Millrock Resources Inc. Reports Update on Drilling, 64North Gold Project, Alaska
September 28, 2020 at 07:42 pm EDT
Share
Millrock Resources Inc. reports assay results from drilling from exploration drill holes 20EC05, 20RE06 and 20AU07 that have been recently completed at the Echo, Resolution, and Aurora targets on the West Pogo block of the 64North Gold project. The locations of the holes drilled so far this year on the West Pogo Block are shown in Figure 1, along with the locations of the Echo, Reflection, and Aurora target areas. Also depicted are the locations of the Pogo Mine and the Goodpaster deposit situated on claims owned by Northern Star Resource Ltd. Northern Star recently indicated that it intends to perform delineation drilling at Goodpaster with a $21 million budget in the coming year, and work is now underway. Hole 20EC05 was drilled to test a strong, gently northwest dipping CSAMT conductor in a prospect area that is down dip and approximately four kilometers from Northern Star’s Goodpaster deposit. On Millrock’s claims it is referred to as the Echo prospect. Numerous fault zones with some pyrite and strong dolomite-sericite alteration were intersected from 224 meters to 293 meters downhole. No anomalous gold results were returned from these zones. At the Reflection prospect, hole 20RE06 was drilled to test conductive rocks in an area where an intrusive rock body was interpreted from airborne magnetic data, two kilometers due east from Northern Star’s Goodpaster deposit. A fault zone with pyrite and arsenopyrite, locally with quartz breccia clasts, was intersected from 279.4 meters to 289.1 meters. Also, a zone of stockwork quartz mineralization was intersected over 0.6 meters starting at a depth of 324.9 meters. The mineralized zones did not contain any gold anomalies. Drilled directly along strike from the Goodpaster deposit, hole 20AU07 intersected a zone of shallow-dipping quartz veining over a seven-meter interval, starting at 488 meters downhole. The zone of veining is hosted by paragneiss and is within a sericite – chlorite – dolomite altered zone measuring 22 meters thick from 476 meters to 498 meters. The alteration and veining contains pyrite, arsenopyrite, and pyrrhotite. The assay results show weakly anomalous gold values. Oriented drill core measurements indicate the vein dips gently at approximately 25 to 30 degrees to the west. Exploration at 64North is being done in a collaborative manner with technical teams from Millrock and earn-in funding partner Resolution Minerals Limited. Resolution has indicated a desire to drill two further holes from the same pad as hole 20AU07 at different azimuths. Plans are being made to execute this drilling in November, pending contractor availability. The holes will provide additional pierce points on the vein intersection made with hole 20AU07. Resolution can earn up to a 60% interest in the 64North Gold Project through exploration expenditures of USD 20 million, payment of USD 200,000 cash, and issuance of 38 million Resolution shares. The minimum commitment for 2020 is USD 5.0 million and Resolution will vest with a 30% ownership upon expending this amount.
Alaska Energy Metals Corporation is a Canada-based company, which is focused on developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, palladium, and gold. The Companyâs projects are located in development-friendly central Alaska near existing transportation and power infrastructure. The Companyâs Nikolai project is located 40 km northwest of the village of Paxson, on the southern flank of the Alaska Range. The Company holds a 100% interest in claims located in the Fairbanks Recording District. The claims cover the Eureka prospect. The Company intends to hold a 100% ownership in the Canwell property, located in the Fairbanks Recording district, Alaska. The Company also owns the Angliers-Belleterre nickel-copper project. The Angliers property is large, consisting of 454 claims covering 24,182.64 hectares. It is located in Angliers and Belleterre townships in the Temiscamingue region of western Quebec near the Ontario border.