American Pacific Mining Secures 100% Interest in Palmer Project, Alaska
American Pacific Mining Corp has finalized a transaction to gain 100% ownership of the Palmer VMS Project in Alaska. The company also received USD$10 million in cash as part of the deal.
American Pacific Mining Corp has completed a transaction, securing 100% ownership of the Palmer VMS (Volcanogenic Massive Sulphide) project located in Alaska. The company announced on December 2, 2024, that the previously announced deal with Dowa Metals & Mining Alaska Ltd. has been closed, transferring full control of the project to American Pacific Mining and providing the company with USD$10 million in cash.
The Palmer project is recognized for its significant copper and zinc potential. Assay results from previous drilling campaigns in late 2024 revealed promising grades, including 18.0 meters grading 1.5% copper and 5.4% zinc. The company had announced in November 2024 that it was set to receive USD$10 million and full ownership of the Palmer project.
American Pacific Mining is also actively advancing its other assets. The Madison Project in Montana has yielded notable results, with the 2024 field program reporting up to 80.6 g/t gold, 5.2% copper, and 136 g/t silver. The company's strategy centers on exploring and developing mineral resource opportunities across North America, aiming to deliver shareholder value through its portfolio of high-potential projects.