Categories:
General Market Commentary
/
Precious Metals
Topics:
General Market Commentary
/
General Precious Metals
Millrock Offers Update on Drilling and Exploration at 64North Gold Project
Financial support for the exploration activities are being provided and managed by Resolution Minerals, as part of a collaborative arrangement signed, with Millrock as the project operator. The 64North Gold Project is an immensely huge tract of claims in the emerging Goodpaster Gold District of Alaska.
Drilling activities have been carried out since early June and are ongoing. The focus of the drilling program is on the Aurora Target.
The Aurora target being drilled is close to and immediately west of the Pogo Mine property, owned and managed by Northern Star Resources Ltd. Earlier, Northern Star had announced a gold resource of 5.95 million ounces of gold in a range of veins grading 9.6 g per tonne gold.
With over four million ounces of gold already mined at Pogo, recently, Northern Star has reported a new gold discovery known as the Goodpaster deposit, near the mutual claim boundary.
Millrock warns that mineralization on the adjacent Northern Star property does not necessarily indicate hosting of gold mineralization on Millrock’s property. At present, hole 20AU004 has tested a CSAMT conductive zone on-trend and beneath the Half-Ounce Gulch prospect.
Earlier workers at this site have reported high-grade gold grab samples, together with two historic drill holes hosting high-angle veins below the prospect.
Previous workers could not have the advantage of the CSAMT data, and the previous holes (MR12-01 and MR12-02) were not drilled sufficiently deep to intersect the shallow-dipping conductive zone, which Millrock proposes to host low-angle fault structures with quartz veining, gold mineralization, and sulfides. Currently, the hole is at a depth of 900 m beneath surface.
Hole 20AU004 is an exciting hole to drill. We believe the gold mineralization at surface is a good indicator for gold below surface in flat-lying structures. We are drilling through the target zone now. The ZTEM survey, if successful in detecting the conductive zones initially indicated by the CSAMT ground-based method, could result in great efficiencies in future exploration of other prospects across our expansive, district-scale land holdings.
Millrock President & CEO
The Aurora target is a 2-km x 5-km zone of low-magnetic rocks, located close to a late diorite intrusion. The conditions are quite similar to those seen at the adjacent Pogo Mine.
According to Millrock, a westerly extension of the Liese Creek fault was intersected by the late diorite body and is known to have a vital role in the genesis of the Pogo gold deposits. There have been documentations of highly anomalous gold-bismuth-arsenic in soil. Earlier drilling has intersected high-angle gold-bearing quartz veins.