On November 18, 2024, American Pacific Mining Corp. announced that it has entered into an agreement with Constantine North Inc. and Dowa Metals & Mining Alaska Ltd. to acquire Dowa’s interest in Constantine Mining LLC, the holder of the Palmer VMS Project. Following the acquisition of the Dowa Interest, American Pacific will have consolidated a 100%-interest in the Project.
Pursuant to the terms of the Purchase Agreement executed November 15th, 2024, CNI, a wholly-owned subsidiary of American Pacific, will acquire the Dowa Interest from Dowa and Dowa will pay US$10,000,000 to American Pacific in exchange for providing Dowa with an option to acquire up to 50% of the zinc concentrate produced at the Project for the initial year of production and each subsequent year of production at the Project and the provision of certain indemnities in the Purchase Agreement.
American Pacific is pleased to have regained 100%-ownership and control of Palmer.
Summary:
The Project hosts two known VMS deposits, the Palmer deposit, which consists of the South Wall and RW Zones, and the newly discovered AG Zone deposit, located three km to the southwest (At the South Wall and RW Zones, six mineralization styles have been identified and are grouped according to dominant mineral assemblages and texture and include: Barite mineralization (Zn-rich), Massive Pyrite Mineralization (Cu-rich), Semi-massive and Stringer-style Mineralization, Massive Pyrrhotite Mineralization, Carbonate Mineralization and Barite-Carbonate Mineralization. At the AG Zone deposit, mineralization consists of Massive and Semi-massive sulfide and barite, and feeder-style stringers and replacement. Four alteration facies are associated with the known mineralized zones and include: Quartz-Pyrite, Muscovite, CarbonateChlorite and Epidote.
The South Wall Zones (SWZI, SWZII-III, SWEMZ) are located on the south-facing, steeply dipping limb of megascopic, deposit-scale anticline, disrupted by recognized thrust faulting, normal faulting and strike-slip faulting. The RW Zones (RW East, RW West, RW Oxide) are located on the north-facing, gently dipping upper limb of the same anticline. The RW Oxide Zone is the near surface equivalent of the RW East Zone where sulfide minerals of massive barite-sulfide mineralization have been oxidized and leached, depleting the zone of copper and zinc and enriching the silver and gold grades. The AG Zone deposit (including the AG Main Lens and AG Footwall Zone) is located three km m to the southwest, on a steep Nunatak between the Saksaia and South Saksaia Glaciers.
Drilling to date has defined a total plunge length of near-continuous South Wall mineralization of 700 m, and a total strike length to 550 m, with exhalative mineralization occurring at more than one stratigraphic level. The RW Zones have been defined over a dip length of 325 m, and a total strike length of 800 m. The new AG Zone deposit has a strike length of 550 m and a vertical extent of 250 m. Reconstruction of the primary depositional environment of the Palmer Deposit (via unfolding and restoration of post-mineralization fault offset) yields a single continuous mineralized system that is over 1.5 km in length. The known zones are open to expansion in multiple directions, and most notably, the thickest mineralized intersection is located at the lower limit of the South Wall drilling done to date.
At the South Wall and RW Zones, six mineralization styles have been identified and are grouped according to dominant mineral assemblages and texture and include: Barite mineralization (Zn-rich), Massive Pyrite Mineralization (Cu-rich), Semi-massive and Stringer-style Mineralization, Massive Pyrrhotite Mineralization, Carbonate Mineralization and Barite-Carbonate Mineralization. At the AG Zone deposit, mineralization consists of Massive and Semi-massive sulfide and barite, and feeder-style stringers and replacement. Four alteration facies are associated with the known mineralized zones and include: Quartz-Pyrite, Muscovite, Carbonate-Chlorite and Epidote.
The South Wall Zones (SWZI, SWZII-III, SWEMZ) are located on the south-facing, steeply dipping limb of megascopic, deposit-scale anticline, disrupted by recognized thrust faulting, normal faulting and strike-slip faulting. The RW Zones (RW East, RW West, RW Oxide) are located on the north-facing, gently dipping upper limb of the same anticline. The RW Oxide Zone is the near surface equivalent of the RW East Zone where sulfide minerals of massive barite-sulfide mineralization have been oxidized and leached, depleting the zone of copper and zinc and enriching the silver and gold grades. The AG Zone deposit (including the AG Main Lens and AG Footwall Zone) is located three km m to the southwest, on a steep Nunatak between the Saksaia and South Saksaia Glaciers.
Drilling to date has defined a total plunge length of near-continuous South Wall mineralization of 700 m, and a total strike length to 550 m, with exhalative mineralization occurring at more than one stratigraphic level. The RW Zones have been defined over a dip length of 325 m, and a total strike length of 800 m. The new AG Zone deposit has a strike length of 550 m and a vertical extent of 250 m. Reconstruction of the primary depositional environment of the Palmer Deposit (via unfolding and restoration of post-mineralization fault offset) yields a single continuous mineralized system that is over 1.5 km in length. The known zones are open to expansion in multiple directions, and most notably, the thickest mineralized intersection is located at the lower limit of the South Wall drilling done to date.