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General Market Commentary
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General Precious Metals
Junior Miner Awaits Assay on Core Sample from Alaskan Prospect
In conversation with Maurice Jackson of Proven and Probable, the CEO of Millrock Resources describes the company's latest news.
Maurice Jackson: Today we will find out the latest developments from Millrock Resources Inc. (MRO:TSX.V; MLRKF:OTCQB) regarding drilling and assay results on the 64 North Gold Project, located in the prolific Tintina gold province in Alaska. Joining us for a conversation is Gregory Beischer, the CEO of Millrock Resources.
Sir, for someone new to Millrock Resources, please introduce the opportunity the company presents to the market.
Gregory Beischer: Millrock is a generative, early-stage exploration company. We look for gold and copper and other metals primarily here in Alaska, which is my home base. And the idea is to find a giant ore deposit and sell it to a major mining company, hopefully making a fortune for our shareholders in the process.
Maurice Jackson: Millrock has an expansive property bank, with projects in Alaska, British Columbia and Mexico, along with royalty-in-equity positions in other companies. Focusing on the former, take us to Alaska, where Millrock has generated quite a bit of excitement, I should say, in the market. Introduce the 64 North Gold Project.
Gregory Beischer: It really is a great project. We've built a huge land position that surrounds the Pogo Gold Mine. We have two highly compelling drill targets adjacent [to]—in fact, within sight of—the Pogo Mine. On March 8, we initiated the first drilling program to test the targets we've developed. Unfortunately, we've had to curtail the drilling. The contractor decided that it was best to retrench his workers back to their home base of Idaho before any travel restrictions were instituted. He didn't want his people stranded in Alaska.
So, unfortunately, it meant that we had to pause the program. Fortunately for our shareholders, we were able to complete one hole in full and part of a second one. And I would say that we're quite encouraged by what we saw in the first drill core out of the project. [For press release click here.]
Maurice Jackson: Well, you stole the thunder from my next question, which was how are operations being affected by the coronavirus? But let me ask you this, from a team perspective, has anyone been affected?
Gregory Beischer: No. Thankfully everyone is completely healthy. All of the technical and admin staff are working from home. And you know, it's just a bit unfortunate because the reality is the drill crew and geologists that we had on site were probably some of the safest people on earth. They were completely isolated from the rest of the human population, with almost no interaction with the outside world. So tough calls to make, but that's the call that the contractor made. And so we've got to live with that.
This is really uncharted territory for all of us and we just have to make the best possible decisions we can going forward. The mayor of Anchorage made what I thought was quite a good statement a week or 10 days ago when he said that, "We'll never know if we overreacted or we reacted too soon, but we'll definitely know if we under reacted or didn't do enough." I think those are good words to live by in the current environment.
Maurice Jackson: Well, if you're going to panic, panic early. Mr. Beischer, let me ask you this: You stated that you cleared the first drill hole. What do you plan to do with that in the duration of this pause right now?
Gregory Beischer: We have the core back in our core logging facility in Fairbanks, Alaska. We logged the entire first hole. We're in the process now of cutting that core in half. Half of it, of course, will go into the assay laboratory, so that they can tell us exactly how much gold is in the core. The other half is retained for visual observations going forward. So that is completed. Those samples should be going into the laboratory today. So we're looking at assay results to be received about a month from now.
Maurice Jackson: Sounds quite encouraging. In closing, Mr. Beischer, what message would you like to share with the shareholders?