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American Pacific provides exploration programme update

Published by , Editorial Assistant
Global Mining Review,

American Pacific Mining Corp. has provided a corporate update on its 2024 exploration programme, including the high-grade copper-zinc Palmer VMS Project in Alaska, under joint-venture with DOWA METALS & MINING ALASKA LTD. and the 100%-owned Madison Copper-Gold Project in Montana.

Following the successful completion of an oversubscribed non-brokered private placement, American Pacific has a strong treasury of CAN$6.3 million and anticipates an exploration expenditure of up to CAN$20 million in 2024, the majority of which will be funded by the Company’s joint venture partners.

“We are thrilled to be ramping up with significant exploration work in the coming weeks ahead of what we expect will be a catalyst-rich year for American Pacific,” commented CEO, Warwick Smith. “Palmer and Madison both have tremendous copper grades headlining their respected commodity mixes, and with up to CAN$20 million of planned exploration work across our portfolio this year, we are excited to get underway with drilling to further test these highly prospective properties and build shareholder value.”

After having reported the four highest-grade copper intercepts ever drilled at the Palmer Project earlier this year, American Pacific, with its joint venture partner at Palmer, Dowa, plan to spend approximately CAN$17.5 million on exploration and development work in 2024. The program will include diamond drilling expected to commence in mid-June to follow up on previous drilling with a focus on mineral resource expansion.

The fully funded 2024 exploration programme at Madison is expected to commence in 30 – 45 days and will include a five-hole, 1350 m Phase I diamond drill programme targeting near-mine mineralisation and extensions. Phase I drilling will, in part, follow up on historical drilling successes, (C05-06: 14.69 m of 12.10 g/t Au and further downhole 61.63 m of 6.97% Cu) where the Company believes further drilling can support future mineral resource estimation. The programme will also focus on untested, but highly prospective areas identified through the interpretation of historical and recent datasets. Phase II will focus both on follow-up of successful Phase I drilling, and on deeper regional targets within the western portion of the property that has shown undrilled gold targets with surface values of up to 48.5 g/t Au, which the Company believes could be indicative of a buried intrusive heat source.

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