Project Overview

Advancing a high-grade copper-zinc resource to feasibility with PEA Completed in June 2019

  • 2019 PEA post-tax NPV@7% US$266M
  • ~C$30M transaction vs ~C$230M attributable NPV

Defining a multi-deposit district with exceptional exploration upside

Total project expenditures of ~US$100M through to end of 2023

JV partnership with Dowa Metals & Mining Alaska Ltd and a 5 year plan to feasibility

  • Robust 2024 exploration/development budget anticipated

Defining high-grade, low-capex type targets within a multi-deposit, district-scale environment

The Palmer VMS Project is an advanced stage Cu-Zn-Au-Ag exploration project in Southeast Alaska with road access and located only 60 km (37 miles) from the deep sea port at Haines, Alaska.

The project hosts two NI 43-101 compliant resources, the Palmer Deposit and AG Zone Deposit, with a total consolidated mineral resource of 4.68 million tonnes of 10.2% zinc equivalent in the indicated category and 9.59 million tonnes of 8.9% zinc equivalent in the inferred category.

A Preliminary Economic Assessment (“PEA”) was completed in June 2019 (filed July 18, 2019, amended March 7, 2022; filed on, which presents a low capex, low operating cost, high margin underground mining operation with attractive environmental attributes.

The Palmer project includes numerous drill-ready high-grade prospects that define more than 15 kilometers of favorable mineral trends, all hallmarks of a significant massive sulphide system and opportunity for the discovery of multiple deposits.

Two High-Grade Deposits Copper-Zinc-Silver-Gold and Barite

*CuEq = (25.3 x Zn% + 66 x Cu% + 22 x Pb% + 0.51 x Ag g/t + 40.19 x Au g/t)/66

See news release dated December 18, 2018. Net Smelter Return (“NSR”) equals (US$16.01 x Zn% + US$48.67 x Cu% + US$23.45 x Au g/t + US$0.32 x Ag g/t). NSR formula is based on estimated metallurgical recoveries, assumed metal prices, and assumed offsite costs that include transportation of concentrate, smelter treatment charges, and refining charges. ZnEq equals = ($66 x Cu% + $25.3 x Zn% + $22 x Pb% + $0.51 x Ag g/t + $40.19 x Au g/t) / 25.3. Assumed metal prices are US$1.15/lb for zinc (Zn), US$3.00/lb for copper (Cu), US$1250/oz for gold (Au), US$16/oz for silver (Ag). Estimated metal recoveries for Palmer Deposit are 93.1% for zinc, 89.6% for copper, 90.9% for silver (70.8% to the Cu concentrate and 20.1% to the Zn concentrate) and 69.6% for gold (49.5% to the Cu concentrate and 20.1% to the Zn concentrate) as determined by 2018 metallurgical locked cycle flotation tests. No recovery data is available for AG Zone deposit. Barite (BaSO4) not included in the Cut-off determination or reported ZnEq and CuEq.

2019 Preliminary Economic Assessment (PEA)

Major Milestone Achieved June 2019

* 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.


NOTE: The PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Land Package

Large, district-scale property position totaling approximately 25,084 hectares (61,984 acres) (inclusive of the ‘Haines Block’ leased from the Alaska Mental Health Trust Authority and the pre-existing Palmer state and federal claims).

Excellent access

Located adjacent to a paved Alaska state highway, with a short distance (60 kilometers/37 miles) to year-round deep-sea port facilities in Haines, Alaska, and Pacific Ocean access to Asian mineral concentrate markets.

Partner in Dowa Metals

Dowa Metals and Mining Alaska Ltd. has earned into 68% ownership of Palmer, whereas American Pacific owns 32%. American Pacific is the operator and receives a 7% management fee on all Palmer expenditures.

About Dowa Metals

Dowa Alaska’s parent company, Dowa Metals and Mining Co., Ltd., is headquartered in Tokyo, Japan. The partnership with Dowa significantly de-risks the Palmer project as Dowa brings over 100 years of experience in the exploration, production and smelting of VMS deposits.


  • The original discovery of surface mineralization was made in 1969 by local prospector Merrill Palmer, followed by a number of exploration campaigns by various companies throughout the subsequent years. Drilling done by Constantine made the significant deposit discoveries leading to the first resource estimate for South Wall and RW Zones (The Palmer Deposit) in 2010 and the discovery of the AG Zone Deposit in 2017 validating the potential of this emerging base metal district.
  • A resource estimate done in late 2018 brought the total resource for both the Palmer Deposit and the AG Zone Deposit to a total of 10 million tonnes (*see Resource Table below) allowing American Pacific to reach the major milestone of delivering a positive Preliminary Economic Assessment (PEA) in mid-2019.


  • Palmer is hosted by the same Late Triassic volcanogenic massive sulphide (VMS) belt as the high-grade producing Greens Creek silver-zinc-gold-lead mine, and the giant 298 Mt Windy Craggy copper deposit – a world class environment.
  • Palmer displays volcanic-hosted base metal mineralization associated with interpreted felsic exhalative horizons in a thick sequence of basalt flows with interbeds of sediments, andesite flows and tuffs and fragmental and massive rhyolites.
  • Notable prospect areas, all in close proximity, include the South Wall and RW zones, AG zone, Mount Henry Clay, Cap, Hanging Glacier, the Gullies, Boundary and Red Creek.

Technical Reports

43-101 Technical Report (PEA)

Fact Sheet

Palmer Project Fact Sheet 2024

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