American Pacific Discovers New Gold Zone 800 Metres from Historical Mine Areas at Madison Copper-Gold Project, Montana

Gold was intersected beyond historical workings, but further drilling is needed to establish extent and continuity.

Rhea-AI Summary

American Pacific Mining (USGDF) reported gold intersections in three exploration holes at its wholly owned Madison Copper-Gold Project in Montana.

Four holes tested separate targets, some up to approximately 800 metres from historical mine areas. M26RC-01 returned 9.2 metres at 3.74 grams per tonne gold; M26RC-02 returned 15.2 metres at 1.03 grams per tonne; and M26RC-03 returned 3.0 metres at 4.53 grams per tonne from 15.2 metres downhole. Core hole M26C-03 returned narrow lead-zinc intervals, with no significant gold interval reported. Further drilling is needed to establish the gold intersections' extent and continuity.

These targets are separate from previously reported hole M26C-02, where follow-up drilling is underway. The 2026 campaign includes approximately 15,000 metres of drilling, with additional assays pending. The company expects further results over the coming weeks and months.

Positive

• Minor pointM26RC-01 returned 9.2 metres at 3.74 grams per tonne gold, including 4.6 metres at 7.02 grams per tonne.
• Minor pointM26RC-01 also intersected a separate shallow copper interval of 10.7 metres at 0.26% copper.
• Minor pointM26RC-02 returned 15.2 metres at 1.03 grams per tonne gold, including 3.0 metres at 2.43 grams per tonne.
• Minor pointM26RC-03 returned 3.0 metres at 4.53 grams per tonne gold from 15.2 metres downhole.
• Minor pointM26C-02 follow-up drilling is underway, targeting the area of the previously reported gold-silver-copper intersection.
• Minor point. Forward-looking: it has not happened yet and may not happen.Approximately 15,000 metres of planned drilling targets shallower copper-gold mineralization and deeper porphyry targets.

Negative

• Minor pointM26C-03 returned narrow lead-zinc intervals, with no significant gold interval reported.
• Minor point. Forward-looking: it has not happened yet and may not happen.Extent and continuity of the new gold intersections require further drilling and geological interpretation.
• Minor point. Forward-looking: it has not happened yet and may not happen.M26C-02 follow-up results are expected over the coming months, subject to laboratory turnaround and technical review.

News Explained

The release reports intervals as sample depth and says there is not yet enough work to determine true widths; the listed metres therefore do not establish the mineralization’s true widths.

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Vancouver, British Columbia--(Newsfile Corp. - November 5, 2026) - American Pacific Mining Corp. (CSE: USGD) (OTCQX: USGDF) (FSE: 1QC) (WKN: A422L8) ("American Pacific" or the "Company") is pleased to report assay results from four exploration holes testing separate targets at its 100%-owned Madison Copper-Gold Project in Montana ("Madison" or the "Project"). Gold mineralization was intersected in all three reverse circulation ("RC") holes (M26RC-01, M26RC-02, M26RC-03), while core-hole M26C-03 returned lead-zinc-bearing intervals.

All four drill holes tested new targets across the Project, including targets located up to approximately 800 metres ("m") from the historic Madison and Broadway mine areas (see Figures 1-3). The results provide additional information for evaluating gold mineralization beyond the historical workings and refining the Company's geological model.

Exploration Results and Ongoing Drilling (Table 1):

• M26RC-01 returned 9.2 m at 3.74 g/t gold from 166.1 m, including 4.6 m at 7.02 g/t gold from 167.6 m, also including 1.5 m of 10.65 g/t gold and 0.11% copper.
• M26RC-02 returned 15.2 m at 1.03 g/t gold from 120.4 m, including 3.0 m at 2.43 g/t gold.
• M26RC-03 returned near-surface gold mineralization of 3.0 m at 4.53 g/t gold from 15.2 m, including 1.5 m at 5.58 g/t gold.
• M26C-03 returned narrow zinc- and lead-bearing intervals, including 0.5 m at 0.57% lead and 0.14% zinc. No significant gold interval is included in the results reported for this hole.

Notes: g/t = grams per tonne; % = percent

"These results provide exciting opportunities for follow-up in new areas that have not seen previous drilling," said Eric Saderholm, Managing Director of Exploration. "Intersecting gold in all three RC holes gives us additional evidence of mineralization beyond the historical workings and helps us sharpen our next drill targets. These are encouraging results, but further drilling is needed to establish their extent and continuity. Importantly, these holes tested separate exploration targets up to 800 m away from the historical mine sites and are separate from the recently reported M26C-02 intersection of 30.8 m of 7.40 g/t gold, 9.62 g/t silver and 0.29% copper, reported in September, where follow-up drilling is now underway. We expect to report additional results over the coming weeks and months."

Gold Target Testing

M26RC-01 intersected several gold-bearing intervals between 146.3 m and 239.2 m downhole, together with a separate shallow copper interval of 10.7 m at 0.26% copper. M26RC-02 intersected gold mineralization in two reported intervals, while M26RC-03 returned gold mineralization at shallow downhole depths and three additional 1.5-metre gold intervals.

The results document gold mineralization in all three RC holes. Further geological interpretation and drilling would be required to establish continuity between the reported intersections or their relationship to mineralization at the historical Madison mine.

