American Pacific Mining Leases the Red Hill Project in Prolific Nevada Gold District

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[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 09, 2021 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQB: USGDF / FWB: 1QC) (“American Pacific” or “the Company”) is pleased to announce it has leased the Red Hill property (the “Red Hill”) located on the southern end of the prolific Cortez gold trend. The Red Hill Property was leased from Nevada North Resources, Inc. (“Nevada North”) and is contiguous to NuLegacy Gold’s rift anticline target. Previous drilling at Red Hill intersected 13.7 metres of 8.11 grams per tonne (g/t) gold. The Company believes that the Red Hill Property has been inadequately tested for the deep potential considering Barrick’s nearby multi-million ounce Goldrush discovery located 12km northwest of Red Hill along the Cortez trend. American Pacific acquired the Red Hill Property for an initial payment of $25,000 and will make subsequent yearly payments over 10 a ten year period beginning in 2022[1], plus annual claim maintenance fees of $13,244. Upon production commencing on the Red Hill Property, American Pacific will pay Nevada North a 3% net smelter royalty (NSR), 1.5% of which American Pacific may buy back for US$3,000,000. About Red Hill Property Red Hill is a sediment-hosted gold project located 24 kilometers southeast of the 12 million ounce Cortez Hills gold deposit within the Cortez trend. The project covers an extensive area of hydrothermally altered lower plate carbonate rocks. In 2006, drill hole BRH-013 intersected 24.4 meters of 4.99 g/t Au from 585.4 to 609.8 metres, including 13.7 meters of 8.11 g/t Au from 585.4 to 599.1 meters. Gold mineralization is hosted in silty carbonate rocks of the Denay formation associated with altered lamprophyre dikes; and high levels of arsenic, antimony, mercury and thallium. These features are indicative of a Carlin-style gold system. “We are excited to have leased this land package in one of the world’s most prolific gold-rich trends in Nevada,” stated President Eric Saderholm. “Untested high-quality drill targets are already emerging as the data are evaluated at Red Hill, including three areas we have identified as priority targets. Structural intersections, anticline traps and favorable carbonate host rocks are essential to focusing mineralization in the major sediment-hosted gold belts in Nevada and the Red Hill property has all of these components. ...

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