The Palmer VMS Project 2023 Drilling Program

VANCOUVER - American Pacific Mining Corp reported on the 2023 resource definition and geotechnical drilling program at the Palmer Project. Palmer is an advanced-stage, high-grade volcanogenic massive sulphide-sulphate deposit (VMS) located in the Porcupine Mining District of the Haines Borough, Alaska.

Assay results are from five (5) drill holes targeting the Southwall Zone of the Palmer Deposit and one (1) geotechnical drillhole located in the RW Zone. The five resource definition drillholes within the Southwall Zone 1 continue to return thick intercepts of significant copper (Cu) and zinc (Zn) mineralization. As with the initial drillholes, the Company continues to see mineralized intervals extending beyond the current mineral resource model, highlighting the potential for a broader mineralized envelope. Highlights include: 30.7 metres (“m”) of 2.59% Cu and 11.21% Zn, including 6.53% Cu over 2.9 m (CMR23-162B); 39.1 m of 1.44 % Cu, 5.87 % Zn and 25% barite (CMR23-165); and 18.4 m of 1.61% Cu and 14.7 m of 2.66% Cu and 2.93% Zn (CMR23-161).

The 2023 assay results to-date have exceeded expectations in Southwall Zone 1, the current resource model is well supported by the infill drill intercepts and initial interpretations also suggest the potential for additional lenses below the model and potential extensions to the northeast and downdip of Zone 1.

The Company is also pleased to report significant assay results from a geotechnical drillhole (GT23-024) that intersected 10.8 m of 1.28% Cu, 13.13% Zn and 110.25 g/t silver in the RW Oxide Zone, which is not included in the current Palmer Deposit mineral resource estimate (MRE”). The GT23-024 intercept is located approximately 100 m from the known MRE and the Company looks forward to receiving assay results from the other geotechnical holes drilled from the UM pad to better assess the mineralization potential in this area.

“We have received approximately half of the assays from this year’s program and we are very pleased with the Southwall Zone 1 extensions and significant Cu-Zn-Ag mineralization encountered in the RW Oxide Zone with one of our geotechnical drillholes,” said Warwick Smith, CEO. “This year’s work, led by Peter Mercer, has established a solid foundation and technical vision for resource expansion and de-risking the Project. We look forward to more assay results later this year and our continued collaboration with Dowa Metals and Mining in 2024.”

The 2023 diamond drill program targeted high-priority areas in two unique mineralized lenses, Zone 1 and Zone 2-3, which make up the Southwall Zone of the Palmer deposit. Two diamond drill rigs dedicated to the resource definition drill program completed 7,791 m in 27 drillholes (including three (3) abandoned drillholes for 280.4 m) as well as an end-of-season exploration drill program of 466 m in 2 drillholes by one rig at Christmas Creek. A third diamond drill rig, focused on hydro-geotechnical drilling in the immediate Palmer deposit area, with 2,365 m completed in 10 drillholes.