American Pacific mining (APM) has purchased the Madison copper gold project in Montana, US.
APM has signed a letter of intent with Broadway gold for the project, which is located in the state’s copper gold belt in the Butte mining district. Madison has permissions to mine for copper and gold as well as surface and underground exploration for both metals.
The Madison project has a strong copper value, producing around 3mn lb (1,360.7mt) of the metal from ores recovered between 2005 and 2011. On drilling of 8.5 meters, the company found 4pc of copper and on drilling of 262 meters it found 1.7pc of copper. According to a company official, acquiring the Madison copper gold project will strengthen APM’s portfolio with a skarn project.