Six New Target Areas And Three Additional Interpreted Veins At Gooseberry Project

VANCOUVER – American Pacific Mining Corp reported that new geophysical survey results have identified three additional interpreted veins with the same northeast-southwest orientation as the known past-producing Gooseberry vein. The new survey results also indicate the potential for the main Gooseberry vein to extend significantly beyond historical workings. A total of six new target areas have been defined that will be refined as the Company works towards a Phase II drill program at Gooseberry, which is expected to commence later this year.

The Company’s Gooseberry Project was in production intermittently between 1928 and 1992 during a period of significantly lower gold and silver prices. Mining focused on a single vein over an approximately 975 meters (“m”) strike length within an area where erosion exposed the Gooseberry vein at surface. The Company’s Phase I drill campaign, completed in late 2021, included the apparent discovery of a new vein splay with drillhole GB21-09, which intersected 17.5 m of 95.5 grams per tonne (“g/t”) silver (“Ag”) and 0.94 g/t gold (“Au”) (see press release dated February 28, 2022).

Based on evidence of potential subparallel vein splays, the Company hired Zonge Geoscience to complete a controlled source audio magneto-telluric (“CSAMT”) survey to better delineate structures, lithologies and alteration at Gooseberry.

“The combination of the discovery history and results from our Phase I drilling led us to believe that additional veins may be present under thin cover at Gooseberry and we are excited that the CSAMT survey results have identified several additional veins and targets to pursue during our next phases of drilling,” stated, President, Eric Saderholm. “Near-mine extensions will remain a part of our targeting philosophy; however, the new structures we have identified and mapped highlight the potential for new regional discoveries and a much larger system. We believed, before the survey results were received, that the known Gooseberry vein was not the only vein in this strongly mineralized area. The recently interpreted CSAMT data support this thesis.”