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American Pacific announces 2023 budget for the Palmer Project

Published by , Editor
Global Mining Review,

American Pacific Mining Corp. has announced its 2023 budget and work programme for the Palmer Project – an advanced-stage, high-grade volcanogenic massive sulfide-sulfate (VMS) project located within the Porcupine Mining District of the Haines Borough, Alaska.

American Pacific announces 2023 budget for the Palmer Project

The 2023, multi-purpose, US$25.5 million work programme at the Palmer Project, includes a surface exploration drilling programme, geotechnical drilling, camp construction, as well as ongoing baseline environmental and site engineering work.

2023 Palmer work programme highlights:

  • A 9000 m resource infill drill programme at the Southwall Zone designed to begin the process of upgrading mineral resources from Inferred to Measured and Indicated at Palmer. The Palmer Deposit (Southwall and RW Zones) currently include an Indicated mineral resource of 4.68 million t (grading 5.23% zinc, 1.49% copper, 30.0 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).
  • A 2550 m, nine-hole geotechnical drill programme to improve the understanding of the hydrogeology, including water volume and quality at Palmer.
  • On-going camp construction to support seasonal exploration activities.
  • Environmental and permitting, including on-going environmental baseline studies and compliance work.
  • Engineering studies, including metallurgical programs on the Southwall and RW Zone mineralisation, a production site evaluation that provides an alternate production portal, mill and tailing management analysis, and ongoing preparations for a feasibility study.

“American Pacific has a roughly US$65 million CAD market capitalisation and will see more than US$30 million CAD spent by its partner on exploration and development in 2023,” stated Warwick Smith CEO and Director of American Pacific. “This is the single largest Palmer Project programme and budget to date and sets the stage for us to continue de-risking the asset as we work with our joint venture partner to strategically move the Palmer Project forward towards a feasibility study.”

The company’s joint venture partner, Dowa Metals & Mining Co., Ltd., has committed to fund the entire 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 program. American Pacific is the operator of the project and will receive seven percent (7%) of programme expenditures for managing the 2023 work programme.

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