American Pacific Mining Mobilizes Drill to the Past-Producing Gooseberry Silver Mine in Nevada, USA

Rhea-AI Summary

American Pacific Mining Corp (CSE: USGD / OTCQB: USGDF) has initiated its first drill program at the Gooseberry Silver-Gold project in Nevada. The program will consist of 15 holes, totaling 3,500 to 4,000 meters, aiming to explore known mineralized zones, including extensions of past high-grade areas. President Eric Saderholm highlighted the project's potential, referencing its historic high-grade mineralization. Gooseberry, a past-producing mine, has not undergone significant modern exploration since 1991 and boasts an undivided 100% interest with no royalties.

Positive

• Initiation of a 15-hole drill program at Gooseberry targeting high-grade mineralization.
• Gooseberry project offers a historical backdrop of significant past production.
• Company holds 100% interest in the project with no underlying royalties.

Negative

• None.

VANCOUVER, British Columbia, Oct. 18, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQB: USGDF / FWB: 1QC) (“American Pacific” or “the Company”) is pleased to report that it has mobilized a drill in preparation for an initial drill program at its Gooseberry Silver-Gold project in Nevada, USA.

The initial 3,500 to 4,000 metre, 15-hole program will focus on diamond drilling to test known mineralized zones, including lateral and down-dip extensions to some of the higher-grade mineralization that was encountered during mining throughout the 1900’s.

“We are very pleased to begin our first drill program at Gooseberry, a project known for very high-grade, mineable silver and gold mineralization,” stated American Pacific President, Eric Saderholm. “We will accelerate the program with a second drill rig based on the success in our initial drill holes. Gooseberry is located in the Ramsey Mining District, which is known for the historic and famous high-grade gold and silver mines of the Comstock Lode. This is a great opportunity for American Pacific.”

Figure 1: Constructed 2021 Gooseberry Drilling Sites for the Planned 4,000 Meter Program.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3da3f0f0-f4d5-4622-8d6c-f76a5a5b76a5

About Gooseberry

Gooseberry is a low sulphidation, epithermal vein system encompassing the historical Gooseberry silver-gold mine in Storey County, Nevada. The past-producing underground silver and gold mine operated for nearly a century between 1900 and 1990, after which mining ceased due to low precious metals prices. No meaningful modern exploration work has been done on the project since 1991. The Company owns an undivided 100% interest with no underlying royalties and previously sampled up to 18.45 g/t Au and 595 g/t Ag from the dumps and old mineralized stockpiles at Gooseberry (see press release dated June 5, 2019).

Qualified Person
Technical aspects of this press release have been reviewed and approved by Phil Mulholland, 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.

Qualified Person
Technical aspects of this press release have been reviewed and approved by Phil Mulholland, P.Geo and Eric Saderholm, P.Geo., the designated Qualified Persons (QP) under NI 43-101.

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 is the focus of the drilling program at Gooseberry (USGDF)?

The drilling program at Gooseberry focuses on testing known mineralized zones, including lateral and down-dip extensions of high-grade mineralization.

How many holes will be drilled in the Gooseberry project (USGDF)?

The initial drill program will consist of 15 holes, totaling 3,500 to 4,000 meters.

What historical significance does the Gooseberry project (USGDF) hold?

The Gooseberry project is a historical silver-gold mine that operated for nearly a century and is known for its high-grade mineralization.

When was the last significant exploration done at Gooseberry (USGDF)?

Significant modern exploration work has not been conducted on Gooseberry since 1991.