ME2018: Millrock Resources Inc.
Last updated 11/23/2018 at 6:49am
Millrock Resources Inc. is a project generating mineral exploration company with five projects in Alaska, three in British Columbia (transferred to Sojourn Exploration Inc.), 16 in Mexico and one in New Mexico.
Alaska Range, a property that hosts a copper-gold-silver skarn deposit and is highly prospective for copper-gold porphyries, is the most active project in Millrock's portfolio this year.
In 2017, Millrock sold its Stellar copper-gold-silver project to Australia-based PolarX Mining Ltd.
Following the deal, PolarX merged Stellar with the adjacent Caribou Dome copper property to form what is now called the Alaska Range project. This highly prospective land package blankets a 22-mile mineralized trend that hosts Zackly, a high-grade skarn deposit with 3.4 million metric tons of inferred resource grading 1.2 percent (90.4 million pounds) copper, 2 grams per metric ton (213,000 ounces) gold and 14 g/t (1.5 million oz) silver; Caribou Dome, a sediment-hosted deposit with 280 million lb of copper in roughly 2.8 metric tons of material averaging around 3.1 percent copper; and numerous copper, gold and silver exploration targets.
Because of the transaction, Millrock owns 9.76 percent of PolarX's issued and outstanding shares, holds a royalty on portions of the property and is entitled to milestone payments. Millrock is also managing exploration at Alaska Range.
This year's Alaska Range drill program focused on expanding the Zackly skarn deposit at depth and along strike, as well as vectoring toward deeper porphyry mineralization indicated by geophysics and observation. Encountering high-grade copper and gold mineralization up to 850 meters east and 100 meters below the deposit, this drill program was successful in demonstrating the potential for a much larger resource at Zackly.
While drills are turning at Alaska Range, Kinross Gold Corp. is funding a program to refine drill targets at Liberty Bell, a road-accessible project about 70 miles southwest of Fairbanks that is prospective for copper-gold porphyry and associated gold deposits.
To earn a 70 percent stake in Liberty Bell, Kinross has agreed to invest US$5 million in exploration over five years; pay US$145,000 in advanced royalty payments over the same timeframe; and pay an additional US$145,000 in management fees if Millrock manages the programs over the duration of the agreement. Further surface exploration is planned before drilling next year.
Millrock says its Goodpaster project, a group of seven claim blocks near and adjacent to the Pogo gold mine property, acquired this fall by Northern Star Resources Ltd., has attracted a lot of interest this year.
This spring, Sumitomo announced the discovery of Goodpaster, a new discovery north of the underground workings on the Pogo Mine property. The discovery hole at this prospect tapped 22.8 feet averaging 0.103 ounces per ton gold and the second cut 17.5 feet of 1.739 oz/t gold.
Geophysics on the Pogo property indicate this mineralization extends eastward to Millrock's adjacent West Pogo property.
Millrock said two major gold mining and a junior exploration companies are interested in forming a partnership on its Goodpaster claims.
Millrock's Alaska portfolio also includes: Apex El Nido, a high-grade gold project in Southeast Alaska; and Chisna, a gold-copper-silver project about 65 miles south of Tok.
Millrock's British Columbia portfolio included three gold and precious metals properties – Todd Creek, Oweegee Dome, Willoughby – acquired in 2015. Oweegee Dome and Willoughby were optioned to Sojourn Exploration Inc. last year.
In a deal that closed in August, Millrock vended Todd Creek to Sojourn Exploration Inc. and modified the terms of the existing option agreements on the two other Golden Triangle properties so that Millrock became a 19.9 percent owner of Sojourn, and a royalty holder on the three northern British Columbia properties.
In a related transaction, Sojourn joined forces and properties with Seven Devils Exploration Ltd., a private mineral exploration company owned by a renowned exploration team with a track record of discoveries and a portfolio of exciting, early stage porphyry copper-gold projects in British Columbia.
As a major Sojourn shareholder, Millrock is expected to benefit from the company's success in British Columbia as it focuses on its large portfolio of exploration properties in Alaska, Mexico and New Mexico.
Editor's Note: This article was updated on Nov. 10, 2018 to reflect a shift in Millrock's portfolio, including the transfer of its BC properties to Sojourn Exploration.
Millrock Resources Inc. - TSX.V: MRO
President and CEO: Gregory Beischer
Chief Exploration Officer: Philip St. George
Chief Financial Officer: Keith Granberry
5631 Silverado Way, Building F, Ste. 200, Anchorage, AK 99518