Project Overview

USGD acquired the permitted Madison Copper Gold Mine from Madison Metals June 2020

100% owned with US$6.8M spent on exploration since 2019

Past production 2008 – 2012 of 2.7M lbs of copper with grades ranging from ~20% to over 35% copper and 7,570 ounces of gold at 16.1 g/t

Analogous to and just 48 km from the Butte mine, which churned out 21 billion lb. copper, 715 million oz. silver, 2.9 million oz. gold

Copper-Gold in Montana, USA

American Pacific’s Madison Mine is a high-grade, past-producing, 100% owned Copper-Gold project in Montana, which the Company acquired in 2020.

For this transaction, American Pacific was selected as a finalist in the ‘Deal of the Year’ category in both 2021 and 2022 at the S&P Global Platts Global Metals Awards, an annual program that recognizes exemplary accomplishments in 16 performance categories.

Historical Drill Highlights

Exceptional grades allowed for mining with very basic methods & infrastructure

Click here to view Combined Madison Drill Result

Madison Project has Fortitude Characteristics

Fortitude deposit has 2.5M ounces gold

* Assumptions: $1.22 per pound zinc, $2.82 per pound copper, $16.26 per ounce silver, $1296 per ounce gold are the average of three years past and projected two years forward based on London Metal Exchange futures as of April 16th, 2019. Barite price of $220 per metric tonne provided by third party barite industry experts.

Geology

The project, a high-grade Cadia-like skarn over porphyry system, encompasses 2,514 acres consisting of six patented lode claims and 108 unpatented mineral claims. Recent interpretations identified multiple priority target areas believed to be associated with large-scale porphyry mineralization at depth and located within a well-mineralized, two-mile-long geological, geophysical and geochemical trend. The project is permitted for mining, surface and underground exploration.

The Broadway mine produced:

144,000

ounces of gold from 1880-1950

7,570

ounces of gold from 1880-1950 (Avg. of 0.52 oz/ton Au)

3.02M

pounds of copper from bulk samples of 19,803 tons (Avg. of 25% Cu)

Approximately 3,000 total feet of underground workings go to a depth of 215 feet underground. Broadway Gold Mining Ltd. refurbished parts of the Madison Mine in 2017, rehabilitating the underground workings in order to access certain stopes and mineralization, allowing for a successful exploration drill program to take place as well.

Currently, known skarn mineralization, gold-bearing jasperoid and massive sulphide gold and copper mineralization is proposed to be linked to a deeper porphyry system.

Madison Ore

JASPEROID/JASPER ORE

Grades:
Hole 88-C9 (199′-213′, 14 ft)
Au= 0.53 opt
Ag= 0.16 opt
Cu= 0.23%

Process/Milling:
Golden Sunlight Mine/Mill

NATIVE COPPERCHALCOCITE ORE
Grades:
Hole 94-5R (475′-485′, 10 ft)
Au= 0.020 opt
Ag= 0.20opt
Cu= 10.58%

Process/Milling:
Smelter

MASSIVE SULFIDE/SKARN ORE
Grades:
Hole CO6-8 (401′-418.7′,17.7 ft)
Au= 0.67 opt
Ag= 4.20 opt
Cu= 11.2%

Process/Milling:
Phillipsburg Mill, Montana

Past Production & Shipments

Broadway Mine Production*

1880-1950

  • 144,000 oz of gold with average grades of 9 g/t from 1.8 km length of underground workings (depth of 230m)

Madison Gold and Copper Shipments**

2008-2013

  • 2008: First oxide gold averaging 19 g/t Au shipped to Barrick Gold’s nearby Golden Sunlight Mine (Whitehall, Montana)
  • 2009: First sulphide gold averaging 20 g/t Au shipped to Kinross Gold’s Republic Mine (Republic, Washington)
  • 83% average gold recovery from 12 shipments
  • 20,000 tons (14597 tons of gold skarn, 5,208 tons of copper skarn) shipped as bulk sample during underground development and milled recoveries of 7,570 ounces of gold and 3,020,000 pounds of copper
*Hosted within Madison Project
** Shipments- stockpiling oxide gold, massive sulphide gold and copper mineralization for subsequent mill shipment
*Source: Madison Project report June 2016, Page 1

Technical Reports

43-101 Technical Report

43-101 Technical Report Update

Madison Combined Drill Results

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