American Pacific Completes its 2024 Drill Program at Palmer Copper-Zinc VMS Project in Southeast Alaska
Rhea-AI Summary
American Pacific Mining Corp (CSE: USGD) (OTCQX: USGDF) has completed its 2024 drill program at the Palmer Copper-Zinc VMS Project in Southeast Alaska. The program, part of a CAD $17.5 million exploration budget, included 6,035.9 meters of drilling across 19 holes. It aimed to expand on the 2023 results, which yielded significant copper intercepts, including 43.8 m of 6.54% copper. The drilling focused on expanding the South Wall Zone and testing the North Wall Target. 1,353 samples have been submitted for analysis, with results pending. The program was completed ahead of schedule with zero incidents, demonstrating improved drilling productivity.
Positive
- Completion of a 6,035.9-meter drill program, expanded from the original plan due to positive observations
- Part of a well-funded CAD $17.5 million exploration and development budget
- Building upon previous high-grade copper intercepts (43.8 m of 6.54% Cu)
- Improved drilling productivity reported, impacting future program planning
- Program completed ahead of schedule with zero incidents or injuries
Negative
- All assay results are still pending, creating uncertainty about the actual outcomes of the drilling program
News Market Reaction 1 Alert
On the day this news was published, USGDF gained 4.71%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2024) - American Pacific Mining Corp (CSE: USGD) (OTCQX: USGDF) (FSE: 1QC) ("American Pacific" or "the Company") is pleased to announce the completion of a drill program at its Palmer Copper-Zinc VMS Project ("Palmer") in Southeast Alaska. The 2024 program was part of a planned CAD
Palmer Project Update
The 2024 drill program included a total of 6,035.9 meters ("m") (19,650 feet) in nineteen (19) drill holes including three (3) drill holes (125.8 meters; 410 feet) that were recollared. The program was expanded from an originally planned fourteen (14) drill holes based on positive visual observations and real-time modeling updates.
This year's drilling program focused on building upon the results of last year's campaign where the four most significant copper intercepts ever drilled at Palmer were reported earlier this year, including 43.8 m of
The drill program was designed to continue expanding the known extent of the high-grade copper mineralization of the South Wall Zone 1 and Zone 2 and testing prospective alteration areas. Thirteen (13) drill holes (4,876.8 meters; 16,000 feet) tested the structural controls and extensions to the high-grade copper and zinc mineralized trends.
The program also included a series of exploration drillholes to test the nearby North Wall Target. The North Wall Target represents a potential fault offset extension of the South Wall mineralization. Three (3) drill holes were completed for 1,033.3 meters (3,390 feet).
A total of 1,353 samples have been submitted for multi-element analysis with all assay results pending.
"We are delighted to have completed another successful exploration program with zero incidents or injuries throughout the summer. We look forward to publishing results in the coming weeks and months," commented Peter Mercer, Senior VP of Advanced Projects. "We'd like to thank our staff and contractors for their outstanding efforts in delivering a safe and efficient field program, ahead of schedule. We have seen significant improvements in diamond drilling productivity year over year, which will have a significant impact on the planning and implementation of future programs."
Figure 1: Tamarack Geological Services logging core at the newly constructed logging facility
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Figure 2: The Northern Lights providing a spectacular show above Canada Pad
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Qualified Person Statement
The technical information in this news release regarding the Palmer Project has been reviewed and approved by Michael Vande Guchte, P.Geo., Vice President of Exploration for the Palmer Project and a Qualified Person (QP) as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About American Pacific Mining Corp.
American Pacific Mining Corp. is a precious and base metals explorer and developer focused on opportunities in the Western United States. The Company has two flagship assets: the Palmer Project, a Volcanic Massive Sulphide-Sulphate (VMS) project in Alaska, under joint-venture partnership with Dowa Metals & Mining, owner of Japan's largest zinc smelter; and the Madison Project, a past-producing copper-gold project in Montana. For the Madison transaction, American Pacific was selected as a finalist in both 2021 and 2022 for 'Deal of the Year' at the S&P Global Platts Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories.
Also, in American Pacific's asset portfolio are high-grade, precious metals projects located in key mining districts in Nevada, USA, including the Ziggurat Gold Project and the Tuscarora Gold-Silver District. The Company's mission is to grow by the drill bit, strategic partnerships, and M&A.
On behalf of the American Pacific Mining Corp Board of Directors:
Warwick Smith, CEO & Director
672.339.9906
Corporate Office: Suite 910 - 510 Burrard Street
Vancouver, BC, V6C 3A8 Canada
Investor relations contact:
Kristina Pillon, High Tide Consulting Corp.
604.908.1695 / Kristina@americanpacific.ca
Media relations contact:
Adam Bello, Primoris Group Inc.
416.489.0092 / media@primorisgroup.com
Full disclosure can be found in our NI 43-101 Technical Report for the Palmer Project at www.americanpacificmining.com.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221419
FAQ
What was the extent of American Pacific's 2024 drill program at the Palmer Project?
What were the key targets of the 2024 drill program for USGDF at Palmer?
How many samples from the 2024 Palmer drill program are awaiting analysis?
What was the budget for American Pacific's 2024 Palmer Project exploration?
