American Pacific Mining Reports Samples up to 29 g/t Gold and 1.52% Copper at Madison Copper Gold Project in Montana, USA

Rhea-AI Summary

American Pacific Mining Corp (CSE: USGD / OTCQB: USGDF) has announced significant results from its Madison Copper-Gold project in Montana. A sampling program revealed high-grade gold and copper mineralization, with samples showing up to 29 g/t Au and 1.52% Cu. The company has a joint venture agreement with Rio Tinto, allowing them to invest US $30 million for a stake in the project. President Eric Saderholm stated that further exploration and drilling are planned following these promising results.

Positive

• High-grade gold and copper samples received, with values reaching up to 29 g/t Au and 1.52% Cu.
• Joint venture agreement with Rio Tinto allows for US $30 million investment to earn up to 70% of the Madison Project.
• Plans for further exploration and drilling based on positive sample results.

Negative

• None.

VANCOUVER, British Columbia, Aug. 03, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQB: USGDF / FWB: 1QC) (“American Pacific” or the “Company”) is pleased to announce results from a sampling program at the Company’s flagship Madison Copper-Gold project (the “Madison Project”) in Montana, USA. American Pacific has a joint venture earn-in agreement with Rio Tinto, whereby Rio Tinto may spend US $30 million to earn up to 70% of the Madison Project.

A total of 26 rock chip samples were collected near the past producing American pit, which identified significant high-grade gold (Au) and copper (Cu) mineralization at the Madison Project. These samples were collected east of the American pit, known for high-grade Au-Cu skarn mineralization, where altered Rader Creek granodiorite outcrops dive under tertiary gravel cover. Six of the samples are described as skarn with disseminations of pyrite, pyrrhotite and chalcopyrite; these samples returned excellent values with up to 29 g/t Au, 1.52% Cu and 44.80 g/t Ag.

Another rock sample approximately 400 meters east of the American pit included native Au in a quartz vein, returning 12.65 g/t Au, 0.98% Cu and 11.20 g/t Ag (see Table 1 for full results). Samples were prepped in Elko Nevada, analyzed by ALS Chemex, in the Vancouver lab using Au-ICP21 for Au followed by Au-Gra21 when initial analysis returns >10,000 ppb Au, for Cu, ME-MS61L analysis was used. Duplicate samples, standards and blanks all fall within an acceptable range of accuracy meeting all data verification standards.

“The Madison Project continues to deliver high grade gold and copper samples,” states Eric Saderholm, President of American Pacific. “Further exploration, including drill assays are expected throughout 2021 and additional drilling is clearly warranted after the sample results are evaluated.”

Table 1. Kennecott Rock Chip Sample Results near American Pit: https://www.globenewswire.com/NewsRoom/AttachmentNg/059b46fa-ad59-4b71-95b4-c0bce6ebb878

Assay values were reported by ALS Labs of Vancouver.

Figure 1: Location of samples taken from the past two sampling campaigns: https://www.globenewswire.com/NewsRoom/AttachmentNg/63bfa29e-2e23-4d78-829f-f9522b3cb7fa

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.  

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 were the results of the latest sampling at American Pacific Mining's Madison Project?

The latest sampling revealed high-grade gold and copper mineralization, with samples showing values up to 29 g/t Au and 1.52% Cu.

What is the significance of the joint venture with Rio Tinto for USGDF?

The joint venture allows Rio Tinto to invest US $30 million to earn up to 70% of the Madison Project, enhancing its development potential.

What is American Pacific Mining Corp's future plan following the sampling results?

American Pacific plans to conduct further exploration and drilling throughout 2021, based on the promising sampling results.