American Pacific provides progress update for Madison and Palmer Projects

Madison update

The Madison drill programme was expanded from five to seven holes based on positive visual observations and real-time modelling updates that supported additional drill holes. A total of 3452 ft (1050 m) were drilled and the Phase I programme at Madison is now complete. Phase I drilling focused on near-mine extensions and areas where historical drilling successes, including 14.69 m of 12.10 g/t gold and further downhole 61.63 m of 6.97% copper, highlighted the potential to define future mineral resources with significant Au and Cu mineralisation.

Native copper was observed in several drill holes and the Company has completed detailed logging of lithology to enhance modelling to guide Phase II drilling with a view towards stepping out, drilling deeper and expanding the mineralised footprint well beyond the historical mine site area. Results from Phase I will be released beginning in 3Q24 once received and interpreted.

“We are thrilled to have drill programmes occurring at two very high-grade western US copper and gold projects this summer, which will lead us into a catalyst-rich Q3 and Q4 this year as results are released,” commented CEO Warwick Smith. “This has been one of our most active summer seasons of drilling ever for American Pacific and we are well positioned for growth with a healthy treasury, positive trends in the gold and copper markets and drill results we believe will further demonstrate the grade profiles and exploration upside at our flagship projects.”

The next phase of drilling at Madison will follow up on successes from Phase I drilling, as well as on deeper regional targets within the western portion of the property where surface samples of up to 48.5 g/t Au are suggestive of a buried intrusive heat source.

Palmer update

Drilling is well underway at Palmer with nine holes of a fourteen-hole programme completed to-date. The drill programme is part of a planned CAN$17.5 million exploration and development budget for 2024, funded by both joint venture partner, DOWA METALS & MINING ALASKA LTD. and American Pacific. This year’s drilling has focused on building upon the results of last year’s campaign where the four most significant copper intercepts ever drilled at Palmer were reported earlier this year, including 43.8 m of 6.54% Cu, 3.15% zinc, 0.42 g/t Au and 27.97 g/t silver.

The Palmer Deposits have demonstrated potential for significant mineralisation beyond the current indicated mineral resource estimate of 4677 t of 3.92% CuEq and inferred mineral resource of 9594 t of 3.40% CuEq. At least sixteen separate known mineralised showings, many of which have never been drilled, exist on the property, with only two deposit areas included in the 2019 Amended Preliminary Economic Assessment.

Read the article online at: https://www.globalminingreview.com/mining/08082024/american-pacific-provides-progress-update-for-madison-and-palmer-projects/