The existence of such high grade mineralization a full two kilometres away from the existing mine workings demonstrates the regional potential and opportunity to establish significant scale at the Madison Project,” said Eric Saderholm, President of American Pacific. “This is an entirely new style of mineralization as it is not associated with the skarn, but a vein system instead. Drill pads are already being developed to test this new target area during the current drill campaign.”
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8df2df5a-863b-4ef6-9097-86a5f2957655
An additional eight samples were collected from the historic American Pit, just to the north of the Madison mine portal consisting of oxidized garnet rich skarn mixed with zones of massive sulfide veinlets cross-cutting altered granodiorite. Assay values were reported by ALS Labs of Vancouver, values ranged from trace to a high of 5.51 g/t Au, averaging 1.06 g/t Au. Silver values ranged between 0.25 g/t to a high of 64.9 g/t, averaging 14.84 g/t Ag. Copper values ranged from 46.8 ppm to a high of 0.841% Cu, averaging 0.248% Cu.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4601741b-c5e6-4289-a0d4-0ae5ad519c78
Table 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/76b366ce-4e9d-410c-a69c-6b96a247808d
Sampling, Laboratory and Quality Assurance/Quality Control Program
As part of the Rio Tinto Exploration quality assurance/quality control (QA/QC) program, independently certified control samples (standard and blank pulp samples), coarse blank samples and core duplicate samples were inserted into the sample stream in each analytical batch. The control sample results are monitored to ensure proper QA/QC. The laboratory used is ALS Minerals who is independent of the Company.
The Company also announces that it has granted 100,000 incentive stock options (the “Options”) to a director in accordance with its stock option plan. The Options are exercisable at $0.71 for a period of 5 years from the date of grant.
Technical aspects of this press release have been reviewed and approved by Phil Mullholland, P.Geo and Eric Saderholm, P.Geo., the designated Qualified Persons (QP) under NI 43-101.
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 has been 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 is competing. 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 Gold-Silver project and the Tuscarora Gold 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.
CEO & Director
Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada
Contact Kristina Pillon, President, High Tide Consulting Corp., 604.908.1695 / Kristina@americanpacific.ca
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