VANCOUVER, British Columbia, Jan. 13, 2020 (GLOBE NEWSWIRE) — American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) (“APM” or the “Company”) is issuing an update on the Tuscarora Gold Project in Elko Nevada. OceanaGold Corporation (“OGC”) has now completed 2298m of drilling in a 7-hole drill campaign (6 X RC holes, 1 X Core hole) that focused on areas east and west of the high-grade South Navajo Vein.
Highlights of the 2019 drilling include:In the summer of 2019, OGC commissioned a thorough geophysical program led by Wright Geophysics that included gravity and CSAMT surveys of the Tuscarora Project. The combination of gravity and CSAMT produced a consistent structural picture along the west side of Independence Valley. Numerous northwest to west-northwest directed structures were defined, which parallel and coincide with mapped veins. Prominent northeast to southwest structures form primary basin bounding faults. The two sets fit into a larger picture as radial and concentric structures respectively around the Mount Blitzen volcanic centre. Three of the radial structures were noted by Wright as specific areas of interest. Numerous vein type CSAMT targets were also identified. All structures interpreted from the gravity found support in the CSAMT results.OceanaGold compiled the geophysical results and outlined eight new target areas on the property, drilling only two of the eight during the 2019 drilling program. Structural hits did occur with the drilling and gold values greater than 3 g/t were discovered in an area previously undrilled, nevertheless, OGC has given notice that it will not be proceeding at this time with the earn-in joint venture with APM.Eric Saderholm, President of APM commented: “The interpretation of the geophysical data led the OceanaGold team to make the decision to test possible vein controlling structures with a few deeper holes. Our interpretation is slightly different and we are pleased that they encountered a 3.47 g/t gold intercept in an area of the district that has never been drilled before. This is exciting for two reasons. One, this represents a potential new vein set; and two, the depth of the intercept is at 1260-1265 feet (384- 385 metres) which is well below the depth of any other intercept within the land package. We will now take the time to evaluate all of the recently received data and plan the next stages of exploration at Tuscarora, with the added benefit of already having six untested target areas to follow up on.”OGC spent US$965,766.70 (CAD$1,258,164.02) on exploration at Tuscarora between April – Dec 2019 and APM has received the data compiled over the previous nine months.NOVO Resources has extended the property payment due January 20, 2020 for CAD$125k. A revised payment of CAD$150k is now due on January 20, 2021. APM plans to continue exploring Tuscarora in 2020. “I would like to thank the team at OceanaGold for all the time and work they put into advancing Tuscarora this year. OGC’s geophysical data added significant value to the property, and further exploration is required to realize the potential of the mineralized structures that are evident across the 1,818 ac property,” commented Warwick Smith, CEO of APM. “APM is happy to have 100% of this high-grade epithermal project, and the board remains positive that Tuscarora has substantial merit. In particular the East Pediment zone and targets in the west of the property remain a priority for further exploration. In addition, I would like to thank the team at Novo Resources for their continued support in the advancement of Tuscarora.”QA/QCSamples were processed at ALS Reno located at 4977 Energy Way, Reno, NV, USA for the method Au-AA24; Samples were processed at ALS Elko located at 1345 Water St. Elko Nevada, USA for CRU-31, CRU-QC, LOG-22, LOG-24, PUL-31, PUL-QC, SND-ALS, SPL-22Y, WEI-21. Samples were processed at ALS Vancouver at 2103 Dollarton Hwy, North Vancouver, BC, Canada for Hg-Ms42 and ME-ICP41. Core samples were processed at ALS Reno with the LOG-COREBX, SAW-01a methods. Fire Assay samples were fine crushed until 70% <2mm and 250g pulverized until better than 85% passes through a 75-micron screen. Gold was tested via the Au-AA24 (Au 50g FA AA finish). Silver was analyzed with Ag-AA45 (Trace Ag – aqua regia/AAS). In addition to the quality assurance and quality control program performed by ALS, OceanaGold inserted lab certified standards, field blanks and duplicates into the sample stream.Qualified PersonTechnical aspects of this press release have been reviewed and approved by Eric Saderholm, P.Geo., the designated Qualified Person (QP) under National Instrument 43-101.About American Pacific Mining Corp.American Pacific Mining Corp. is a gold explorer focused on precious metal opportunities in the Western United States. Tuscarora is a high-grade, early stage gold project located in a prime precious metal district in Nevada, only 35km northeast of the Carlin trend, 20km southwest of the Jerritt Canyon deposit, and 50km east-northeast of the Midas deposit. 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”
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https://americanpacific.ca/site/assets/files/3666/tuscarora_drill_results_oceanagold_2019_7_hole_campaign.xlsxForward-looking InformationSome 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/b2bbde30-fc82-4996-a6d6-c65996abed9b
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