American Pacific Mining president Eric Saderholm
Gold explorer and developer American Pacific Mining on Friday announced that it had completed the transaction with Madison Metals and acquired all the issued and outstanding shares of Broadway Gold.
Broadway is the owner of the Madison copper/gold project near Silver Star, Montana.
The project is currently under an earn-in, joint venture agreement, whereby Kennecott Exploration Company, part of the Rio Tinto Group, may spend $30-million to earn up to 70%.
“The Madison project is a very high-grade copper/gold deposit and this transaction represents a significant milestone for American Pacific Mining as we continue to build a strong portfolio of projects in the western US. We look forward to a productive year of porphyry and skarn exploration and definition of this quality asset with our new joint venture partner,” said company president Eric Saderholm.
Drill results from Kennecott’s 2019 drill programme were pending and should be released shortly, the company noted.