American Pacific Mining drills 2.59% copper over 30.7 metres at Palmer, Alaska

American Pacific Mining Corp. [CSE-USGD; OTCQX-USGDF; FSE-1QC] reported further assay results from the 2023 resource definition and geotechnical drilling program at the Palmer project, Alaksa. Palmer is an advanced-stage, high-grade volcanogenic massive sulphide-sulphate (VMS) deposit located in the Porcupine mining district of the Haines borough.

Constantine North Inc., a subsidiary of American Pacific, is the operator for the project and the US$25.5-million 2023 program has been financed by joint venture partner Dowa Metals & Mining Co. Ltd.

Assay results released herein are from five drill holes targeting the Southwall zone of the Palmer deposit and one geotechnical drill hole located in the RW zone. The five resource definition drill holes within the Southwall zone 1 continue to return thick intercepts of significant copper (Cu) and zinc (Zn) mineralization. As with the initial drill holes, the company continues to see mineralized intervals extending beyond the current mineral resource model, highlighting the potential for a broader mineralized envelope.

Highlights include: 30.7 metres of 2.59% Cu and 11.21% Zn, including 6.53% Cu over 2.9 metres (CMR23-162B); 39.1 metres of 1.44% Cu, 5.87% Zn and 25% barite (CMR23-165); 18.4 metres of 1.61% Cu, and 14.7 metres of 2.66% Cu and 2.93% Zn (CMR23-161).

The 2023 assay results to date have exceeded expectations in Southwall zone 1; the current resource model is well supported by the infill drill intercepts and initial interpretations also suggest the potential for additional lenses below the model, and potential extensions to the northeast and downdip of zone 1.

The company is also pleased to report significant assay results from a geotechnical drill hole (GT23-024) that intersected 10.8 metres of 1.28% Cu, 13.13% Zn and 110.25 g/t silver (Ag) in the RW oxide zone, which is not included in the current Palmer deposit mineral resource estimate (MRE). The GT23-024 intercept is located approximately 100 metres from the known MRE and the company looks forward to receiving assay results from the other geotechnical holes drilled from the UM pad to better assess the mineralization potential in this area.

“We have received approximately half of the assays from this year’s program and we are very pleased with the Southwall zone 1 extensions and significant Cu-Zn-Ag mineralization encountered in the RW oxide zone with one of our geotechnical drill holes,” stated Warwick Smith, chief executive officer of American Pacific. “This year’s work, led by Peter Mercer, has established a solid foundation and technical vision for resource expansion and derisking the project. We look forward to more assay results later this year and our continued collaboration with Dowa Metals and Mining in 2024.”

The 2023 diamond drill program targeted high-priority areas in two unique mineralized lenses, Zone 1 and Zone 2-3, which make up the Southwall Zone of the Palmer deposit. Two diamond drill rigs dedicated to the resource definition drill program completed 7,791 metres in 27 drill holes (including three abandoned drill holes for 280.4 m) as well as an end-of-season exploration drill program of 466 m in 2 drill holes by one rig at Christmas Creek. A third diamond drill rig, focused on hydro-geotechnical drilling in the immediate Palmer deposit area, with 2,365 m completed in 10 drill holes.

The Company has now received assay results for 12 of the 24 sampled infill drill holes completed during the 2023 drilling program in the Southwall Zones of the Palmer deposit. Additional assay results from the resource definition and geotechnical drilling programs are pending.

Geotechnical drilling: Ten geotechnical diamond drill holes (2,365 m) were completed at three sites (Marmot, Stryker, UM drill pads) in the Palmer deposit area to provide hydrological information, including estimates for water volume and water quality.