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American Pacific Mining Corp C.USGD

Alternate Symbol(s):  USGDF

American Pacific Mining Corp. is a precious and base metals explorer and developer focused on opportunities in the Western United States. It has two flagship assets: the Palmer Project and the Madison Project. The Palmer Project is a Volcanic Massive Sulfide (VMS) project in Alaska. The Palmer Project is located only 60 kilometers (km) from the deep seaport at Haines, Alaska. The Madison Project is located in the heart of Montana’s prolific copper-gold belt only 38 km southeast of the world-renowned Butte Mining District. The Project consists of approximately 136 unpatented and six patented claims (2,514 acres), accessed via improved dirt roads. Its other projects include Gooseberry, Tuscarora and Red Hill. The Gooseberry Project is located in Storey County, Nevada, United States. The Gooseberry Project includes 42 unpatented claims, totaling over 708 acres. The Red Hill is a sediment-hosted gold project located 24 kilometers southeast of the 12-million-ounce Cortez Hills gold deposit.


CSE:USGD - Post by User

Post by MarketMakersson Dec 02, 2024 1:00pm
34 Views
Post# 36341020

USGD Closes Dowa Deal = $10M & 100% Interest in Palmer

USGD Closes Dowa Deal = $10M & 100% Interest in PalmerToday, American Pacific Mining (USGD.c USGDF) Gained USD$10M and 100% Interest in Palmer VMS Project in Alaska
 
Today, American Pacific Mining (USGD.c USGDF) announced the completion of its acquisition of Dowa Metals & Mining interest in the holder of the Palmer VMS Project in Southeast Alaska.
 
Under the agreement, USGD acquired Dowa's stake, while Dowa paid $10 million for an option to purchase up to 50% of the zinc concentrate produced annually from the project.
 
Notably, the transaction consolidates American Pacific's 100% ownership of the Palmer Project, enabling the company to advance exploration and resource development.
 
With this, USGD will now have over CAD $16 million in cash and two 100% owned flagship projects, the Palmer VSM Project in Alaska and the Madison Copper-Gold Project in Montana.
 
The Palmer VMS Project
The Palmer VMS Project is an advanced-stage copper-zinc-gold-silver exploration initiative with road access and proximity to the port of Haines, Alaska.
 
The project boasts a total consolidated mineral resource of 4.68 million tonnes of 10.2% zinc equivalent indicated & 9.59 million tonnes of 8.9% zinc equivalent inferred, however, only 4 of 16 showings are in the resource estimate, hinting at significant growth potential for the updated mineral resource estimate (MRE) that is currently underway and expected in Q1 2025.
 
Over $116 million has been invested into the project thus far, with significant NI-43-101 mineral resources already defined.
 
Plus, recent drilling has identified high-grade copper zones and numerous drill-ready prospects across a 15-kilometer mineral trend, indicating strong potential for further resource expansion.
 
With 100% control, USGD will be shifting the project's focus from zinc toward a copper resource that has 50M tonne potential with significant room to grow and create value with this transaction.
 
Emphasizing the pivotal moment this transaction marks, USGD's CEO, Warwick Smith commented:
 "We've now obtained full ownership of a project with proven mineral resources and vast untapped regional discovery potential, while also securing substantial funding to ramp up exploration of key assets across our portfolio, paving the way for significant resource growth."
Full News Release: https://americanpacificmining.com/news-releases-2024/american-pacific-closes-transaction-to-gain-usd10m-and-100-interest-in-the-palmer-vms-project/
Posted on Behalf of American Pacific Mining Corp.
 
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