General Precious Metals
Millrock Resources (TSX-V: MRO)(OTC: MLRKF) CEO Greg Beischer on Multiple Drill Programs in Second Half of 2022
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, how's the summer treating you?
Greg Beischer: Well, it's going great. Especially now, Gerardo, after some welcome news late last week.
Gerardo Del Real: Let's get right into it. The last time that you and I spoke, we spoke about how under the radar some of the deal making that you had been able to consummate over the past 12 months has gone, and we spoke about the quality of the assets. We spoke about Fairbanks and that region and how unnoticed it was, despite the fact that there's been millions and millions and millions of ounces, not just discovered but actually producing ounces. Felix gold, which Millrock Resources owns nearly 10 million shares of, including a royalty on this Treasure Creek gold project that Felix Gold just reported on. Felix Gold just announced intercepts from I think it's more than a hundred holes now. They announced eight, if I'm not mistaken, or nine holes. The highlight intercept was 89.9 meters grading 1.2 grams per tonne gold, and I think as importantly, it started from 32 meters. Heck of a start. I'd love to get the context on it, and I'd love to get your thoughts on Fairbanks as a mining district and the potential that you see there.
Greg Beischer: Yeah. Let's start with that. Gerardo, you know, I've always been amazed that Fairbanks hasn't been more recognized on a global basis as a truly significant gold camp. When I look at Fairbanks and I compare it to other places I've worked like Red Lake Ontario or Val-d'Or in Quebec or places I've seen like the Western Gold Fields in Kalgoorlie in Western Australia, it's very similar in a lot of respects. Maybe 16 million ounces of gold is being mined from the Fairbanks area, half of which is surficial alluvial placer deposits. The other half would almost exclusively have come from Kinross's Fort Knox gold mine, a huge open pit gold operation just north of Fairbanks. But yet, there doesn't seem to have ever been a really cohesive exploration effort, and certainly not one in the last 30 years to explore Fairbanks in a comprehensive, modern way.
I think part of the difficulty in doing so is the patchwork of claims. The land status was difficult with so many individual placer miners holding the rights, not only to the placer but the low deposits beneath. So that modern exploration hasn't occurred, but that was the beauty of the huge downturn in 2016, that culminated in 2016 perhaps, and Millrock was able to consolidate some of the ground in Fairbanks. But subsequently, when Felix came along a year or so ago, they realized there's actually a lot of open ground on great targets here, and so they very aggressively staked claims, which we helped with. And consequently, from the deal we were able to make with Felix, we're major shareholders, we're royalty holders though, not just on Treasure Creek and Esther Dome, the two projects that we put in the company, but also everything that's been acquired by Felix since.
So we're really happy with this agreement and now that Felix is very aggressively drilling, we're super pleased with the results of the first nine holes. 89 meters at 1.2 grams per tonne gold, that's just what Fort Knox gold mine started on 20 or so years ago. It's an ore grade intersection and if the volume's there, then potentially, it's going to be a deposit that can be mined and so we'll be watching for all the results to come from Felix. They've announced, like you said, nine holes that of the 115 they've drilled so far, as of last week, drilling continues. We're going to move on from Treasure Creek to some of the other projects that they've acquired in the Fairbanks district, so we've got probably six to eight months of results going to roll out from Felix Gold and Fairbanks upcoming, so it should be a great second and a half of 2022 based on this project alone.
Gerardo Del Real: And I think that's an excellent point that you make, Greg. Based on this project alone, there is also drilling going on elsewhere and projects that we'll see exploration work. Can you touch on that briefly?
Greg Beischer: You bet. As you know, we've been drilling away at 64 North, or at least our partner, Resolution Minerals, has been. They're earning into our project there. They've had a core drilling effort going on over the last six weeks. It's starting to get close to the end. The drilling has gone well, let's put it that way. I can't say too much but we'll be looking forward to those results too. Unfortunate reality is we're probably three to four months away from seeing the assay results from this drilled campaign, but things are looking good on that project as well.
Gerardo Del Real: A lot to like. I really like the fact that you're going to have a lot of catalysts into what I believe will be a very, very strong metals market in the month of September and onward. I think the end of Q3 and Q4 should make for a robust metals market. You're already starting to sense that we're near a bottom with the summer doldrums that tends to amplify the selling with very little liquidity and very little selling causing prices to crater downwards. I think we're seeing a pivot here and I am looking forward for the remaining assays. Anything to add to that, Greg?
Greg Beischer: No. I think you're right. I really hope you're right. We've been waiting a very long time for this pivot point to occur and Millrock's got lots of exploration ongoing as we've related, but we've always got new projects in the pipeline too. We've got our excellent nickel-platinum project, our copper projects with the growing interest in electric metals, battery metals. We're going to be very well positioned there too. I'd anticipate new partnerships soon and just that constant pipeline of new projects all creating value for Millrock and its shareholders. Hopefully, that'll be recognized in share price appreciation soon.
Gerardo Del Real: Looking forward to that. Been waiting for it for quite a bit. Greg, as always, thank you so much for your time.
Greg Beischer: Thank you, Gerardo. Always a pleasure to speak with you.
Gerardo Del Real: All right. Chat soon.Click here to see more from Millrock Resources Inc.