American Pacific Mining supports Palmer Project through JV contribution
Published by Will Owen,
Editor
Global Mining Review,
American Pacific Mining Corp. has announced that, through its wholly owned subsidiary, Constantine North Inc., it has contributed funds totalling US $1 497 537 to maintain its 41.08% ownership of the Palmer VMS project in Alaska. Dowa Metals & Mining Alaska, 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 realise 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 1Q23, to jointly develop and finalise next year’s work programme.”
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 sulfide-sulfate (VMS) project located in an accessible part of coastal Southeast Alaska with road access and within 60 km of the year-round deep-sea port of Haines. The project has an indicated mineral resource estimate of 4 677 000 t at 10.21% zinc equivalent (3.92% copper equivalent), and inferred 9 594 000 t 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.
Read the article online at: https://www.globalminingreview.com/mining/12012023/american-pacific-mining-supports-palmer-project-through-jv-contribution/
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