American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF)
(“APM” or the “Company”) is pleased to announce that the Company
has created a new 3D model for the high-grade Gooseberry
Gold-Silver Project (the “Project”) located in the Ramsey Mining
District of Storey Nevada. Historical underground sampling data
from the Project has been put into 3-dimensional space for the
first time. The leapfrog model shows a clearly defined, nearly
vertical vein structure with very prospective grades of gold and
silver displayed in gold equivalent. The vein can be traced for
several hundred feet at surface and even further underground at the
900-1000 foot level, to approximately 1450 feet in length.
Link to Gooseberry Model Video:
https://youtu.be/Td9DdmkWHIQ
“Grab samples of the stockpiles in 2019
complement what we are seeing in the Gooseberry model today.
Sampling returned values including 18.45 g/t Au and 595 g/t Ag,
17.75 g/t Au and 310 g/t Ag, and 10.25 g/t Au and 218 g/t Ag. APM
believes these results are indicative of material destined for
milling at the time of mine closure,” commented Eric Saderholm,
President of APM. “We are highly encouraged by the consistency and
grade of gold and silver at Gooseberry.”
The Project consists of gold and silver-bearing
quartz/dolomite veins up to 12 feet (3.6m) in width. The veins
roughly follow the east-west striking Gooseberry Fault with
mineralization found in numerous veins associated with jarosite,
gypsum and pyrite. The vein system is hosted in Miocene andesite
lava flows within the Kate Peak Formation, similar in age to the
Comstock Lode deposits located 15 miles to the southwest.
Notes on the Geological Model
The Gooseberry model data was compiled from
historical underground sampling maps undertaken by former mine
operator, Asamera Inc. in the mid-1980’s. Extensive underground
sampling of the stopes was undertaken during the time Asamera owned
and operated Gooseberry. Samples would have been tested at an
internal assay lab for the company. QA/QC is not available for the
assays and they have not been verified by a Qualified Person as
defined by National Instrument 43-101. Some or all of the
mineralization that was sampled could have been mined out. There
are no guarantees that future assays from underground sampling or
drilling will produce similar results.
The Gooseberry model video file is a view of the
geological model created using compiled historical channel samples
from the Gooseberry mine. The effective date of the model is
January 31, 2020. The geological model does not represent the final
conclusions of the compilation. Viewers are cautioned to make
interpretations solely on this interim information. The geological
model represents underground channel samples that have been
composited over the total channel length. The channels appear to
have been mostly collected orthogonal to the underground drifts and
of the working face during mining operations. A qualified person
has not completed sufficient work to verify the present day site
underground geology as it relates to the historical data. The
uppermost level shown is L500 and the lower most level is the
L1150. All units are in US feet and troy ounces per short ton. Gold
equivalent (AuEq) is calculated based on 80 silver to 1 gold ratio.
Due to incomplete lithological data, vein intervals are selected
based on a 0.06 oz/t cut-off. However, the numeric model of AuEq
incorporates all sample data and assumes total metal recovery. The
data was compiled using an ESRI ArcMap and Microsoft Excel/Access.
The geological model was then generated using Seequent Leapfrog Geo
3D. The qualified person supervising the completion of the data
compilation and geological model is Van Phu Bui, P.Geo., a
geologist with ARC Geoscience Group Inc., who is independent of
American Pacific Mining Corp.
Grab Sampling QA/QC
Samples were sent to ALS Elko located at 1345
Water St, Elko, NV, USA for CRU-32, CRU-QC, DRY-22 PUL-32m PUL-QC,
SND-ALS, and WEI-21. Samples were processed at ALS Reno located at
4977 Energy Way, Reno NV, USA for Ag-Gra22, and Au-AA26. Grab
samples were randomly selected from the stockpile, bagged and
transported by APM President and QP, Eric Saderholm. Preparation by
the lab included Weighing and Crushing QC Test, Pulverizing QC
Test, Drying, fine crushing 90% <2mm, sample splitting with a
riffle splitter, and Pulverize 1000g to 85% <75 um. Analytical
procedures include Ag- GRA22, Ag 50g FA-GRAV finish with WST-SIM
Instrument, and Au-AA26, ore grade Au 50g FA AA finish with AAS
Instrument. Visit this link for more information on Gooseberry:
https://americanpacific.ca/projects/gooseberry/
Other News
In other corporate news, APM has submitted an
application to the Canadian Securities Exchange (the “CSE”) for
approval to extend the expiry date of 7,301,000 common share
purchase warrants (the “Warrants”) originally issued on February
28, 2019 pursuant to a non-brokered private placement (refer to
press releases dated March 1, 2019).
The Warrants are exercisable into common shares
of the Company at a price of $0.20 per common share and currently
have an expiry date of February 28, 2020, subject to an
acceleration provision that provides that the Company may abridge
the exercise period of the Warrants in the event (the
“Trigger Event”) that the closing price of the
common shares is greater than $0.25 for five or more consecutive
trading days provided that (a) the Company gives notice of the
Trigger Event by way of a news release, and (b) the earlier expiry
date is a date which is not less than 30 calendar days after the
date of such press release. The Company wishes to extend the expiry
date of the Warrants by twelve (12) months to 4:00PM PST on
February 28, 2021. All other terms and conditions of the Warrants,
including the exercise price, remain the same.
The proposed extension constitutes a related
party transaction within the meaning of Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special
Transactions (“MI 61-101”) as a related party to the Company
holds an aggregate of 125,000 of the Warrants being amended or
approximately 1.7% of the Warrants being amended. However, in
accordance with MI 61-101, the exemptions from formal valuation and
minority approval requirements can be relied upon as the fair
market value of the Warrants does not exceed 25% of the Company’s
market capitalization.
About American Pacific Mining
Corp.
American Pacific Mining Corp. is a gold explorer
focused on precious metal opportunities in the Western United
States. The Gooseberry Gold/Silver Project and the Tuscarora Gold
Project are two high-grade, precious metal projects located in key
mining districts of Nevada USA. The company’s mission is to grow by
the drill bit and by acquisition. American Pacific is Eyeing a Gold
Discovery amidst gold’s next bull market.
On Behalf of the Board of American Pacific
Mining Corp.
"Warwick Smith" CEO & Director
Corporate Office: Suite 910 – 510 Burrard Street
Vancouver, BC, V6C 3A8 Canada Contact MarketSmart:
1.877.261.4466 info@marketsmart.ca
Forward-looking Information
Some statements in this news release contain
forward-looking information (within the meaning of Canadian
securities legislation) including, without limitation, statements
as to planned exploration activities and the expected timing of the
receipt of results. These statements address future events and
conditions and, as such, involve known and unknown risks,
uncertainties and other factors, which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the statements. Such factors include, without
limitation, customary risks of the mineral resource industry as
well as the performance of services by third parties.
Forward-looking statements are statements that
are not historical facts; they are generally, but not always,
identified by the words "expects," "plans," "anticipates,"
"believes," "intends," "estimates," "projects," "aims,"
"potential," "goal," "objective," "prospective," and similar
expressions, or that events or conditions "will," "would," "may,"
"can," "could" or "should" occur, or are those statements, which,
by their nature, refer to future events. The Company cautions that
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are
made and they involve a number of risks and uncertainties.
Consequently, there can be no assurances that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
The CSE has neither approved nor disapproved the
contents of this news release. Neither the CSE nor its Regulation
Services Provider (as that term is defined in the policies of the
CSE) accepts responsibility for the adequacy or accuracy of this
release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/99c3a1b1-5333-42b6-a62f-3acba1612357
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