Posted in | News | Copper | Zinc | Mining Business

American Pacific Mining’s Subsidiary Announces Contribution to Maintain 41.08% Ownership of Palmer Project

American Pacific Mining Corp (“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 rate.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.