Business
American Pacific Mining Announces Joint Venture Contribution to Palmer Copper-Zinc Project in Alaska
VANCOUVER, British Columbia, Dec. 28, 2022 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF / FWB: 1QC) (“American Pacific” or the “Co
About this update from American Pacific Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 28, 2022 (GLOBE NEWSWIRE) -- American Pacific Mining Corp (CSE: USGD / OTCQX: USGDF / FWB: 1QC) (“American Pacific” or the “Company”) is pleased to announce that, through its wholly owned subsidiary, Constantine North Inc., it has contributed funds totaling US $1,497,537 to maintain its 41.08% ownership of the Palmer VMS project (“Palmer” or the “Project”) in Alaska. Dowa Metals & Mining Alaska (“Dowa”), the Company’s joint venture (“JV”) partner, maintains its 58.92% ownership. “This contribution affirms our commitment to our JV partnership with Dowa Metals & Mining,” commented CEO Warwick Smith. “We believe acquiring this JV interest during a challenging year in the junior resource sector puts us on track to realize significant value as the high-grade VMS Palmer Project advances with additional drilling and exploration programs next year and beyond. We look forward to collaborating with Dowa during early Q1/2023 to jointly develop and finalize next year’s work program.” American Pacific Mining is the project manager for the Palmer Project and receives a 7% management fee on all qualified expenditures. Palmer is a high-grade volcanogenic massive sulphide-sulphate (“VMS”) project located in an accessible part of coastal Southeast Alaska with road access and within 60 kilometres of the year-round deep-sea port of Haines. The Project has an indicated mineral resource estimate of 4,677,000 tonnes at 10.21% zinc equivalent (3.92% copper equivalent), and inferred 9,594,000 tonnes at 8.87% zinc equivalent and 3.4% copper equivalent), with the 2019 PEA outlining a US$266 million after-tax NPV at a 7% discount rate1. About American Pacific Mining Corp. American Pacific Mining Corp. is a base and precious metals explorer and developer focused on opportunities in the Western United States. The Company's flagship asset is the 14 million tonne, high-grade, Palmer Volcanic Massive Sulfide (VMS) project in Alaska, under joint-venture partnership with Dowa Metals & Mining, owner of Japan’s largest zinc smelter. The Company is also partnered with Kennecott Exploration, a division of the Rio Tinto Group, on the past-producing Madison Copper-Gold project in Montana. For the Madison transaction, American Pacific was selected as a finalist in both 2021 and 2022 for 'Deal of the Year' at the S&P Glo...