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    American Pacific Gains Full Ownership of Palmer VMS Project, Secures US$10 Million

    Giann Liguid
    Nov. 19, 2024 09:25AM PST

    American Pacific Mining sees the transaction as "transformative," noting that it is gaining full control of a project with an established mineral resource.

    Table and chairs in boardroom.
    Benjamin Child / Unsplash

    American Pacific Mining (CSE:USGD,OTCQX:USGDF) has entered into an agreement to fully acquire the Palmer volcanogenic massive sulfide (VMS) project, located in Southeast Alaska, US.

    The deal, which is between American Pacific, its subsidiary Constantine North and Dowa Metals & Mining Alaska, involves the transfer of Dowa’s stake in Constantine Mining, the entity that is overseeing Palmer.

    Constantine North will receive Dowa's interest in Palmer, and Dowa will pay American Pacific US$10 million in exchange for an option to purchase up to 50 percent of the zinc concentrate produced during the project’s initial and subsequent years of production. Certain indemnities are also outlined in the purchase terms.


    The transaction is subject to customary closing conditions and is expected to conclude before the end of the fourth quarter of 2024. Upon completion, American Pacific will have full ownership of Palmer.

    “An updated mineral resource estimate (MRE) is underway, and this transition consolidates ownership and provides a clear path forward with a renewed focus on advanced exploration and resource expansion, which we believe will create significant value for a Project that currently includes a small fraction of the known VMS showings in the current MRE,” American Pacific CEO Warwick Smith said in Monday's (November 18) press release.

    Palmer currently hosts a consolidated MRE of 4.68 million metric tons at 10.2 percent zinc equivalent in the indicated category and 9.59 million metric tons at 8.9 percent zinc equivalent in the inferred category.

    The MRE includes two defined deposits: the Palmer deposit and the AG zone deposit. According to American Pacific, an updated MRE is expected to reflect the results of drilling campaigns conducted in 2023 and 2024.

    Located approximately 60 kilometers from the port of Haines, more than US$116 million has been invested in Palmer to date. The area also boasts numerous high-grade, drill-ready prospects spread across over 15 kilometers.

    American Pacific believes the project's infrastructure, road access and proximity to a deep-sea port position it well for development. A 2019 preliminary economic assessment outlines a low-cost, high-margin underground operation.

    With the US$10 million payment from Dowa in hand, American Pacific is projected to hold over C$16 million in cash by the end of this quarter. This financial position strengthens the company’s ability to advance both Palmer and its second flagship asset, the Madison copper-gold project in Montana, which it also fully controls.

    Don't forget to follow us @INN_Resource for real-time news updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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    Giann Liguid
    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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