Millrock Resources (TSX-V: MRO)(OTC:MLRKF) CEO Greg Beischer on Multiple Partner Funded Drill Programs in 2021
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president and CEO of Millrock Resources, Mr. Greg Beischer. Greg, it's been a bit. How have you been?
Greg Beischer: I've been very well, Gerardo. Thanks very much. Yeah, we've been quiet, but there's a reason for it that I'll explain in a few minutes.
Gerardo Del Real: Well, let's get right into it. I know it hasn't been lack of activity, you had some news today. Let me read the headline. I'll let you provide the context, and then I would love an update on how the portfolio is setting up for an exciting 2021. So the headline today reads, "Millrock acquires property interests and provides exploration update on Fairbanks Alaska Gold Projects." I will let you provide the updates on these.
Greg Beischer: Great. Yeah, Fairbanks is really, I think, an unrecognized gold tap. There's Kinross’ flagship mine, Fort Knox, there. There's been recent discoveries by TSX Venture Exchange Company, Freegold Ventures, which are really, quite good drill intersections, and Millrock, made a move in into Fairbanks over the past years, but we've kicked that into high gear in the last few months by making agreements with an Australian private company, that's now called Felix Gold.
So they're funding all the work that we're doing on the projects. And, as a result, Millrock is gaining a royalty interest, which include advanced minimum royalty payments. So we had the core claim groups at Ester Dome and Treasure Creek, but this announcement publicizes that we've made two more acquisitions of claim blocks in Fairbanks. And one of them notably is a former producing mine, the Grant Mine, which has an estimate of 340,000 ounces of gold contained.
But we think that there's great potential to expand that resource and confirm it. And that'll be one of the main focuses going forward this year, is to confirm that high grade resource, vein hosted deposits. But also, we've added a lease agreement on claims that are held by a company called Fairbanks Exploration, long-time Fairbanks geologists and explorers.
And these claims are immediately adjacent and along the same structure, as that being chased by Freegold Ventures, at their Golden Summit project. So, great additions to our overall landholdings.
In the meantime, we're really making sure we understand Fairbanks’ geology, picking our spots and I'm working with placer miners and other explorers on the patchwork of claims to pick up, by making agreements with these placer miners and others, so that we can explore for the load deposits and in so doing, Millrock is generating yet more royalties for itself while Felix, will actually be the owner of the claims Millrock will get royalties from it.
So we're sticking to our model this way, and it's working out really well.
Gerardo Del Real: Excellent. And just to follow up on what you mentioned there, you are planning on exploring and drilling to increase that resource base, and hopefully make some new discoveries, correct?
Greg Beischer: You bet. Yeah. Felix has brought on a vice president of exploration, a person that we recommended to them. We know Dave Larimer, well. He's going to be a great leader for that team. He's just joined a couple of weeks ago. And so, he's getting himself really up to speed on the data that's still, at this point, being compiled for the whole mining cap.
And at the same time, we're mounting soil sampling programs to infill areas where data is lacking. But by mid-summer, the plan is to be drilling, probably starting at the Grant Mine on the Ester Dome project, quickly followed thereafter, at Treasure Creek on what we call the Northwest Array Prospect. Our partner Felix, are aggressive explorers. They know that discoveries are made with the drill bit, and I'm sure that they'll be very active funders of drilling programs by the middle of the year.
Gerardo Del Real: Excellent. Excellent. And speaking of drilling programs, I have to ask, the reason that a lot of people are in Millrock Resource shares and stock, and that's the 64North gold project with Resolution Minerals. How are things coming along on that front? I know last year it seemed like we were on the verge, potentially, of a discovery.
The rock looked good, but it didn't work out. We know exploration can take some time, but we also know that the prize here is a big one If you're able to make a discovery of substance. How are things progressing there, Greg?
Greg Beischer: Yeah, quite well, Gerardo, we made an interesting discovery last fall, right along one of the drill trails that we had installed to be drilling at West Pogo. And there was a very broad, low-ish grade gold exposed in the face along the roadway. It turns out over 137 meters of strongly anomalous gold. A different style mineralization than the high grade vein deposits of the Pogo Mine and the target of what we were trying to drill last year.
So, this is more like the Fort Knox Mine style, disseminated intrusion-hosted mineralization, but Resolution is quite excited about that. And so, they mounted an early season drilling program, which is actually in progress right now, and we'll put out a public announcement about this update later this week or early next week.
And they should have their assay results on that within a month or so. And so we're quite looking forward to that. They're fully funded, they'll be drilling further East of Pogo, on some great prospects we developed with them last summer.
And so pretty much, drilling right through the summer season and into the fall between 64North and the Fairbanks Projects.
Gerardo Del Real: There's other properties in the portfolio, specifically a copper project or two that I have to believe have led to phone calls from potential partners, looking for access to quality properties that provide exposure to copper. How's the rest of the portfolio doing?
Greg Beischer: You bet. I don't think it's going to take very long Gerardo, before we have all of the projects in our portfolio funded by partners. Yes, our Batamote project, copper porphyry exploration project in Sonora state, should have a partner very soon. We're in discussions also, I would call them, with another major company on a high-grade gold deposit that we actually own in Southeast Alaska.
So, at this point, with so much partner-funded exploration, there's going to be a lot of news flow coming out of Millrock, but it's also a time for us to be adding to our portfolio. We've still got all kinds of ideas of copper and nickel projects that we want to bring on stream.
So we raised money a couple of months ago. That's what the money is for. Is to generate projects. And we're going to be very prolific here in the next little while on that front.
Gerardo Del Real: Fantastic, fantastic. Greg, a lot of shots on-goal. It's been that way for a couple of years. It seems like this year, there's more shots on-goal and your partners are funded and drilling and aggressive, which is always welcomed for someone like me.
We understand what the sector is. It's high risk, it's high reward. You mitigate that risk by spreading out the opportunities. And so, I am looking forward to a much better 2021. Anything to add, Greg?
Greg Beischer: No, I like that. We do have every chance of putting one in the net this year, Gerardo, maybe even a hat-trick. So, that's what we're going for.
Gerardo Del Real: Fingers are crossed, fingers are crossed. Thanks for the update, Greg. Look forward to chatting next week, hopefully, once you have details on the drilling program at 64North.
Greg Beischer: Great. Thanks for the call Gerardo, appreciate it.
Gerardo Del Real: Thank You. Thank you.