VANCOUVER, British Columbia, March 08, 2018 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (“APM” or the “Company”) is pleased to announce that shares will begin trading at market open today under the ticker symbol “USGD” on the Canadian Securities Exchange (CSE). American Pacific Mining is a junior resource company exploring and advancing precious metal opportunities in the United States, with a focus on highly productive gold districts in the Western states. The company’s flagship property, Tuscarora, is an early stage, high-grade prospect located in a modern day gold producing region of Nevada. The project was optioned from NOVO Resources Corp (TSXV:NVO) in November of 2017.
“Previous high-grade drill results and potential for both vein extensions and new discovery really brought this project to the forefront with the team,” commented Warwick Smith, American Pacific’s CEO & Director. “NOVO recently intersected 1.5m @ 143.5 g/t gold and in the 90’s Newcrest intersected 1.5m @ 182 g/t gold at relatively shallow depths. We are beginning a program of preliminary geological work now and we should have drills turning quickly in just a few months to confirm and expand on these previous results.”
Dr. Quinton Hennigh, President & Chairman of NOVO commented: “We believe that Tuscarora is a quality asset with promising mineralization. We look forward to seeing American Pacific Mining further develop the project and we are excited to participate in its true potential as shareholders of American Pacific Mining.”
The Tuscarora Mining District is only 25 miles northeast of the Carlin Trend, 14 miles southwest of the Jerritt Canyon deposit, and 30 miles east-northeast of the Midas deposit.
The Tuscarora Property
The Property consists of 24 claims covering approximately 447 acres within the Tuscarora Mining District in Elko County. Tuscarora is an epithermal low-sulfidation gold property, which has had extensive reverse circulation drilling outlining two target zones, the South Navajo Vein and the East Pediment Zone.
“Tuscarora is a very prospective gold project in a historically significant, mining-friendly area of the USA. The team will now employ modern day exploration techniques to develop a deeper understanding of the two main target zones,” commented Eric Saderholm, President & Director of American Pacific Mining.
The Tuscarora Mining District is within a major gold producing region of Nevada. Placer gold was discovered in the district in 1867 and production of silver-gold lode deposits began in 1875. Total precious metal production between 1867 and 1990 consists of 244,000 ounces of gold and 7,632,000 ounces of silver from quartz veins and quartz stockwork mineralization.
Since 1982, the Tuscarora District has had a sustained, exploration effort. This effort has been almost continuous, with each subsequent operator building on the previous work.
NOVO’s Highlight Results
In 2015, NOVO Resources Corp evaluated the property’s historic data using a modern GIS data format, drilling 10 reverse circulation (RC) holes to follow-up on the high gold values drilled by Newcrest in the South Navajo Vein area. The results were published on September 13, 2016 and October 12, 2016.
- Hole 16TSRC-002: 74.18 g/t Au over 3.1m including 143.5 g/t Au over 1.5m
- Hole 16TSRC-006: 21.50 g/t Au over 1.5m
- Hole 16TSRC-003: 0.96 g/t Au over 16.8m
- Hole 16TSRC-004: 5.20 g/t Au over 1.5m
- Hole 16TSRC-010 1.72 g/t Au over 35.1m including a vein interval of 7.37 g/t Au over 3.1m
For more detail please refer to the NOVO Resources Drill results table at end of release.
Free Trading Date
For investors who participated in the $0.25 cent Special Warrant financing, please note that the remaining 90% of shares become free trading on July 9, 2018.
Ken Cunningham is a Director of American Pacific Mining Corp (not an Advisor as was previously stated in a press release March 5, 2018).
Technical aspects of this press release have been reviewed and approved by the designated Qualified Person (QP) under National Instrument 43-101, Eric Saderholm, P.Geo.
American Pacific Mining Corp. is a new 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.
CEO & Director
Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC V6C 3A8 Canada
Investor Relations: firstname.lastname@example.org Phone: 1-866-646-5389
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.
All historic results quoted herein are based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify results. The historical figures should not be relied upon and have not been verified by a Qualified Person.
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.
NOVO Resources Drill Results Oct 12, 2016
|16TSRC-007||Hole lost due to bad ground condition|
|16TSRC-008||Hold deviated from target|
|16TSRC-009||Hole lost due to bad ground condition|
Newcrest Resources 1997-1998 Historic Drill Highlights (Robert McCusker, 1998)
|Drill Hole No||From (m)||To (m)||Drilled Interval (m)||Gold FA/AAS (g/t)||Gold Met Screen (g/t)||Silver FA/AAS (g/t)||Drilled Interval (ft)||Gold FA/ASS (oz/t)||Gold Met Screen (oz/t)||Silver Met Screen (oz/t)|
|Navajo South Zone|
|Eastern Structural Zone|
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/39386c08-8205-4824-b9f9-0701c55b9037