The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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Millrock Resources Inc. May 24 announced a deal that will ultimately move the Stellar copper-gold project into Polaris Minerals Ltd, a new exploration company that will own two high-grade copper project in Alaska. To complete this deal, Millrock has agreed to sell Stellar to Vista Minerals Pty Ltd. in exchange for 25.14 million Vista shares, or 27.7 percent of the Australia-based explorer. A 2015 agreement under which Vista Minerals was earning an 80 percent interest in...
Coventry Resources Ltd. and Millrock Resources Inc. Aug. 28 announced the start of a 3,000-meter drill program at Stellar, a copper-gold project along the south slopes of the Alaska Range. The drilling is focused on Zackly, a skarn deposit with a historical resource of 1.54 million metric tons grading 4.5 grams per metric ton (218,944 oz) gold and 2.9 percent (66.9 million pounds) copper. Millrock, which recently exchanged its interest in Stellar for a 10.6 percent equity...
IDM Mining Ltd. Aug. 24 reported the discovery of a high-grade gold-silver zone at the Lost Valley prospect of its Red Mountain gold project near Stewart, B C. Named Anda'adala'a Lo'op, or "money rock" in the language of the Nisga First Nation, this zone is part of a series of stacked, high-grade structures overprinting vertical sets of porphyry-style quartz-sulfide veins. "This discovery, which appears to be part of a stacked set is an obvious new drill target at Red Mountain," said IDM President and CEO Rob McLeod....
Reuters recently reported that the 10 largest gold-producing companies worldwide have steadily increased their near-mine exploration budgets over the past few years to 56 percent in 2015 from 45 percent in 2013. They also reduced their higher-risk greenfields exploration budgets to 21 percent from 25 percent in the same time period. This retrenchment of exploration by the larger producers is occurring, while global gold output is declining with an expected reduction of 9...
With the goal of finalizing a feasibility study for its Red Mountain project in northwestern British Columbia by early 2017, IDM Mining Ltd. completed roughly 5,300 meters of underground during an initial phase of 2016 drilling during aimed at upgrading and expanding the gold-silver deposit identified there. In April, the company published an updated resource for the project located 15 kilometers (nine miles) northeast of Stewart that includes 1.64 million metric tons of measured and indicated resource averaging 8.36... Full story
As a project generator, Millrock Resources Inc. is leveraging the notoriously cyclical mining markets to its advantage by acquiring promising mineral properties at rock bottom prices when the bears reign and ready them for robust exploration when the bulls run. "This is the exact time Millrock has been waiting for all along," Millrock President and CEO Gregory Beischer told Mining News. "We have stuck rigorously to our model, and here we are now taking advantage of the tremendous opportunities that are in front of us." Among...
Mineral exploration spending in Alaska hit an apex of US$365 million in 2011, but as venture capital for mining explorers dried these expenditures plummeted 78 percent to US$80 million in 2015. However, rising gold prices and a loosening of venture capital in 2016 seems to have marked an end to a painfully long bear market for mining explorers in Alaska. “After taking head shots for the past four years, the industry suddenly came to life over the past month, with new budgets,...
Mineral exploration spending in Alaska will likely struggle to top US$80 million for 2014, a dramatic fall from the US$365.1 million pinnacle reached in 2011. "The din of mineral industry activity that is normally a part of the summer months in Alaska is decidedly muted this year as the global mining industry attempts to lift itself off the bottom of a plus-18-month-long slump," Avalon Development President Curt Freeman opined in a June column written for Mining News. Unlike 2...
Over the past month, the world has been awash in year-end 2013 mining news, ranging from exploration and production statistics to economic impact numbers and mining favorability polls. The Alaska highlights from this wad of info include the results from the annual Fraser Institute political jurisdiction favorability survey where Alaska placed first in the world out of 112 jurisdictions for mineral potential. However, Alaska plummeted to 21st place on the survey's Policy Percep...
With C$2.5 million in the bank and roughly two dozen mineral exploration projects it has generated in Alaska, British Columbia, New Mexico and Mexico, Millrock Resources Inc. is prepared for a stellar 2017 as metals prices rise and a bullish sentiment returns to mining markets. "While we will not under-estimate the work ahead, we continue to carry forward into 2017 with a spirit of optimism," Millrock President and CEO Greg Beischer said. "The cycle seems to have changed, and...
With roughly US$5 million of exploration being carried out on its projects in Alaska, British Columbia and Mexico this year, Millrock Resources Inc. is beginning to reap the benefits of the upswing in the mining sector. "During the industry downturn, Millrock moved boldly to grow its property portfolio," said Millrock President and CEO Greg Beischer. "Now that metal prices and investor sentiment have improved, we are ramping up exploration efforts significantly." This ramp up...
If there is anyone still on the fence wondering if the minerals industry has started a recovery from the doldrums of the past four years, this month’s mineral industry activity in Alaska should settle the question with authority. During the past month, we have seen two merger/acquisitions occur, one by Solitario Exploration & Royalty Corp., which acquired Zazu Metals Corp. and its interest in the Lik lead-zinc-silver deposit. Then we also had Coventry Resources acquire V...