Eric Saderholm continued: "The identification of gold-dominant mineralization in these targets is an encouraging development for Madison, highlighting exploration opportunities beyond the historical mine area. Gold intercepts in all three RC holes, including higher-grade intervals and shallow mineralization, provide a strong foundation for refining targets and planning follow-up work. With some targets located distally from the historical Madison workings, these results reinforce the value of evaluating the broader property for additional gold-bearing zones."

Previously Reported Results

The September 9, 2026 news release reported 30.8 m at 7.40 g/t gold, 9.62 g/t silver and 0.29% copper in M26C-02, including 20.1 m at 11.15 g/t gold, 14.3 g/t silver and 0.42% copper. These results are provided as context and are not new assays in this release. Today's reported holes tested targets separate from the previously reported hole M26C-02 and were not follow-up holes to that result. Follow-up drilling targeting the M26C-02 area is currently underway, with results expected over the coming months, subject to laboratory turnaround and technical review.

Prior updates about the 2026 Madison drill campaign were issued on October 6, September 9, August 13, July 13, June 3, and June 1, 2026.

Figure 1: Plan view showing hole locations at Madison Project.

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https://images.newsfilecorp.com/files/10322/322384_aa06c7da94ee0b45_001full.jpg

Figure 2: Section view of M26RC-01 and M26RC-02 showing mineralized strike between holes.

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Figure 3: Phase I program hole locations, 2026 Madison drill campaign.

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https://images.newsfilecorp.com/files/10322/322384_aa06c7da94ee0b45_003full.jpg

Table 1: 2026 Phase 1 Drill Highlights (grey shaded previously reported September 9, 2026)

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https://images.newsfilecorp.com/files/10322/322384_aa06c7da94ee0b45_004full.jpg

Notes: m = meters; Au = gold; Ag = silver; Cu = copper; Pb = lead; Zn = zinc; g/t = grams per tonne; % = percent; (-) = not significant. Sufficient work has not been completed to determine true widths for the intervals reported. All intervals are reported as depth of sample.

Table 2: 2026 Drill Hole Location Data

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https://images.newsfilecorp.com/files/10322/322384_table2.jpg

Notes: E (=) Easting/W (=) Westing

2026 Madison Drill Program

The 2026 drill campaign is the largest coordinated drill program undertaken by American Pacific at Madison and includes approximately 15,000 m of combined RC and diamond core drilling.

The Program is designed to systematically extend and expand shallower high-grade copper-gold mineralization while simultaneously testing deeper porphyry targets identified through geological modeling, geochemistry and geophysical surveys.

Assays from additional drill holes completed thus far during the 2026 program remain pending and will be released as they are received, reviewed and interpreted.

Madison Project Sampling and Analysis Quality Assurance and Quality Control Statement

American Pacific Mining is committed to maintaining high-quality exploration and analytical practices at the Madison Project. For RC drilling, sampling occurred on 1.5-metre (5 foot) intervals; if cored, then half-core samples were collected by Company personnel under the supervision of qualified geological staff, with all drilling, sampling, and logging conducted by qualified personnel. Samples were securely bagged, labelled, and transported under chain-of-custody procedures to ALS Global Laboratories Geochemistry, 621 Washington Street South #600, Twin Falls, Idaho 83301, USA, an independent ISO/IEC 17025 accredited laboratory.

Samples are prepared and analyzed using industry-standard analytical methods including ME-MS41, Au-AA23, Au-GRA21, ME-OG46, and Cu-OG46. The Company reviewed laboratory internal QA/QC results, Company-inserted standards, blanks, and duplicate analyses. Final assay certificates are delivered directly to the Company by ALS Global Laboratories.

Qualified Person Statement

Technical aspects of this press release have been reviewed and approved by the designated Qualified Person under National Instrument 43-101, Eric Saderholm, P.Geo., Managing Director of Exploration for the Company.

About American Pacific Mining Corp.

American Pacific Mining is a precious and base metals explorer focused on opportunities in the Western United States. The Company's flagship asset is the 100%-owned past-producing Madison 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. Through a 2025 transaction with Vizsla Copper, American Pacific has established a major equity position with milestone upside exposure to the advanced exploration stage Palmer Copper-Zinc VMS Project in Alaska. American Pacific also holds a significant equity position in ICG Silver & Gold through a spin-out of the Tuscarora District Project. Several additional high-grade, precious metals projects located in key mining districts in Nevada remain in the asset portfolio. The Company's mission is to provide shareholders discovery and exploration upside exposure across its portfolio through partnerships, spin-outs and direct exploration.

On behalf of the American Pacific Mining Corp Board of Directors:

Warwick Smith, CEO & Director
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 Madison Project at www.americanpacificmining.com.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.

FORWARD-LOOKING STATEMENTS

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of the transaction, and timely receipt of all necessary approvals.

Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be considered forward-looking information. The Company's forward-looking information is based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release and include but are not limited to information with respect to, the transaction and receipt of all necessary approvals therefor. Other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322384

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What gold results did American Pacific Mining report at Madison?

The three reverse circulation holes returned 9.2 metres at 3.74 grams per tonne gold in M26RC-01, 15.2 metres at 1.03 grams per tonne in M26RC-02, and 3.0 metres at 4.53 grams per tonne in M26RC-03. The holes tested separate exploration targets.

Are American Pacific Mining's new Madison holes follow-ups to M26C-02?

No. The newly reported holes tested separate targets and were not follow-up holes to M26C-02. Follow-up drilling in the M26C-02 area is underway; the company expects results over the coming months, subject to laboratory turnaround and technical review.