Published: February 16, 2024 |

[Click image to enlarge]

American Pacific Mining said Kennecott Exploration Company, a subsidiary of the Rio Tinto Group, has agreed to discontinue the 11-year Madison earn-in agreement to acquire a 70 percent interest in American Pacific’s Madison Mine Project. The company has regained 100 percent ownership and control of Madison, which now becomes the company’s lead solely owned property.

“I’d like to start by emphasizing what an excellent partner Rio Tinto has been. We would have naturally liked to see the partnership continue with Rio funding exploration more aggressively, but given the dynamics of the underlying option term and Kennecott’s priorities, regaining 100 percent control of the Madison Project is a positive development, as it provides American Pacific with an excellent opportunity to advance the project more rapidly with shareholders now having 100 percent exposure to new drill results and project success,” said Warwick Smith, American Pacific’s chief executive officer.

“We recently collaborated to define a series of shallow priority targets and have a permitted drill program targeting high-grade copper and gold that American Pacific plans to commence as soon as weather permits,” added Smith.

The Madison Project was host to small-scale production, which concluded in 2012 with 2.7 million pounds of copper produced at grades ranging from 20-35 percent copper. The company intends to proceed with the 2024 drill program as planned in collaboration with Kennecott.

American Pacific Mining is a precious and base metals explorer and developer focused on opportunities in the Western United States. The company has two flagship assets. The Palmer Project, a volcanic massive sulphide-sulphate (VMS) project in Alaska, under joint-venture partnership with Dowa Metals & Mining and the Madison Project, a past-producing copper-gold project in Montana. For the Madison transaction, American Pacific was selected as a finalist in both 2021 and 2022 for ‘Deal of the Year’ at the S&P Global Platts Global Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories. Also, in American Pacific’s asset portfolio are high-grade, precious metals projects located in key mining districts in Nevada, including the Ziggurat Gold project, partnered with Centerra Gold and the Tuscarora Gold-Silver project.

Be in-the-know when you’re on-the-go!

CLICK HERE to register your email address.

Copyright © 2024 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

For licensing permission, .(JavaScript must be enabled to view this email address)