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American Pacific Mining Corp’s Constantine Joint Venture Commences 9,000-Metre Drill Program at Palmer Project
VANCOUVER, British Columbia, June 19, 2023 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF / FWB: 1QC) (“American Pacific” or the “Co
About this update from American Pacific Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, June 19, 2023 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF / FWB: 1QC) (“American Pacific” or the “Company”) is pleased to announce its 2023 drill program has commenced at the Palmer Project (“Palmer” or the “Project”), an advanced-stage, high-grade volcanogenic massive sulphide-sulphate (“VMS”) located in the Porcupine Mining District of the Haines Borough, Alaska. The drill program, which will focus on several high priority targets, is a central component of the Company’s US $25.5 million 2023 exploration program backed by joint venture partner Dowa Metals & Mining Co., Ltd (“Dowa”). The 9,000 metre (“m”) resource infill drill program at the Southwall Zone is designed to begin the process of upgrading mineral resources from Inferred to Measured and Indicated. The Palmer Deposit (Southwall and RW Zones) hosts an Indicated mineral resource of 4.68 million tonnes grading 5.23% zinc, 1.49% copper, 30.8 grams per tonne (“g/t”) silver, 0.30 g/t gold; and Inferred mineral resource of 5.34 million tonnes grading 5.20% zinc, 0.96% copper, 29.2 g/t silver, 0.28 g/t gold. ¹ “Our drill program this year has been designed with two primary goals: to delineate the high-grade portion of the deposit to further define the mineral resource estimation methodology as we look to convert mineral resources into mineral reserves in future feasibility studies; and to expand our mineral resource base with step-out and directional drilling in the Southwall Zone,” said Peter Mercer, Senior Vice President, Advanced Projects. “This year’s programs will lay the foundation for the engineering and evaluation work ahead. In addition, the knowledge gained from these programs will provide new insights into the potential for new high-grade discoveries throughout the mineralized district.” The Company’s joint venture partner, Dowa, has committed to fund the US $25.5 million 2023 program. American Pacific has the option to pay its pro-rata share of 2023 program expenses, in whole or in part, prior to October 31, 2023, to minimize or eliminate Project dilution. Dilution is pro-rated according to each party’s relative contributions to Project expenditures and will be determined upon completion of the 2023 program. American Pacific is the operator of the Projec...