American Pacific Mining (USGD) has signed a deal to option its Gooseberry Project in Nevada to GRAC Global Resource Acquisition.
Located in Storey Country, in the Ramsey Mining District, the project covers 708 acres and consists of 42 unpatented claims. It is considered a low sulphidation, epithermal vein system, and encompasses the historical Gooseberry gold-silver mine.
Under the terms of the agreement, GRAC Global may acquire an initial 51 per cent interest in the Gooseberry Project by issuing C$50,000 in cash and 2 million shares to American Pacific, and by assuming $1.5 million in exploration expenses over a two-year period.
Upon completion of this phase, GRAC Global may acquire a further 14 per cent stake by issuing another 1 million shares to American Pacific and incurring $3 million in exploration expenses.
Finally, GRAC Global will have the option to acquire a 15 per cent interest - bringing its total holding in the project to 80 per cent - by completing a positive feasibility study on the Gooseberry Project before the end of the option period.
The initial $50,000 cash fee will be non-refundable, and must be paid to American Pacific within four months of signing the agreement. GRAC Global will also pay all the necessary claim fees, and will act as the operator of the Gooseberry Project.
Eric Saderholm, President of American Pacific Mining, said he looks forward to progressing the project in partnership with GRAC Global.
"Nevada is the top investor-friendly jurisdiction for mining, and I look forward to working alongside GRAC Global Resource Acquisition Corp's team as we move this gold discovery ahead," he added.
American Pacific Mining (USGD) is currently steady at $0.20 per share, as of 1:58pm EST.