Millrock Resources Inc. provides an update on the 64North gold exploration project, which includes an upcoming drilling program. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) is earning a joint venture interest from Millrock.
At the Tourmaline Ridge prospect on the West Pogo block, the Resolution–Millrock technical team has established a strong drill target area. The target area was created by analyzing all historical data as well as work financially backed by Resolution over the previous thirty months. Resolution intends to begin a drilling program of approximately 2,200 m in five boreholes in late June 2022.
Resolution has a 42% stake in the project after paying $150,000 in cash, 30,000,000 shares in stock, and spending at least US$7.0 million on exploration (US$7.87 million spent as of January 31st, 2022). Furthermore, Resolution has chosen to continue sole-funding exploration to earn a 51% interest in 2022 by increasing expenditures and making additional share and cash payments to Millrock.
There is an abundance of geologic evidence pointing to a possible gold deposit at Tourmaline Ridge. We wish Resolution the best of luck as they move the project forward, and we are hopeful for a new gold discovery.
Gregory Beischer, President and CEO, Millrock Resources Inc.
On the Tourmaline Ridge prospect, there is a large soil geochemical anomaly measuring 1,800 by 750 m. Resolution recently announced that rock sample assay results from trenches unearthed at Tourmaline Ridge in the fall of 2021 had been received. There were numerous narrow gold-bearing veins discovered.
Antithetic veins, which occur frequently in the hanging wall above gold ore bodies at the neighboring Pogo mine, are thought to be the source of these steep-dipping veins.
These veins, as well as characteristic rock alteration and pathfinder minerals, were intersected by previous historical drilling. A moderately northwest dipping structure is perceived to lie underneath the soil anomaly and historic drill holes based on geophysical surveys.
This structure, according to Resolution and Millrock, is the “Pogo Trend,” which appears to be traced back to the Goodpaster deposit on Northern Star Mines Ltd.’s (“Northern Star”) adjacent Pogo Mine property.
Northern Star recently announced a preliminary inferred resource estimate for the Goodpaster deposit of 1.1 million ounces of gold in 3.2 million tons of rock, averaging 10.3 g per ton of gold.
Pogo had 6.59 million metric tons of proven and probable reserves as of March 31st, 2022, according to Northern Star, averaging 8.5 g per metric ton (1.8 million ounces) of gold. (Northern Star Annual Mineral Resource and Ore Reserve Statement, May 5th, 2022). Pogo has produced more than 4 million ounces of gold.