American Pacific Mining Reports Up To 100 G/T Gold And 1,305 G/T Silver From 2023 Rock Chip Sampling At The Recently Expanded Tuscarora Project

Highlights:

• 218 samples were collected during the fall 2023 exploration program, with the highest value assaying 100.84 g/t Au (2.94 oz/ton)
• Two assays reported greater than 850 g/t silver (“Ag”) with a high value of 1305 g/t Ag (38.07 oz/ton)
• Forty samples from the campaign assayed greater than 1 g/t Au, with 22 returning greater than 3 g/t Au
• Anomalous samples were collected from a variety of different rock types and textures, including veins and silica flooded volcanic rocks, indicating multiple mineralizing events and styles

See Table 1 and Figures 1-2 for more details.

“The acquisition of Danny Boy in 2023 completed the consolidation of the Tuscarora District,” stated Warwick Smith, CEO of American Pacific.“American Pacific has systematically assembled the largest land package in the recent history of the district (6,365 acres). Gold values from past Danny Boy surface sampling have yielded up to 24 g/t Au, so the consistent multi-gram gold assays and significant silver values exceeded our expectations and drill targets are emerging from our field programs.”

Figure 1: 2023 American Pacific and historical sampling at Danny Boy and western part of Tuscarora

Tuscarora was the site of historical production (see Technical Summary section below) and this latest phase of rock sampling provides further evidence of significant grade, while highlighting the remaining potential within the now consolidated Tuscarora District.

“The Tuscarora District is not just about the high-grade epithermal veins. The underlying carbonate rocks encompassing the Carlin and Independence Trends, host 150 million ounces of gold to the east and west of Tuscarora under a thrust sheet and in proximity to the largest heat engine ever seen in northeast Nevada,” commented Eric Saderholm, Managing Director of Exploration.“These CRD, skarn and Carlin-style mineralized trends have immense potential to dwarf anything in the near-surface epithermal environment.”

Table 1: 2023 Danny Boy Sampling Results with Gold Values Greater than 3 g/t

In addition to the significant results from surface sampling, previous drilling at Tuscarora has returned high-grades, including 2.48 g/t Au over 13.72 metres (“m”), including 12.13 g/t over 1.52 m at the South Navajo Target; and 6.89 g/t Au and 29 g/t Ag over 1.52 m at the within broader low-grade intervals at the Modoc Target (see November 22, 2022 news release ). A number of the target areas have seen limited to no drilling (e.g. the Grand Prize Target) and the Company believes that further systematic exploration work will further refine existing targets and define new targets to pursue in subsequent campaigns.

Figure 2: Total land package with surface geochemistry and primary target areas

Next Steps

American Pacific believes additional soil and rock chip sampling along with CSAMT and gravity survey coverage would result in a number of high priority drill targets and the Company is exploring potential joint venture opportunities to advance exploration work more aggressively in 2024 to ensure the Project is progressed with the type of budget and program that is warranted given the property scale, grade profile and emerging target areas. Additional target concepts are being evaluated at Danny Boy in the deeper Paleozoic sedimentary rocks which host world-class deposits along the nearby Carlin and Independence Trends. The geologic setting at Danny Boy is highly conducive for high-grade skarn and CRD development in the carbonate rock sequence and has never been contemplated or tested as the historical focus has been on the prolific epithermal vein systems.

Technical Summary

The Tuscarora District is located in Elko County on the east flanks of the 40-million-year-old Mt Blitzen caldera/volcanic complex. The age of the mineralization is roughly equivalent to that found along the prolific Carlin, Cortez and Independence Trends in northern and central Nevada. The nature of the mineralization is typical of this geologic setting and is comprised of high-level epithermal gold, gold/ silver, electrum and silver veins. Host rocks consist of welded tuff, volcaniclastic sediments, andesite flows and domes. The district was discovered through placer mining in the late 1860s and underground mining began in 1870 with three mills being erected. Mining terminated in 1915 and the district has had sporadic exploration efforts since 1980.

QA/QC

Two certified assay labs were used during the 2023 sampling campaign, Paragon and ALS Global. Two hundred and six samples in the JC series were delivered by APM personnel to Paragon Laboratories in Sparks, Nevada. The entire sample was crushed and prepared using code PREP PKGB and received analysis for Au and Ag using code Au-AA Ag GR with a fire assay for Au and an AA finish and fire assay with a gravimetric finish for Ag. Additionally, 50AR-MS was run for a 50 element ICP on these samples.
Twelve samples in the ES series were delivered by APM personnel to ALS Global Laboratories in Elko, Nevada. The code Au-AA26 with a fire assay and AA finish was used for Au analyses and code Ag-GRA21 with a fire assay and gravimetric finish for Ag analyses.

Qualified Persons

Technical aspects of this press release have been reviewed and approved by Eric Saderholm, P.Geo., the designated Qualified Persons (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About American Pacific Mining Corp.

American Pacific Mining Corp. is a precious and base metals explorer and developer focused on opportunities in the Western United States. The Company has two flagship assets: the Palmer Project, a Volcanic Massive Sulfide (VMS) project in Alaska, under joint-venture partnership with Dowa Metals & Mining, owner of Japan's largest zinc smelter; and the Madison Project, a past-producing copper-gold project in Montana partnered with Kennecott Exploration, a division of the Rio Tinto Group. For the Madison transaction, American Pacific was selected as a finalist in both 2021 and 2022 for 'Deal of the Year' at the S&P Global Platts Global Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories. Also, in American Pacific's asset portfolio are high-grade, precious metals projects located in key mining districts of Nevada, USA: the Ziggurat Gold project, partnered with Centerra Gold; and the Tuscarora District project. The Company's mission is to grow by the drill bit and by acquisition.

On Behalf of the Board of American Pacific Mining Corp.

“Warwick Smith”
CEO & Director

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