Vancouver-based American Pacific Mining (CSE: USGD; US-OTC: USGDF) has reported encouraging results from its first phase drilling program at the Turscarora gold project in Elko, Nevada. The results are highlighted by the intersection of 18.4 grams gold per tonne over 1.5 metres from 200 metres downhole.
Tuscaroosa is in the historic Carlin trend mining district, 20 km south of the Jerritt Canyon mining district, where over 8 million oz. gold have been produced since 1981. Led by CEO Warwick Smith and President Eric Saderholm, American Pacific optioned Tuscarora from Novo Resources (TSXV: NVO; US-OTC: NS-RPF) last November for $375,000 in cash, $200,000 in American Pacific shares and a 0.5% net smelter return royalty.
Historic drilling by Novo and Tuscarora’s previous owner, Newcrest Mining (ASX: NCM), outlined vein zones with 1.5 to 12 metres of gold mineralization.
American Pacific proceeded with a drill campaign in mid-2018 to follow up on those previous results, focusing on the property’s South Navajo vein.
Highlights from that campaign include the intersection of 3.4 grams gold per tonne over 12 metres from 200 metres downhole (including 18.4 grams gold per tonne over 1.5 metres). American Pacific also intersected 10.3 grams gold per tonne over 1.5 metres from 140 metres downhole in an area 450 metres north of the main South Navajo zone, extending the known strikelength of the Navajo vein system and opening up a new area for future drilling.
Shares of American Pacific are currently valued at 13¢ a piece with a 52-week range of 13¢ to 41¢. The company has a $4.2 million market capitalization.
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