American Pacific’s Constantine JV commences drilling at Palmer
Published by Will Owen,
Editor
Global Mining Review,
American Pacific Mining Corp. has announced its 2023 drill programme has commenced at the Palmer Project, an advanced-stage, high-grade volcanogenic massive sulphide-sulphate (VMS) located in the Porcupine Mining District of the Haines Borough, Alaska.
The drill programme, which will focus on several high priority targets, is a central component of the company’s US$25.5 million 2023 exploration program backed by joint venture partner Dowa Metals & Mining Co., Ltd.
The 9000 m resource infill drill program at the Southwall Zone is designed to begin the process of upgrading mineral resources from Inferred to Measured and Indicated. The Palmer Deposit (Southwall and RW Zones) hosts an Indicated mineral resource of 4.68 million t grading 5.23% zinc, 1.49% copper, 30.8 g/t silver, 0.30 g/t gold; and Inferred mineral resource of 5.34 million t grading 5.20% zinc, 0.96% copper, 29.2 g/t silver, 0.28 g/t gold.
“Our drill programme this year has been designed with two primary goals: to delineate the high-grade portion of the deposit to further define the mineral resource estimation methodology as we look to convert mineral resources into mineral reserves in future feasibility studies; and to expand our mineral resource base with step-out and directional drilling in the Southwall Zone,” said Peter Mercer, Senior Vice President, Advanced Projects. “This year’s programmes will lay the foundation for the engineering and evaluation work ahead. In addition, the knowledge gained from these programmes will provide new insights into the potential for new high-grade discoveries throughout the mineralised district.”
The company’s joint venture (JV) partner, Dowa, has committed to fund the US$25.5 million 2023 program. American Pacific has the option to pay its pro-rata share of 2023 programme expenses, in whole or in part, prior to 31 October 2023, to minimise or eliminate project dilution. Dilution is pro-rated according to each party’s relative contributions to project expenditures and will be determined upon completion of the 2023 programme. American Pacific is the operator of the project and will receive 7% of qualified programme expenditures for managing the 2023 work programme.
Read the article online at: https://www.globalminingreview.com/mining/22062023/american-pacifics-constantine-jv-commences-drilling-at-palmer/
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