VANCOUVER, B.C. — American Pacific Mining Corp. this week provided an update on exploration progress at the Gooseberry Gold-Silver Project, located in Nevada and under joint venture earn-in agreement with privately-owned GRAC Global Resource Acquisition Corp.
A 12-hole diamond drill program is planned for early second quarter at the Gooseberry Gold-Silver Project, a low sulphidation, epithermal vein system encompassing the historical Gooseberry silver-gold mine in Storey County. The past-producing underground silver and gold mine operated for nearly a century between 1900s and 1990s, after which mining ceased due to low precious metals prices. No meaningful modern exploration work has been done on the project since 1994.
On Nov. 4, 2020, American Pacific entered into an earn-in joint venture agreement with GRAC, whereby GRAC may earn up to 80% of the asset by making cash and share payments to American Pacific, spending $4.5M in exploration expenditures and completing a Positive Feasibility study.
GRAC is in the final process of negotiating a public listing and expects to be publicly traded in the first quarter of 2021.
American Pacific Mining Corp. is a gold explorer focused on precious metals opportunities in the Western United States. The Madison Mine in Montana, under option to joint venture with Kennecott Exploration Co., is the company’s flagship asset.
The Gooseberry Gold-Silver Project, under option to GRAC Global Resource Acquisition Corp.; and the Tuscarora Gold Project, under option to Soldera Mining, are two high-grade, precious metals projects located in key mining districts of Nevada. The Company’s mission is to grow by the drill bit and by acquisition.