Vancouver’s American Pacific Mining Corp (CSE: USGD) (OTCQX: USGDF) has finalized its acquisition of the privately owned company Clearview Gold and acquired three Nevada operations through the transaction.
The company announced completion of the transaction on Wednesday and has issued 11.5 million shares at $0.34 a piece and $200,000 cash to the shareholders of Clearview Gold for a total value of approximately $4.1 million.
Clearview Gold is a company owned by NewQuest Capital, an investment firm focused on mineral exploration. American Pacific has acquired projects in the Eureka, Carlin and Round Mountain trends in Nevada.
The Ziggurat project in the Round Mountain trend currently operates under a joint venture agreement with Centerra Gold (TSX: CG) (NYSE: CGAU). Centerra currently has the option to spend an additional US$6 million to earn 70 per cent of revenue derived from the project over five years.
The company is currently in the second year of an earn-in arrangement there and plans to hone its focus on exploring Ziggurat this year.
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Acquisition strengthens American Pacific’s Nevada portfolio
The other two Nevada projects American Pacific has acquired are the Danny Boy Mine and the Alpha Project.
The Danny Boy Mine property is situated on the northern extension of the Carlin trend next to American Pacific’s Tuscarora property. Clearview has been conducting exploration activities for both epithermal and Carlin-type gold at this location.
The Alpha Project is in close proximity to the Carlin and Battle Mountain-Eureka trends. Previous exploration efforts have focused on identifying near-surface Carlin-type oxide gold deposits at this site.
American Pacific already owned the Gooseberry silver-gold project and the Tuscarora gold-silver project in Nevada along with a major project in Alaska.
NewQuest Capital also owns the copper miner Red Canyon Resources, Headwater Gold Inc (CSE: HWG), FinEx Metals and Inflection Resources Ltd (CSE: AUCU).
American Pacific’s shares rose by 1.45 per cent Friday to $0.35 on the Canadian Securities Exchange.
INTERVIEW: CEO Warwick Smith talks with @petergrandich and our largest shareholder, Michael Gentile about today's acquisition announcement, which includes the Ziggurat Gold Project partnered with @Centerra_Gold
READ THE FULL NEWS RELEASE ⬇️https://t.co/0dEqYiBWQU#gold pic.twitter.com/sGgrBCXIlE
— American Pacific Mining Corp. (@AmerPacMine) May 2, 2023
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NevGold Corp. (TSX-V: NAU) (OTCQX: NAUFF) is another junior explorer with substantial operations in Nevada. A March report from the junior mining research firm Caesars Report indicated that NevGold had developed a strong knowledge of the mineralization surrounding its Limousine Butte project in Nevada, a site that could yield 2 million ounces of gold over its life span.
A recent survey conducted by Canada’s Fraser Institute indicated that Nevada was the world’s top mining jurisdiction to invest in.
NevGold’s shares stayed flat at $0.36 on the TSX Venture Exchange Friday.
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