USGD Secures Full Ownership of Palmer Copper VMS Project Today, American Pacific Mining Corp. (Ticker: USGD.c or USGDF for US investors) shared that it has finalized its acquisition of Dowa Metals & Mining Alaska Ltd.'s interest in the Palmer VMS Project, located in Southeast Alaska.
This transaction grants American Pacific 100% ownership of the advanced copper-zinc-gold-silver exploration project while receiving USD$10M in funding from Dowa.
Notably, Dowa retains an option to purchase up to 50% of the zinc concentrate produced during the first year of Palmer's production and beyond.
Palmer VMS Project Highlights
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Location: Situated 60 km from the deep-sea port at Haines, Alaska, with established road access.
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Exploration History: Over USD$116M invested to date, with NI 43-101-compliant resources defined at the Palmer and AG deposits.
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Drilling Results: Recent exploration (2023-2024) has identified rich copper zones and high-grade prospects along 15 km of favorable mineral trends, characteristic of a significant Volcanogenic Massive Sulphide (VMS) system.
CEO Warwick Smith stated, “This transaction is transformative for American Pacific, giving us full control of a high-potential project and the funding needed to expand exploration across our portfolio.”
With the Palmer acquisition, American Pacific is poised to advance resource development while pursuing regional discovery potential in Alaska and beyond.
Full news here: 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.