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Be the first with the news that moves the market- Millrock Resources (TSXV:MRO) exploration partner Resolution Minerals has resumed drilling at the 64 North project in Alaska
- Back in March the companies halted the site’s planned 2020 drilling program due to coronavirus fears
- With work now recommencing, the program will drill 2,300 metres, targeting the site’s Aurora zone which borders the Goodpaster gold deposit
- The company will also conduct an airborne ZTEM survey, to outline a regional shear observed on the site
- Millrock Resources (MRO) is down five per cent and is trading at 18 cents per share
Millrock Resources’ (TSXV:MRO) exploration partner Resolution Minerals has resumed drilling at the 64 North project in Alaska.
The companies had to suspend the 2020 drilling program in March due to coronavirus fears.
The company plans on completing 2300 metres of total drilling through June and July, focussing on the site’s Aurora target.
Aurora lies next to the region’s Goodpaster gold deposit, which hosts Northern Star Minerals’ Pogo Mine.
The company will also conduct an airborne ZTEM survey, to outline of the regional shear observed on the site.
The exploration work is funded and managed by Resolution Minerals, with Millrock acting as the project operator.
Resolution can earn up to 60 per cent of the 64 North project through an exploration expenditure of approximately C$27.2 million.
Alongside the exploration funding, Resolution must also pay approximately $272,311 in cash to Millrock and issue 38 million shares.
The minimum exploration funding work Resolution must complete for this year is approximately $6.8 million.
Millrock President and CEO, Gregory Beischer said he was pleased that drilling had resumed at Aurora. He went on to outline the planned exploration at the site.
“We will continue the systematic exploration of the favourable geophysical, structural and stratigraphic targets that comprise the Aurora Target area.
“Also, the planned airborne ZTEM and magnetic survey will be a great test. If successful, in replicating results obtained by ground-based methods, this airborne method will result in significant cost savings to test other areas of the project,” he said.
Millrock Resources (MRO) is down five per cent to 18 cents per share at 11:15 pm EDT.
