American Pacific Mining Mobilizes a Second Drill to its Gooseberry Silver Project

Rhea-AI Summary

American Pacific Mining Corp (CSE: USGD / OTCQB: USGDF) has added a second drill rig to its Gooseberry Silver Project in Nevada. This reverse circular drill will work alongside the existing core drill, enhancing the drilling program at this historic silver-gold mine. Initial drilling has reached target depths, intersecting the main Gooseberry vein 528 feet east of previous mining areas. Following this program, both rigs will be deployed to test shallow gold targets at the Tuscarora Project. The company is well-funded and anticipates assay results later this year.

Positive

• Second drill rig added to Gooseberry Silver Project, increasing drilling capacity.
• Initial drilling has successfully cut the Gooseberry vein, indicating potential resource.
• Plans to quickly transition both rigs to the Tuscarora Project for further exploration.

Negative

• None.

VANCOUVER, British Columbia, Nov. 18, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQB: USGDF) (“American Pacific” or the “Company”) is pleased to report that it has added a second drill to its Gooseberry Silver Project in Nevada. The new drill rig is a reverse circular (RC) drill that will complement the core drill already turning on site, thus accelerating the completion of the program at the high-grade past-producing silver-gold mine. Underground mining at Gooseberry ceased in the mid-1990s and the property, once mined by Asamera Minerals, has not seen any drilling for more than 25 years.

The Company reports that the initial core drillholes, part of a 3,500 to 4,000 metre, 15-hole program, have successfully reached target depths and appear to have cut the main Gooseberry vein approximately 528 feet to the east of the last areas mined by Asamera Minerals.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08a861fb-9627-46b3-b8e0-59aeeccd9e08

"Adding the RC rig at Gooseberry is expected to accelerate the completion of the drill program, after which we will immediately move both the core and RC rigs to begin testing shallow gold targets at our recently consolidated and expanded Tuscarora Project, also in Nevada,” stated American Pacific President, Eric Saderholm. “We are excited to move forward with drilling at both of our 100%-controlled Nevada projects, while ongoing partner-funded work at our Madison Project in Montana continues. We are well-funded and in a great position to add value through the drill bit and look forward to initial assay results later this year."

Assay results will be released once received, vetted and interpreted.

Qualified Person

Technical aspects of this press release have been reviewed and approved by 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 Silver-Gold 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.

“Warwick Smith”

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

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What recent development occurred at American Pacific Mining Corp's Gooseberry Silver Project?

The company added a second drill rig, enhancing its drilling capacity.

How far did the initial drilling reach at the Gooseberry Silver Project?

Initial drilling reached approximately 528 feet east of the last mined areas.

What is the next step after the Gooseberry drilling program?

Both drilling rigs will be moved to test shallow gold targets at the Tuscarora Project.

When can we expect assay results from the Gooseberry Silver Project?

Assay results will be released once received and vetted, expected later this year.