JPL Project, Esmeralda County, Nevada USA
American Pacific Mining has entered into an option agreement for the JPL Property with Curellie LLC, a private company based in Nevada USA. The property consists of 54 unpatented mining claims situated in Esmeralda County, Nevada. Curellie (the “Owner”), has granted to APM the exclusive option and right to acquire JPL for a series of yearly payments.
“The JPL property is in a good mining jurisdiction in Nevada USA, with a productive past history and early stage sampling returning some interesting gold and silver grades,” commented Eric Saderholm, President of APM. “American Pacific may look for a joint venture partner to advance the JPL gold property while we continue to concentrate on the extensive work program ahead at Tuscarora.”
JPL is a gold prospect in Esmeralda County, Nevada with widespread high-grade gold in surface samples. The project is located 50 miles south of Tonopah and 160 miles north of Las Vegas in the Walker Lane structural zone. The Goldfields District to the north and the region around Beatty to the south are areas that have produced millions of ounces of gold. Recent activity at North Bullfrog and Mother Lode by Corvus Gold Inc. also indicates exploration potential for the area.
Over 240 rock chip samples have been collected with gold values ranging from less than detection to 16.6 ppm Au (0.5 opt Au). 94 samples are greater than 0.30 ppm and that group averages 2.1 ppm Au (0.06 opt Au). Although this is a gold dominant system, the silver ranges from less than detection to 247.5 ppm Ag (7.2 opt Ag). Recent sampling returned up to 6.9 ppm Au.
Geologic mapping from the 1980’s identified the primary shallow north dipping, quartz-pyrite-gold veins in structural zones that the historic prospects worked on. Many of the rock chip samples returned high gold values from other quartz-pyrite-gold veins and quartz stockwork veins that are shallow dipping and in high-angle faults.
Curellie LLC has granted to American Pacific Mining (US) Corp. the exclusive option and right to acquire ownership of the JPL Property.
APM shall pay the following Minimum Payments to Owner:
On the parties’ execution of the Agreement
First anniversary of Effective Date
Second anniversary of Effective Date
Third anniversary and each succeeding anniversary of the Effective Date
APM will pay a 3 percent production royalty to Curellie based on the Net Smelter Returns from the production and sale of minerals from the Property. The term of this Agreement shall commence on the Effective Date and shall continue for ten (10) years, subject to APM’s right to extend this Agreement for two (2) additional terms of ten (10) years each.