American Pacific Mining Corp. has announced that the Rio Tinto Group has commenced drilling at the company’s Madison Copper Gold Project, located in Montana, USA. The first diamond core drill arrived on site this week and began drilling the first targets.
The company’s wholly-owned Madison Project is currently under an earn-in with an option to joint venture agreement, whereby Kennecott Exploration Company, part of the Rio Tinto Group, may spend US$30 million to earn up to 70%.
Eric Saderholm, President of American Pacific, stated: “American Pacific is pleased to announce the 2021 exploration programme at the Madison Project has entered the drilling phase with the arrival and set-up of the first core drill rig. This is the third year of exploration on the property by Rio Tinto/Kennecott Exploration. Numerous targets are planned to be drill-tested based on many factors including geophysical surveys, the success of historic drilling, mapping, modelling and newly encountered surface geologic interpretations and expressions. This will be a dynamic exploration season at Madison.”
The original drill plan called for both diamond drilling and reverse circular drilling. The plan has now been updated to accommodate two diamond drills. The total programme will consist of up to 4000 m of drilling.
The company also announces that it has granted 1.8 million incentive stock options (the options) to certain directors, officers and consultants in accordance with its stock option plan. The options are exercisable at US$0.27 for a period of 5 years from the date of grant.
Read the article online at: https://www.globalminingreview.com/exploration-development/28052021/rio-tinto-commences-drilling-at-madison-copper-gold-project/