Australia-based Polaris Minerals Ltd. is set to debut as a new exploration company focused on advancing Caribou Dome and Stellar, high-grade copperand copper-gold projects in Alaska. This new exploration company will be the product of a merger between Coventry Resources, a Perth-based junior that has focused on exploring and expanding Caribou Dome for the past two years, and Vista Minerals Pty Ltd., a privately owned Down Under explorer that owns rights to the adjacent...
Despite the obsession of the (District of) Columbians with health care, the Russians and Twitter, it seems to me that there are one or two good things to discuss when it comes to the new administration. For instance, with regard to health care, if the population of the United States is more or less 325,000,000 people and that if 25,000,000 people more or less are in some form of jeopardy with regard to health care, the fair inference is that 300,000,000 are not in such... Full story
Millrock Resources Inc. July 26 reported that it has closed the sale of the Stellar copper-gold project to Vista Minerals Pty Ltd. Upon completion of the deal, Vista successfully merged with Coventry Resources, which owns an option on Caribou Dome, a high-grade copper project bordering Stellar. Coventry simultaneously announced that it had successfully raised AUS$5.5 million to further exploration on the now merged property. Upon closing of the three-way deal, Millrock owns a 10.6 percent of Coventry Resources, which is to be...
As the Alaska mining industry prepares for and kicks off exploration, development and production activities for 2017, the question on everyone’s lips at the recent Cordilleran Roundup mining convention in Vancouver, B. C., was the same: “Have we seen the bottom of this down cycle?” While signs of life were seen for short periods during the 2008 to 2015 period, the reality was an overall downward spiral of commodities prices and global demand. However, in a recent editi...
The Alaska mining industry continued its increased pace of activities in August, even as the first hint of autumn starts to be felt across the state. Metals prices were relatively stable with increasing demand for zinc and gold, the two metals that generate the most revenue from Alaska's operating mines. Wood Mackenzie is forecasting a 3 percent increase in global refined zinc demand in 2017 to 14.7 million metric tons. With refined zinc production limited to a 2 percent...
Millrock Resources Inc. Sept. 22 said induced polarization geophysical surveys are underway at its Stellar gold-copper project located near the Denali Highway in central Alaska. This IP survey - being carried out by a subsidiary of Vista Minerals Pty Ltd, a private Australian company - covers the Jupiter copper occurrence and on the west flank of the high-grade Zackly gold-copper skarn deposit. Roughly 12,200 meters of drilling in some 85 holes has been completed at Zackly,...
Strategic Metals Ltd. June 13 reported the imminent start of an initial phase of its 2016 exploration program aimed at acquiring additional information at some of its most prospective gold projects in the Yukon Territory. "In 2015, Strategic made several promising discoveries during brief property examinations. The phase 1 program is designed to better assess the significance of those discoveries," said Strategic President and CEO Doug Eaton. "Strategic has a stellar pipeline... Full story
Millrock Resources Inc. Dec. 18 reported that Vista Minerals (Alaska) Inc., a subsidiary of the private Australia-based Vista Minerals Pty Ltd., has entered into a joint venture agreement on Millrock's Stellar gold-copper property in Southcentral Alaska. Under the terms of the agreement, Vista Minerals can earn an 80 percent joint venture interest by investing US$4 million in exploration at Stellar and paying Millrock US$300,000 in cash. Millrock will retain a 1 percent net sm...
As the curtain rings down on 2015, the sound of clapping and cheering can already be heard from the mining industry as it anticipates the end of a largely depressing year which started out looking like the long-awaited industry recovery was going to happen but in the end, did not. The uncertainty brought on by this year's unsettling events was front and center in a recent round-table discussion hosted by Northern Miner, sponsored by PearTree Securities and entitled "New...
MRO: TSX.V President and CEO: Gregory Beischer Chief Exploration Officer: Philip St. George Through careful execution of the project generator model, Millrock Resources Inc. has built a portfolio of grassroots mineral prospects in Alaska, New Mexico and Mexico. In finding joint venture partners to help fund exploration, the project generator model lessens Millrock's need to raise money in tight equity markets, minimizes the risks involved with grassroots exploration and exposes shareholders to a larger amount of exploration e...
MRO: TSX.V President and CEO: Gregory Beischer Chief Exploration Officer: Philip St. George Executive Vice President: Sarah Whicker Millrock Resources Inc. identifies and acquires grassroots mineral prospects and then seeks joint venture partners to help fund the exploration. This project generator model lessens the company's need to raise money in the markets, minimizes the risks involved with grassroots exploration and exposes shareholders to a large amount of exploration expenditure per dollar invested. Since its...
For those of you that could not attend, the annual Alaska Miners Association Convention and Trade Show was well-attended, with most people pleasantly surprised by the strong turnout. Compared to a year ago, more companies are planning to get back in the field with exploration and development programs in 2014, a sentiment making up one of the few bright spots in a recent IntierraRMG resource sector exploration summary. This report and a similar snapshot of the exploration... Full story
The ongoing scarcity of venture capital available to junior companies coupled with a retreat in metals prices has landed a one-two blow that sent mineral exploration spending in Alaska plunging for the second straight year. A handful of big-budget projects scattered across Alaska, though, is softening the hit to exploration spending across the Far North State during 2013. Mineral exploration expenditures in Alaska, which were a meager US$23.8 million in 2001, topped US$365...
