Millrock Resources (TSX-V: MRO) CEO Greg Beischer with an Update on Ongoing Drilling and Geophysical Surveys at the 64North Gold Project in Alaska
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Millrock Resources (TSX-V: MRO)(OTC: MLRKF), Mr. Greg Beischer. Greg, how are you?
Greg Beischer: Good morning, Gerardo. I'm doing well. Another bright sunny day here in Anchorage, Alaska at my home office, and doing well.
Gerardo Del Real: Another bright sunny day for the gold price as well. We're flirting with $1,810 as we speak. You had a news release out here a few days ago, updating the drilling. Fom what I understand, Hole 4 is a hole that's being drilled now to 950 meters. There's also some surveys that I think are going to be very important moving forward, especially if you're able to delineate that the surveys are indeed picking up the mineralization that you think they're picking up.
Can you speak to the their release and provide some context on that front there, Greg?
Greg Beischer: Sure thing, sure thing. So this is at our 64 North gold project, which is in the area surrounding the Pogo gold mine in central Alaska, just a few hours drive south from Fairbanks, Alaska. A project that we've been very excited about. We staked a huge track with claims and I think it's going to be a gold district-camp scale, multiple mines eventually. We've got the dominant land position and an obvious first target was West Pogo, just immediately to the west of the mine, within sight of the mines.
Through last fall we conducted all the geophysical surveys on the ground that we needed to target the first drill holes and we no sooner got started in March when the pandemic hit. We had to suspend. But we've been back at it now for 6 weeks. We've drilled two holes so far, one to about 600 meters and then another now that's almost at 1,000 meters depth. The things that we imagined we would see based on the geophysical surveys are being born out in the drill cores.
I can't tell you exactly, of course, what's in that drill core, but it's off to the assay lab. It's being processed as we speak. So drilling's in full swing and is expected to continue. I can't speak for Resolution Minerals, the funding partner on this, but I suspect that they are right now out to raise more money to continue that drilling at the Aurora target West Pogo, and also further to the north what we call the Echo target in the down-dip direction from the mine.
Gerardo Del Real: This Hole 4, Greg. Sorry to cut in. I just want to make one important point. Hole 4 is an important one because you believe that the gold mineralization that was at surface is a good indicator for gold below the surface in flat lying structures, right? That's why this is going down to almost 1,000 meters now. Would that be correct?
Greg Beischer: That's right. The model at Pogo is that the gold mineralizing fluids move upwards from a magmatic intrusion through vertical or near vertical vein structures, and then blossomed out at flat-lying thrust fault structures at some depth below surface. We know from the geophysics, or we think that we interpret from the geophysics, that that flat-lying structures a certain distance below surface, somewhere between 600 and 1,000 meters. But at surface, we did have indicators of gold at surface at what the prospect called Half-Ounce Gulch, where we could collect samples at surface that have gold in them. Therefore, a good indicator that there could be gold below surface as well.
Gerardo Del Real: Many targets on the property. You've flown a MAG survey I believe here recently that's obviously identified more targets. Can you talk about that a bit?
Greg Beischer: Sure thing. We did a ground-based geophysical survey last fall. It worked well, but boy was it expensive. So we're just trying to find more efficient ways to survey the land and look for those flat-lying structures below the surface of the earth. We're using a geophysical survey type called airborne ZTEM. A helicopter tows this instrument above the surface of the earth to sense the earth's properties along with magnetics. From that, we've been able to try and trace from the known to the unknown.
We know that our neighbor's property has a gold deposit called the Goodpaster Deposit. It's just across the claim boundary. So we've flown over that and then flown westward and northward across our claims to try and trace that. It's very cost effective and it's sort of a test survey that we've done. If it works well, then we'll be able to use that to great efficiency elsewhere on property.
Gerardo Del Real: I understand the assay labs are a bit backed up. The news release made mention of the fact that you anticipate assay results in late August or early September. I know you're in touch with them. Can you give us some feedback on that front?
Greg Beischer: Yeah, it looks like it's going to be a bottleneck. It looks like exploration is really ramping up. Unfortunately the labs can't fully ramp up because of disease risk. They're having to have less people spaced further out. So the production isn't at full capacity, but the sample inflow is. Normally we would expect samples to be about four weeks from the time the drill core comes out of the ground to having assays on our computer screen. But I can't really predict how long it's going to take. We don't even have a good read yet from the labs, but my suspicion is that it's going to take quite a while for them to process the big sample load they're getting, not just from Millrock, but from lots of other explorers.
Gerardo Del Real: Well, hopefully the gold price continues to rise and you're looking at results at a time where gold is ready to challenge all-time highs in US dollars. Greg, thorough update. Is there anything else that you'd like to add?
Greg Beischer: Nope, but it sure is great to see that gold price coming up and creating all kinds of excitement. Other companies that have had good drill results have rewarded their shareholders very well with share price increases. We're hoping to do the same thing, too. I think it just takes one good drill hole in this market that's really warming up.
Gerardo Del Real: Go find us some gold, Greg. Thank you.
Greg Beischer: Doing our best, Gerardo. Thank you very much.
Gerardo Del Real: Appreciate it.