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 Global Platts Global Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories. Also in American Pacific’s asset portfolio are the Gooseberry Silver-Gold project and the Tuscarora Gold-Silver project: two high-grade, precious metals projects located in key mining districts of Nevada, USA. The Company’s mission is to grow by the drill bit and by acquisition.
On Behalf of the Board of American Pacific Mining Corp.
CEO & Director
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1 See the Amended NI 43-101 Technical Report Palmer Project Alaska, USA (“PEA”) prepared by JDS Energy & Mining Inc. dated March 7, 2022, with an effective date of June 3, 2019 under Constantine’s profile on SEDAR at www.sedar.com. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.