American Pacific Discovers New Gold Zone 800 Metres from Historical Mine Areas at Madison Copper-Gold Project, Montana

New gold and copper assays confirm mineralization at multiple targets up to 800m from Madison mine.

What the company is saying

American Pacific Mining Corp. reports assay results from four exploration holes at its 100%-owned Madison Copper-Gold Project in Montana, emphasizing gold mineralization in all three reverse circulation holes and lead-zinc intervals in the core hole. The company frames these results as evidence of mineralization beyond historical workings and highlights the testing of new targets up to 800 metres from historic mine areas. Management, through Eric Saderholm (Managing Director of Exploration), describes the results as encouraging and supportive of further exploration, but acknowledges that additional drilling is needed to establish continuity and scale. The release references a previously reported high-grade intersection (30.8 m at 7.40 g/t gold, 9.62 g/t silver, 0.29% copper) in a separate area, clarifying that current results are from different targets. The tone is confident but measured, focusing on technical detail and the systematic approach of the ongoing 15,000 m drill campaign. Warwick Smith is identified as CEO & Director, and the company reiterates its broader exploration strategy and portfolio.

What the data suggests

The disclosed assay results show significant gold mineralization in all three RC holes: M26RC-01 returned 9.2 m at 3.74 g/t gold (including 4.6 m at 7.02 g/t and 1.5 m at 10.65 g/t gold with 0.11% copper), M26RC-02 returned 15.2 m at 1.03 g/t gold (including 3.0 m at 2.43 g/t), and M26RC-03 returned 3.0 m at 4.53 g/t gold (including 1.5 m at 5.58 g/t). Core hole M26C-03 intersected 0.5 m at 0.57% lead and 0.14% zinc, but no significant gold. M26RC-01 also intersected 10.7 m at 0.26% copper at shallow depth. All holes targeted new areas, with some up to 800 m from historic workings, indicating a broader mineralized footprint. The 2026 drill campaign totals approximately 15,000 m, the largest at Madison to date, with additional assays pending. Sampling and analysis followed industry standards, with QA/QC protocols in place. The results confirm mineralization at multiple targets but do not establish resource continuity or economic viability; true widths are not determined, and all intervals are reported as drilled. The data supports the company's claim of mineralization beyond historical zones but does not yet justify resource or development decisions.

Analysis

The announcement provides detailed, specific assay results from four new drill holes at the Madison Copper-Gold Project, including grades, widths, and locations, which are all realised and verifiable technical facts. The tone is positive, but the language remains proportionate to the evidence, focusing on reported results rather than speculative projections. Forward-looking statements are limited to the intent and design of the ongoing drill campaign and the pending nature of additional assays, which is standard for exploration-stage updates. The disclosure of a large-scale (15,000 m) drill program signals significant capital intensity, but no financial or economic data is provided, and the timeline for any resource update or economic benefit is not specified. There is no narrative inflation or exaggerated claims about imminent production or value creation. The gap between narrative and evidence is minimal, with the only mild overstatement being the unverified claim of the 'largest' drill campaign.

Risk flags

• ●Resource continuity risk is high, as mineralization has been confirmed in isolated intervals but further drilling is needed to establish the extent, geometry, and economic viability of the zones. Without demonstrated continuity, the project may not support a resource estimate or future development.
• ●Execution risk is present due to the scale of the 15,000 m drill campaign and the need for systematic follow-up across multiple targets. Delays in assay turnaround, technical interpretation, or drilling could slow progress and defer value realization.
• ●Disclosure risk exists because true widths of mineralized intervals are not determined, and all results are reported as drilled lengths. This limits the ability to assess the actual size and shape of mineralized bodies, which is critical for resource modeling.
• ●Commodity price risk remains material, as the project's future economics will depend on prevailing gold, copper, lead, and zinc prices. Exploration-stage projects are highly sensitive to market conditions, which can affect funding and development decisions.

Bottom line

American Pacific Mining's latest assays from the Madison Copper-Gold Project confirm gold and copper mineralization at multiple new targets, with significant grades and widths in all three RC holes and additional lead-zinc in the core hole. The 2026 drill campaign, at 15,000 m, is the largest in the project's history and is systematically testing both near-surface and deeper targets, but continuity and economic potential remain unproven. The company is transparent about the need for further drilling and does not overstate the implications of these results, which are encouraging but still early-stage. Investors should expect additional assay results in the coming weeks and months, but should recognize that resource definition and any move toward development are still distant. The most important takeaway is that Madison continues to yield promising exploration results across a broader area, but the path to a defined resource and economic assessment will require sustained technical success and capital.

Announcement summary

(CSE: USGD) (OTCQX: USGDF) (FSE: 1QC) American Pacific Mining Corp. reported assay results from four exploration holes at its 100%-owned Madison Copper-Gold Project in Montana. Gold mineralization was intersected in all three reverse circulation (RC) holes: M26RC-01, M26RC-02, and M26RC-03. Core hole M26C-03 returned lead-zinc-bearing intervals. All four holes tested new targets, including areas up to approximately 800 metres from the historic Madison and Broadway mine areas. M26RC-01 returned 9.2 m at 3.74 g/t gold from 166.1 m, including 4.6 m at 7.02 g/t gold from 167.6 m, and 1.5 m of 10.65 g/t gold and 0.11% copper. M26RC-02 returned 15.2 m at 1.03 g/t gold from 120.4 m, including 3.0 m at 2.43 g/t gold. M26RC-03 returned 3.0 m at 4.53 g/t gold from 15.2 m, including 1.5 m at 5.58 g/t gold. M26C-03 returned 0.5 m at 0.57% lead and 0.14% zinc. M26RC-01 also intersected a shallow copper interval of 10.7 m at 0.26% copper. The September 9, 2026 news release previously reported 30.8 m at 7.40 g/t gold, 9.62 g/t silver, and 0.29% copper in M26C-02, including 20.1 m at 11.15 g/t gold, 14.3 g/t silver, and 0.42% copper. The 2026 drill campaign is the largest coordinated drill program by American Pacific at Madison, including approximately 15,000 m of combined RC and diamond core drilling. The program is designed to extend and expand shallower high-grade copper-gold mineralization and test deeper porphyry targets. Assays from additional drill holes are pending and will be released as received and reviewed. Sampling for RC drilling occurred on 1.5-metre intervals, with samples analyzed at ALS Global Laboratories using industry-standard methods. Eric Saderholm, P.Geo., Managing Director of Exploration, is the designated Qualified Person for the technical content. Warwick Smith is CEO & Director of American Pacific Mining Corp. The company was a finalist for 'Deal of the Year' at the S&P Global Platts Metals Awards in 2021 and 2022 for the Madison transaction. American Pacific holds a major equity position in the Palmer Copper-Zinc VMS Project in Alaska through a 2025 transaction with Vizsla Copper and a significant equity position in ICG Silver & Gold through a spin-out of the Tuscarora District Project. The company also holds additional high-grade precious metals projects in Nevada.

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