American Pacific Mining Corp. (CSE: USGD / OTCQB: USGDF / FWB: 1QC) is a gold exploration company focused on precious metal opportunities in the Western United States. The Company completed a transformational transaction in 2020 by acquiring the Madison Copper Gold Project near Silver Star Montana, USA, a joint venture with Kennecott Exploration Company, part of the Rio Tinto Group (ASX, LON: RIO). Through the earn-in agreement, Rio Tinto must spend $30 million USD to earn up to 70% of the Project.
With a $2M 14 hole drill program completed in 2019 and drills already turning on another up to 40 holes in 2020, Rio Tinto has demonstrated that they are emboldened by the results so far at Madison.
Madison has a rich history of production having sold nearly 2.7M pounds of copper with grades ranging from just under 20% to over 35% Cu and 7,570 ounces of gold at an average grade of 16.1 g/t between 2008 and 2012.
The project is analogous to and just 48 km from the Butte mine, which churned out 21 billion lb. copper, 715 million oz. silver, 2.9 million oz. gold plus significant zinc, lead and manganese when it was in production between 1955 and 1982.
Also in the Company’s project portfolio are two highly prospective high grade precious metals projects, the Gooseberry Gold and Silver Project and the Tuscarora Gold Project, now under joint venture with drills turning in the second half of 2020. Both projects are located in Nevada–one of the world’s most prolific precious metals jurisdictions.