American Pacific Mining drills 547 g/t AgEq over 4.6 metres at Gooseberry, Nevada
American Pacific Mining Corp. [USGD-CSE; USGDF-OTCQX; 1QC-FWB] reported drill results from the 2021 drill program at its 100%-optioned Gooseberry Silver Project 24 miles east of Reno, Nevada.
The Phase I drill program included 15 holes of combined core and reverse circulation (R) drilling totaling 4,581 metres. Highlights from the program include a new vein identified by drill hole GB21-09, 35 metres from the known mineralization, indicating the potential for a multi-vein system running parallel to the historic high-grade Gooseberry vein.
Hole GB21-09 cut 17.5 metres of 95.5 g/t silver and 0.94 g/t gold; including 4.6 metres of 313 g/t silver and 2.98 g/t gold (547 g/t silver equivalent).
Very limited drilling over approximately a 1,500-metre target trend west-southwest of a ew zone; a geochemical program planned to refine targets for Phase II step-out drilling.
“Our Phase I drill program was focused on identifying new zones of mineralization at our Gooseberry Project and we believe we have succeeded,” stated American Pacific President Eric Saderholm. “We believe this newly discovered zone represents at least one parallel vein set and possible mineralized crossing features that were never identified during previous mining which terminated in 1991. This vein and structural system are along the same trend and in the same host rocks with apparently the same depositional timing and similar mineralogy as the storied Comstock Lode, which produced 192 million ounces of silver and 8.3 million ounces of gold2 during the mid-1800s. American Pacific is now conducting an aggressive geochemical program to help further define this newly discovered mineralization and identify additional targets to the west. A Phase II drilling program will be based upon the results of this work.”
There were no significant values in holes GBC21-04, GBC21-05, GB21-01, GB21-03 to GB21-05, GB21-08.
Zachery Hibdon, Chief Geologist stated: “At the GB east target zone we noted a consistent and mappable structural zone highlighted by a breccia with andesite clasts in a clay gouge matrix. This zone always preceded a zone of increased silicification, oxidation and veining in the andesite country rock that transitioned to heavily veined zones hosting our higher-grade mineralization. These 2021 intercepts are located a significant distance from the old mine workings. It appears we are in a parallel vein system to the historic Gooseberry vein. This first phase of drilling along with a comprehensive 2022 soil, rock-chip, and mapping program targeted for spring 2022 will provide us data from which to define new drill targets for Phase II drilling later this year.”
The company granted 2,900,000 incentive stock options to certain directors, officers and consultants in accordance with its stock option plan. The options are exercisable at $1.01 for five years.