American Pacific to buy more Nevada gold projects
CSE-listed American Pacific Mining has announced that it plans to buy three gold projects in the Round Mountain, Carlina and Eureka trends of Nevada, in the US.
The company has entered into an agreement to acquire Clearview Gold, a private exploration company that is part of the NewQuest Capital company.
Clearview’s Ziggurat project, located on the northern end of the Round Mountain trend and proximal to the Northumberland mine, is currently under a joint venture agreement with Centerra Gold. Centerra has the option to spend up to $6-million to earn 70% of the project over five years. Presently, Centerra is in year two of the earn-in arrangement and has plans to aggressively explore the project in 2023.
The Danny Boy mine property is located on the northern extension of the Carlin trend, adjacent to American Pacific’s Tuscarora property. Clearview has been exploring for epithermal and Carlin-type gold.
The Alpha project is proximal to the Carlin and Battle Mountain-Eureka trends and previous exploration has targeted near-surface Carlin-type oxide gold.
“The strategic rationale of the transaction is compelling on many levels: it provides American Pacific shareholders with the opportunity to participate in an even more diversified portfolio, which includes three active exploration projects partnered with major mining companies—Rio Tinto, Dowa Metals and Mining and now Centerra—plus discovery exposure with a growing portfolio of highly prospective exploration assets in the western USA,” said American Pacific CEO Warwick Smith.
“This private acquisition strengthens our position to create value for all stakeholders.”
Under the terms of the agreement, American Pacific will pay C$200 000 and issue 11.5-million common shares of the company.
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