Gold exploration firm American Pacific Mining (APM) has signed a letter of intent (LoI) with Broadway Gold to acquire the latter’s interest in the Madison copper-gold project in Montana, US.

Madison is situated in the state’s copper-gold belt and 38km south-east of the Butte Mining District.

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It is known to host high-grade Cadia-like skarn over a porphyry system, covering 2,514 acres.

The Madison copper-gold project is permitted for mining, surface and underground exploration and has two past-producing underground mines, namely Broadway and Madison.

Broadway produced 144,000oz of gold graded at 0.32oz/t Au from 1880 to 1950, while Madison produced bulk samples of 13,242t graded at 25% Cu and 0.32oz/t gold from 2005 to 2011.

Drilling at the Madison copper-gold project commenced in June 2019.

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American Pacific Mining CEO Warwick Smith said: “The opportunity to acquire the fully-permitted, past-producing Madison Copper-Gold Project will strengthen the portfolio with a porphyry/skarn project that has already been evaluated and transacted upon by a major.”

Madison is currently subject to an ‘earn-in with an option to joint venture’ agreement signed with Rio Tinto unit Kennecott Exploration in April last year.

APM noted that Kennecott is not a party to the LoI or the proposed transaction between the company and Broadway.

The company said in a statement: “There is no guarantee that the parties will be able to finalise a definitive agreement.

“It is expected that any such definitive agreement would be subject to a number of conditions, including the receipt of all required regulatory, corporate and stock exchange approvals, the completion of the arrangement and any required shareholder approvals.”

In April 2019, APM entered an earn-in agreement with OceanaGold US Holdings regarding its Tuscarora Gold Project in Nevada, US.