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American Pacific gains Nevada-based Gooseberry mine

Vancouver-based explorer American Pacific Mining has staked a third Nevada project as it seeks to capitalise on undervalued western US precious metals opportunities.
American Pacific gains Nevada-based Gooseberry mine American Pacific gains Nevada-based Gooseberry mine American Pacific gains Nevada-based Gooseberry mine American Pacific gains Nevada-based Gooseberry mine American Pacific gains Nevada-based Gooseberry mine

American Pacific Mining has staked the historic Gooseberry mine in Nevada

Staff Reporter

The company said it had staked the historic gold-silver Gooseberry mine in Storey county for total cost of US$20,000, giving it control of 42 unpatented claims totalling 287 hectares.

The Gooseberry project area is said to host a low sulphidation, epithermal system with high-grade gold and silver mineralisation hosted in quartz carbonate veins.

Sporadic hard rock gold-silver mining took place at the Gooseberry mine between 1906-1991, with little to no exploration occurring beneath the lower levels of the underground mine. The company also believes the Ramsey district, where the project is located, remains under-explored compared to many other areas of Nevada, despite its excellent access to infrastructure.

"When the last operators were mining at Gooseberry, gold was only $353/oz, so little exploration was taking place. I look forward to reviewing the historic data and starting the 2019 sampling programmes as soon as possible," president Eric Saderholm said.

Earlier this month OceanaGold entered a $10 million option on the company's Tuscarora property, with a commitment to spend $650,000 on exploration over the next 12 months.

American Pacific's (CSE:USGD) equity dipped 19% or C4c in Toronto on Tuesday to 17c, capitalising the company at $9.88 million.

The stock has powered to a 362% gain since the start of the year to early April, and despite dropping off somewhat since then, is still trading 185% higher over the period.

But it is about 50% lower than a year ago.