American Pacific Mining Corp. (“American Pacific”) is pleased to provide a progress update for two drill programs occurring at its Madison Copper-Gold Project (“Madison”) in Montana and its Palmer Copper-Zinc VMS Project (“Palmer”) in Alaska.
Native copper encountered during Phase I drilling at Madison. Image Credit: American Pacific Mining Corp.
Madison Update
The Madison drill program was expanded from five (5) to seven (7) holes based on positive visual observations and real-time modeling updates that supported additional drill holes. A total of 3,452 feet (1,050 meters) were drilled and the Phase I program at Madison is now complete. Phase I drilling focused on near-mine extensions and areas where historical drilling successes*, including 14.69 meters (“m”) of 12.10 grams per tonne (“g/t”) gold (“Au”) and further downhole 61.63 m of 6.97 % copper (“Cu”), highlighted the potential to define future mineral resources with significant Au and Cu mineralization.
Native copper was observed in several drill holes (see Image 1) and the Company has completed detailed logging of lithology to enhance modeling to guide Phase II drilling with a view towards stepping out, drilling deeper and expanding the mineralized footprint well beyond the historical mine site area. Results from Phase I will be released beginning in Q3, 2024 once received and interpreted.
“We are thrilled to have drill programs occurring at two very high-grade western US copper and gold projects this summer, which will lead us into a catalyst-rich Q3 and Q4 this year as results are released,” commented CEO Warwick Smith. “This has been one of our most active summer seasons of drilling ever for American Pacific and we are well positioned for growth with a healthy treasury, positive trends in the gold and copper markets and drill results we believe will further demonstrate the grade profiles and exploration upside at our flagship projects.”
The next phase of drilling at Madison will follow up on successes from Phase I drilling, as well as on deeper regional targets within the western portion of the property where surface samples of up to 48.5 g/t Au are suggestive of a buried intrusive heat source.
Palmer Update
Drilling is well underway at Palmer with nine (9) holes of a fourteen (14) hole program completed to-date. The drill program is part of a planned CAD $17.5 million (USD $12.8 million [see March 25th, 2024 news release]) exploration and development budget for 2024, funded by both joint venture partner, DOWA METALS & MINING ALASKA LTD. (“Dowa”) and American Pacific. This year’s drilling has 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 6.54 % Cu, 3.15 % zinc, 0.42 g/t Au and 27.97 g/t silver (8.22 % copper equivalent (“CuEq”)) (see January 10, 2024 news release for full details).
The Palmer Deposits have demonstrated potential for significant mineralization beyond the current Indicated mineral resource estimate of 4,677 tonnes of 3.92 % CuEq and Inferred mineral resource of 9,594 tonnes of 3.40 % CuEq**. At least sixteen separate known mineralized showings, many of which have never been drilled, exist on the property, with only two deposit areas included in the 2019 Amended Preliminary Economic Assessment.
Diamond Drill at Palmer. Image Credit: American Pacific Mining Corp.
The two programs are fully-funded with American Pacific having a strong balance sheet ($6.17 M CAD, as of April 2024).