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TICKERS: USGD; USGDF

Explorer Starts Compiling Historical Data from Gold-Silver Nevada Project
News Update

Source:

The company plans to start initial mapping and sampling programs in late May.

Gooseberry Project

American Pacific Mining Corp. (USGD:CSE; USGDF:OTC) provided an update in a news release about its past-producing Gooseberry gold-silver project, a low sulphidation, epithermal vein system in Nevada's Ramsey Mining District.

The company started compiling data on the project from the various historical sources that are available. Those include scant past production numbers and a 1983 reserve estimate that is not NI 43-101 compliant—550,661 metric tons at an average grade of 7.89 grams per ton gold and 332.91 grams per ton silver in the Proven and Probable category.

"The extent of historical work related to underground chip sample results, surface soil and rock sample results, airborne and ground geophysics, and drilling programs referenced in the historical records are unknown," the release noted. American Pacific intends to do the work needed to verify the historical resource estimate.

In addition, the company plans to start initial mapping and sampling programs in late May.

"The Ramsey Mining District is clustered amongst some of the most famous and prolific mining districts in Nevada," commented Eric Saderholm, president of American Pacific Mining. "Foremost among the state’s top districts is the historic Comstock Mining District, located west of the Ramsey District where the Gooseberry Mine is located. The lodes and veins discovered in the Comstock District alone led to the production of 8.6 million ounces of gold and 192 million ounces of silver. Similar structural trends have been observed within the Ramsey and Talapoosa Mining Districts. Nevada has been among the world leaders in the discovery and production of precious metals for over 150 years and it looks like that trend will continue for decades to come."

Gooseberry was discovered in 1906 and was mined off and on until 1992. That year and in 2006 environmental reclamation took place. The mine was "developed vertically to 1,450 feet from surface with significant underground development across seven of 10 underground levels," according to the release.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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