USGD Acquires 100% Stake in Palmer Copper VMS Project & $10M American Pacific Mining Corp. (Ticker: USGD.c or USGDF for US investors), which controls a portfolio of high-quality high-grade precious and base metals assets, recently completed its acquisition of Dowa Metals & Mining Alaska Ltd.'s stake in the Palmer VMS Project in Southeast Alaska.
This agreement grants American Pacific full ownership of the advanced copper-zinc-gold-silver exploration project and includes USD$10M in funding from Dowa Metals.
As part of the arrangement, Dowa retains the option to purchase up to 50% of the zinc concentrate produced during Palmer’s initial production year and beyond.
The Palmer VMS Project is located 60 km from the deep-sea port at Haines, Alaska, with established road access.
To date, over USD$116M has been invested in exploration, including the delineation of NI 43-101-compliant resources at both the Palmer and AG deposits.
Recent exploration activities (2023-2024) have uncovered rich copper zones and high-grade prospects along a 15 km mineralized trend, characteristic of a major Volcanogenic Massive Sulphide (VMS) system.
American Pacific’s CEO, Warwick Smith, highlighted the significance of the acquisition, describing it as “transformative” and emphasizing the potential for advancing resource development and expanding exploration efforts across the company’s portfolio.
For more details, visit: 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.