VANCOUVER, British Columbia, Nov. 22, 2022 (GLOBE NEWSWIRE) — American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF / FSE: 1QC) (“American Pacific” or the “Company”) is pleased to announce the results of the analysis of the Madison copper-gold project (“madison” or the “Project‘) performed by a skarn expert on behalf of operating partner Rio Tinto who identified the presence of a major new target area expected to be the focus of exploration and drilling in 2023.
The skarn portion of the mineralized footprint is a robust zone up to 130 meters thick, comparable to other skarn deposits known around the world.
The richness of limestone, dolomite and other calcareous units in the area favors the formation of skarn deposits.
The mapped (favorable) carbonates in the area measure approximately 2,100 meters by 650 meters and offer significant potential for additional mineralization within the project area.
Thrust rocks, while not conducive to skarn mineralization, can concentrate ore-bearing fluids in favorable rocks by acting as an impermeable cap while hiding additional potential skarn deposits distal to the exposed mineralization.
It is also recommended that distal areas where no/limited drilling have previously been performed should be systematically tested.
“The recommendation of the skarn expert is that Kennecott Exploration (the exploration division of Rio Tinto Group) continues to explore for mineralization in the carbonate rocks known to host the skarns. In addition, he suggests that surface mineralization such as copper-rich gossans may exist as products of erosion of shallower orebodies,” said President Eric Saderholm. “Testing these new areas could expand mineralization in areas that have never been drilled. We believe this recommendation will mean that Rio Tinto will continue to actively explore Madison as part of its joint venture commitments.”
American Pacific Mining will host a webinar today,
November 22, 2022
2:00 p.m. PT (5:00 p.m. ET)
Register here: https://us02web.zoom.us/webinar/register/WN_Cdhwv5bGTeqzUSfUwcmsVg
The large and well exposed Rader Creek Pluton, measuring approximately 16 by 6.5 kilometers and having at least 2,100 meters of exposed contact with the favorable carbonate sequence, is the probable cause of the skarn mineralization. This long contact has seen little exploration beyond historically drilled holes near the existing mine (see Figure 2).
The shallower mineralization has experienced some level of erosion, exposing the known skarns and allowing earlier mining of the localized surface and near-surface outcrops. Exotic deposits such as copper-rich ferricretes (cemented, iron-rich material indicative of an eroding skarn) may exist in many areas of shallow erosion. These deposits are abundant at Madison with little to no exploration drilling.
The lower temperature retrograde alteration consists of quartz, calcite, chlorite, pyrrhotite, pyrite, chalcopyrite (copper mineral), gold and trace amounts of both sphalerite (zinc mineral) and galena. This low temperature phase is generally associated with the deposition of degradable metals such as gold, copper, zinc and lead.
Figure 1: Visible electrum (gold/silver alloy) highlighted in new report. Portion of the 2.35m interval in hole MADN0033 from 222.28m that returned 39.57 g/t Au and 0.28% Cu (see American Pacific news release dated January 12, 2022).
Figure 2: Map of the Madison Project
The technical aspects of this news release have been reviewed and approved by the designated Qualified Person (QP) as defined by National Instrument 43-101, Eric Saderholm, P.Geo.
About American Pacific Mining Corp.
American Pacific Mining Corp. is a base and precious metals explorer and developer focused on opportunities in the western United States. The Company’s flagship is the 14 million tonne, high-grade Palmer Volcanic Massive Sulfide (VMS) project in Alaska, which is being developed through a joint venture partnership with Dowa Metals & Mining, owner of Japan’s largest zinc smelter. The Company has also partnered with Kennecott Exploration, a division of Rio Tinto Group, on the past-producing Madison copper-gold project in Montana. For the Madison transaction, American Pacific was selected as a finalist for Deal of the Year in both 2021 and 2022 at the S&P Global Platts Global Metals Awards, an annual program that recognizes exemplary performance in 16 performance categories. Also in American Pacific’s portfolio of assets are the Gooseberry Silver-Gold Project and the Tuscarora Gold-Silver Project, two high-grade precious metal projects located in key mining districts of Nevada, USA. The company’s mission is to grow through the drill and through acquisitions.
On behalf of the Board of Directors of American Pacific Mining Corp.
CEO & Director
Registered Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada
Investor Relations contact:
Kristina Pillon, High Tide Consulting Corp.,
604.908.1695 / [email protected]
Adam Bello, Primoris Group Inc.,
416.489.0092 / [email protected]
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