Mr. Warwick Smith reports

AMERICAN PACIFIC MINING PREPARES TO DRILL HIGH-PRIORITY PORPHYRY AND SKARN TARGETS AT MADISON COPPER-GOLD PROJECT

American Pacific Mining Corp. has prepared phase II drill targets at its 100-per-cent-owned Madison copper-gold project, located in the heart of the Idaho-Montana porphyry belt, 43 kilometres southeast of Butte, Mon.

Having now received a key drill permit in early October, this next phase of drilling will test large-scale porphyry and high-grade skarn targets with stepouts and deeper holes guided by decades of geologic mapping, geochemical sampling, geophysical surveying and 3-D structural modelling.

Targeting the porphyry system at depth

The highest-priority holes will probe beneath previously intersected copper-gold skarn zones, testing induced-polarization (IP) chargeability highs and coincident magnetic boundaries interpreted to represent the top of a concealed porphyry copper-gold centre.

"As our geologic team has continued to generate, compile and model data, the source of Madison's high-grade skarns and veins is becoming much clearer," commented managing director of exploration, Eric Saderholm. "This is truly an exciting time for American Pacific given that, less than two years ago when we started evaluating new and historic data sets, concepts like these targets were not yet defined or well understood. At that time, we understood Madison to be a high-grade copper-gold porphyry expression, the origins of which we could only speculate. Today, we have a much more precise understanding of the source of those high-grade zones and phase II drilling will focus on these newly identified targets as we work to demonstrate Madison's full potential."

Expanding high-grade skarn mineralization

Stepout holes along the Silver Star structural corridor will aim to expand known zones of high-grade copper-gold skarn mineralization. Historical intercepts included 30.18 metres of 24.50 grams per tonne (g/t) gold and 0.39 per cent copper and 10.97 metres of 41.65 g/t gold and 0.38 per cent copper from underground drilling. The upcoming program will test down-dip and along-strike extensions where skarn alteration remains open, particularly at lithologic contacts between the Madison Group limestone and the Rader Creek intrusions.

Untested structural targets

In addition to known zones, several new areas are now within the company's targeted plan, including structurally hosted style targets defined by strong alteration, veins and copper-oxide staining at surface along structural pathways. Shallow holes will evaluate these features as potential feeder conduits linking upper-level skarn and vein mineralization to deeper intrusive sources.

District-scale potential

American Pacific's geologic team has outlined multiple magnetic and geochemical anomalies across the district. One newly mapped mafic intrusion returned assays up to 38.5 grams per tonne Au (gold) and 33 g/t Ag (silver) from grab sampling. These anomalies will be tested with shallow reconnaissance holes to evaluate the scale and continuity of the mineralized system across the property.

About the Madison copper-gold project

The Madison project was host to small-scale production that concluded in 2012, with 2.7 million pounds of copper produced at grades ranging from 20 to 35 per cent copper. Subsequent drilling at Madison in 2017 included 30.18 metres of 24.50 g/t gold and 0.39 per cent copper and 10.97 metres of 41.65 g/t gold and 0.38 per cent copper (UG17-05 and UG17-06, respectively). Additional production at the nearby Broadway/Hudson Mines is reported to total approximately 147,000 ounces gold at 9.9 g/t and recent drilling has provided substantial evidence to demonstrate a structural and stratigraphic link connected the past producing, which are located along the same northwest-trending corridor of altered quartz monzonite and associated skarn that is now understood to be a part of the same mineralizing system.

About American Pacific Mining Corp.

American Pacific Mining is a precious and base metals explorer and developer focused on opportunities in the Western United States. The company has two flagship assets: 100-per-cent-owned Palmer project, a volcanic massive sulphide-sulphate (VMS) project in Alaska, and the 100-per-cent-owned Madison project, a past-producing copper-gold project in Montana. 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 Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories. Also, in American Pacific's asset portfolio are three high-grade, precious metals projects located in key mining districts of Nevada, United States: the Ziggurat gold project, the Gooseberry silver-gold project; and the Tuscarora gold-silver project. The company's mission is to grow by the drill bit and by acquisition.