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Resolution and Millrock eye East Pogo

Partners to advance 64North gold exploration under 51-49 JV North of 60 Mining News – March 3, 2023

Millrock Resources Inc. Feb. 24 announced that Resolution Minerals Ltd. has now earned a 51% interest in 64 North and continued exploration of this gold project in Alaska's Goodpaster Mining District will be carried out under a joint venture between the two companies.

64North is a district-scale land package assembled by Millrock that consists of nine claim blocks – West Pogo, Shaw, Eagle, LMS-X, South Pogo, East Pogo, North Pogo, Last Chance and Divide – covering roughly 160,000 acres in the Goodpaster Mining District, a gold-rich area of Interior Alaska anchored by Northern Star Resources Ltd.'s Pogo Mine.

Australia-based Resolution entered into an agreement to earn up to a 60% JV interest in this large gold project by investing US$12 million in exploration, plus making US$350,000 in cash payments and issuing 50 million Resolution shares to Millrock over four years.

So far, Resolution has spent US$9 million on exploration, paid Millrock US$250,000, and issued the optionor share 40 million resolution shares – enough to earn a 51% interest.

Instead of going for the full 60% interest, which would have included an 80% interest in one of the claim blocks of the optionee's choosing, Resolution has settled on 51% JV interest. As a result, ongoing exploration will be funded proportionate to the two companies' interests.

East Pogo targets

Resolution and Millrock report that 2022 regional work at 64North has identified new compelling drill targets at the Miranda and Boundary prospects on the East Pogo claim block of the project area.

Drilling in this area during 2000 and 2007 encountered up to 35 grams per metric tons gold in narrow veins associated with a strong gold-bismuth-tellurium surface geochemical anomaly. Without geophysics, however, the previous explorers had very little context.

Resolution says it has the advantage of several different geophysical datasets it has accumulated since beginning its exploration of 64North in 2019.

This includes four extremely low frequency (ELF) electromagnetic geophysical survey lines completed during the 2022 season that indicate the presence of a stacked, thick, blind, flat lying shear package, beneath the historical gold intersections.

"The exploration work-up completed by Resolution over a three-year period demonstrates the geology, geophysics and geochemistry at the East Pogo prospects support the presence of a mineralised shear package at moderate depth, giving Resolution the conviction to continue working up the targets with structural mapping," said Resolution Exploration Manager Christine Lawley.

Millrock says deeper drilling will be required to test the full thickness of the shear rock package. However, a shallower, undrilled target has also been identified.

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Shane Lasley, Publisher

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Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

 

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