JV pacts lapse on two Millrock copper projects
Last updated 2/7/2016 at Noon
Millrock Resources Inc. Jan. 29 reported that partnership agreements on its Alaska Peninsula and Estelle copper-gold exploration properties in Alaska have been allowed to lapse.
After reviewing the results from the first round of drilling, First Quantum Minerals has elected not to renew its option to acquire a joint venture interest in the Alaska Peninsula property.
No mineralization of significance was discovered in drilling at the Mallard Duck Bay prospect.
Mineralization intersected at the Dry Creek prospect, while highly anomalous, was not strong enough to encourage further drilling.
"The Dry Creek and Mallard Duck Bay prospects at the Alaska Peninsula project presented excellent opportunities for exploration success.
Although the best targets were tested, no mineral deposit of economic significance was discovered," explained Millrock President and CEO Gregory Beischer.
"This is the nature of early-stage exploration.
Most early-stage exploration drill targets do not result in discovery.
However, if we keep drilling quality targets we will eventually succeed in discovering a valuable metallic mineral deposit.
The Kawisgag prospect at the south end of the Alaska Peninsula project remains a strong target for drill testing." Millrock is discussing an extension of an option-to-lease agreement on the land package with Bristol Bay Native Corp., the underlying subsurface land owner.
Separately, Millrock Resources Inc. and Teck American Inc. have elected to terminate a joint venture on the Estelle copper-gold project in Southcentral Alaska. Millrock said the project has been inactive since 2014 and efforts to attract a third party to the copper-gold project have been unsuccessful. The claims that make up the project have been allowed to lapse.