American Pacific Mining Corp. has signed a letter of intent with Broadway Gold to purchase the company’s stake in the Madison copper-gold project in the U.S. state of Montana.
“The opportunity to acquire the fully-permitted, past-producing Madison Cop-per Gold Project will strengthen the portfolio with a porphyry/skarn project that has already been evaluated and transacted upon by a major,” said Warwick Smith, the chief executive of American Pacific, as quoted in a statement.
The Madison project comprises 2,514 acres “consisting of six patented lode claims and 108 unpatented mineral claims,” according to American Pacific. “The Madison mine was developed between 2005-2011 and generated 7,570 ounces of gold and 3,020,000 pounds of copper from bulk samples of 19,803 tons”.
Broadway Gold says that, since 2005, the business has invested about $20 million in the exploration, development and bulk sampling of the U.S. mine.