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American Lithium Minerals (OTCID:AMLM) has acquired a 19 percent stake in privately held Cunningham Mining, expanding its exposure to precious metals in British Columbia’s Golden Triangle.
The acquisition gives the OTC-listed explorer an indirect interest in Cunningham’s Nugget Trap placer claims, a 573.7-acre property registered with the British Columbia Mineral Title registry and located within the Skeena Mining Division.
The transaction adds a permitted gold project to American Lithium Minerals’ growing portfolio as it seeks to diversify across gold, lithium, rare earths and other critical minerals.
According to the company, the Nugget Trap property is authorized for a pay mining program of up to 30,000 cubic yards per year under permits issued by the British Columbia Ministry of Mines.
A recent independent assay based on a 25-pit test program reported average grades of more than 25.54 grams of gold per cubic meter along with recoverable silver.
The company attributes the mineralization to large gold and copper systems located upstream, including the Mitchell, Sulphurets, Kerr and Snowfield deposits.
Located in northwestern British Columbia, the Golden Triangle has drawn renewed industry attention amid higher gold prices and expanding infrastructure.
The Nugget Trap interest adds to a geographically diverse asset base that includes silver, copper-gold, rare earth and polymetallic projects in Chile, Quebec, Yukon and Nevada.
Among those is the Sarcobatus lithium property in central Nevada, covering roughly 1,780 acres of mining claims.
The project also sits near Seabridge Gold (TSX:SEA,NYSE:SA)’s KSM project, one of the world’s largest undeveloped gold deposits by reserves. Seabridge’s most recent preliminary feasibility study estimates proven and probable reserves of 38.8 million ounces of gold and 10.2 billion pounds of copper.
Alongside the deal, the company also announced the appointment of Ryan Cunningham as president and chief executive officer of its wholly owned subsidiary, American Mineral Resources.
American Lithium Minerals said it continues to pursue financing and additional acquisitions to advance its exploration assets toward potential production.
