American Pacific Mining Corp. (“American Pacific”) is pleased to announce that it has mobilized a drill to its Madison Copper-Gold Project (“Madison” or the “Project”) in Montana, in preparation for an initial CAD $1.5 million, five-hole, 1,350 metre drill program.
Figure 1. Drill rig set up in progress at Madison site. Image Credit: American Pacific Mining Corp
Drilling will focus both on the near-mine area to extend the known mineralized zone identified through historical drilling, which included intercepts of 14.69 metres (“m”) of 12.10 grams per tonne (“g/t”) gold (“Au”) and further downhole 61.63 m of 6.97% copper (“Cu”). The Company also plans to test highly prospective areas, identified through the interpretation of extensive historical and recent data, that have never been drilled.
Phase II will focus on following up on positive results from Phase I drilling, while also testing deeper regional targets within the western portion of the Project. This region has recorded historical, gold values at surface of up to 48.5 g/t Au in undrilled locations, which the Company believes could suggest the presence of a concealed intrusive heat source.
"We are pleased to be mobilizing a drill rig to Madison in preparation for drilling. Phase I will focus on areas where exceptional copper and gold mineralization have been encountered historically," commented CEO & Director, Warwick Smith. "By drilling the near-mine area, we aim to confirm and expand upon this high-grade zone to build towards a first mineral resource estimate at the Project. As part of Phase II, our technical team has identified several highly prospective, yet untested, regional targets that we believe may represent the peripheral expression of a larger mineralized system. The upcoming drill program will be an opportunity for us to evaluate the exploration upside potential of these priority target areas. And, with a robust treasury, we are in an excellent position to embark on this multi-phase drill campaign as we aim to unlock the full value of the Madison Copper-Gold Project."
The phase one drill program is expected to take four to five weeks to complete. With assay results anticipated to be released during Q3 2024.
Corporate Update
The Company also reports that Centerra Gold Inc. has terminated the Option Agreement that provided an opportunity to earn 70% of the Ziggurat Project.
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.