VANCOUVER, British Columbia, May 14, 2019 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / FWB: 1QC / OTCPK: USGDF) (“APM” or the “Company”) is pleased to issue an update on exploration plans at the 1,818 acre Tuscarora Gold Project in Elko Nevada, USA.
Highlights for the upcoming exploration season include the following at Tuscarora:
- Mapping and assessment is already underway of visible veins, shafts, roadcuts and workings to incorporate large faults and regional structures into the planned geophysical program
- Updated air photo, topographic images and micro-topographic data for structural subtleties to be incorporated into 3D modeling is underway
- Gravity Survey (Magee Geophysical Services) to expand upon the survey APM completed in 2018, beginning in May
- CSAMT Geophysics (Zonge International) onsite survey targeting mid June
- CSAMT data review targeting late June/early July
- Drilling planned for summer
The Tuscarora Gold Project, joint ventured (“JV”) with OceanaGold US Holdings (“Oceana” or “OceanaGold”), is a high-grade, low sulphidation epithermal property located in Elko Nevada (refer to news release on April 15, 2019). The property lies 20km southwest of the Jerritt Canyon Mine, a private, underground mid-tier gold producer with over 8 million ounces of gold produced since first pour in 1981.
APM has granted to OceanaGold via an Exploration Agreement dated April 15, 2019, the exclusive right to explore, evaluate, and develop the Tuscarora Property and to earn an undivided 51% interest in the Property over a 4 year period ("Phase I earn-in").
In Phase 1 earn-in of the agreement Oceana shall expend a minimum of $4,000,000.00 in exploration and development expenditures as per this schedule (all figures in US dollars).
|By the 1st anniversary of Effective Date*||$625,000.00|
|By the 2nd anniversary of Effective Date||$750,000.00|
|By the 3rd anniversary of Effective Date||$1,125,000.00|
|By the 4th anniversary of Effective Date||$1,500,000.00|
*Effective Date of April 15, 2019
For more details on the full earn-in Exploration Agreement, please refer to the company’s filings on Sedar under other material contracts.
“Tuscarora will receive a comprehensive geophysical program before this next round of drilling,” commented Eric Saderholm, APM’s President. “Results from the geophysics will help to delineate the priority drill targets outside the South Navajo vein zone where we currently have the most data. I am excited to see the layers of new geophysical information come together over this next few months, as Oceana’s team leads the way.”
Tuscarora Exploration Programs
A number of exploration initiatives are underway now or will be shortly at the easily accessible Tuscarora Property. Additional mapping and assessment of the visible veins, shafts, roadcuts and workings is underway. This data collection regarding the large faults and regional structures will be incorporated into the pending geophysical program. Data will then be incorporated into the Leap Frog model to add an interpretive layer for the sub-gravel structural assessment.
Updated air photos and topographic images are also underway for Tuscarora. In mid May, the team’s plan is to interpret micro-topographic data for structural subtleties. This will show linear variations in surface cover and can be compared with the eventual geophysical data for additional confirmation of underlying faults, aiding with drill site placement. Magee Geophysical Services, which completed APM’s gravity survey in 2018, will be filling in certain areas of the property to assist in the final array set-up for the Controlled Source Audio-frequency Magnetotellurics (CSAMT) program.
A CSAMT crew is anticipated to be on-site in June, with the interpretation and data inversion planned for early July. Once review of the geophysical data is complete, and a drill permit attained, core drilling is planned to commence this summer (meters still to be determined). Results from drilling, which will take approximately 4-6 weeks to complete, are targeted for this fall.
American Pacific’s Management team, CEO Warwick Smith and President Eric Saderholm, will be attending the Montreal Capital Investment Conference taking place June 7-9th at the Doubletree by Hilton in Montreal Canada. The conference format includes speed-dating style one-on-one meetings with top level capital finance individuals. Capital Event Conferences match companies with active brokers, portfolio managers and institutional and high net worth individuals.
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.
CEO & Director
Corporate Office: Suite 910 – 510 Burrard Street Vancouver, BC, V6C 3A8 Canada
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.