GoldMiningNewsRecommended

VIDEO: American Pacific Mining ORD President Talks New Gold in Nevada

MidasLetter Live
|

American Pacific Mining ORD (CNSX:USGD) (FRA:1QC) President Eric Saderholm talks about a new big gold project in Nevada with a lot of positive grades. The project was taken on at a good deal from Novo Resources Corp (CVE:NVO). The site has a history of good test results going back to the 1990s.

TRANSCRIPT:

James West:    Eric, thanks for joining me today.

Eric Saderholm: Thanks for having me.

James West:    Eric, you recently started another company, American Pacific?

Eric Saderholm: Yes.

James West:    And you’ve got a property in Nevada. Tell me about the project, and tell me about the area in Nevada where you’re operation.

Eric Saderholm: It’s about 40 miles out of Elko, Nevada, so it’s north of Elko, so it’s pretty close to where I live. It’s an epithermal vein system, so it’s a high-grade vein system. It’s been – it was discovered back in the 1860s, and they did a fair amount of mining; there was some plaster work that was done there. But the exploration methods back in that particular time didn’t allow for them to drill. So when they lost some of these veins, they were offset by certain structures, and the veins remained unmined.

Back in, oh it was about 1998, Newcrest, before they became big, drilled some holes out there: 28 holes, and Mr. Quentin Hennigh, who’s now with Novo, was drilling those holes as a younger man. So he knew about it, and when the property became available a few years back, Novo picked it up.

When they got famous and moved to Australia with their other big projects, it wound up becoming available to us. We got a pretty good deal on it, we’re excited about it. The grades really do smack, they’re really good, and it just looks like a really good project. Easy to permit, nice area to permit, the BLM already has a bond, so we’re moving forward into the drilling phase. We’re going to be drilling after we do our geophysics, probably, say, May or so.

James West:    Okay. So that area is sort of synonymous with large discoveries and producing gold mines of high grade, low grade, every description, really.

Eric Saderholm: Absolutely. Hundreds of millions of ounces will be produced out of Nevada when it’s all said and done, so we have a really good address, and really good grades to boot.

James West:    Sure. Tuscarora is not part of the Carlin trend, though?

Eric Saderholm: No. The mineralization is the same age as the Carlin trend, but it’s not associated with it – we don’t think so, anyways.

James West:    Sure. Is that down towards the Walker Lane trend?

Eric Saderholm: No, it’s actually up north towards Idaho.

James West:    Oh, up north, sorry. I’m thinking upside down. Okay, so tell me a bit about your past. You’ve had quite an illustrious career in the mining industry…

Eric Saderholm: I’ve been a consultant for just about every mining company. I worked 15 years for Newmont in two separate tranches, I should say. I’ve been in the junior market, I worked for US Gold, I’ve worked with Warrick Smith before, I enjoy working with him, I think we’re a strong team; and this is just another opportunity and another chapter, moving my career forward.

James West:    Sure. What are some of the big mines in the area that you’re working in?

Eric Saderholm: The biggest mines are the Carlin Trend mines that all have collectively about 100 million ounces of mine-able gold. So there’s a lot of gold in the system there, a lot of gold in the crusts.

James West:    And so the drilling or the exploration that’s been done to date on the property, is it near-surface, deep?

Eric Saderholm: It’s pretty near surface. It’s under gravel, and that’s the reason why it was not discovered; it’s hidden, but we know about it, and we know about it through drilling. We have a program already that we’re lining up, to drill it, so had it been exposed to the surface it would have been mined a long time ago.

James West:    Mm-hmm. So I guess the game plan is the usual: drill, analyze, repeat, until you’ve got a discovery on your hands?

Eric Saderholm: Some things never change.

James West:    Right. Okay, that’s great. We’ll leave it there for now. I’ll come back to you in a quarter’s time and see how you’re doing. Thanks for your time today.

James West:    Thanks for having me.

MidasLetter Live

Midas Letter LIVE!

Midas Letter LIVE is the video channel from Midas Letter Financial Group's headquarters studio in the Exchange Tower in the heart of Canada's Financial District in downtown Toronto, Ontario, where we interview the CEO's from the top emerging companies on the Canadian publicly traded company landscape. Live Streaming on Facebook...
More Info...

[email protected]

Midas Letter is provided as a source of information only, and is in no way to be construed as investment advice. James West, the author and publisher of the Midas Letter, is not authorized to provide investor advice, and provides this information only to readers who are interested in knowing what he is investing in and how he reaches such decisions.

Investing in emerging public companies involves a high degree of risk and investors in such companies could lose all their money. Always consult a duly accredited investment professional in your jurisdiction prior to making any investment decision.

Midas Letter occasionally accepts fees for advertising and sponsorship from public companies featured on this site. James West and/or Midas Letter may also receive compensation from companies affiliated with companies featured on this site. James West and/or Midas Letter also invests in companies on this site and so readers should view all information on this site as biased.

Free Newsletter,
Priceless Content.

Get more of Midas Letter delivered right to your inbox.

Special Offer

Sign-up today and receive free and immediate access to three recently published special reports!