Summary:
- Resolution has met the requirements to earn a majority 51% interest in the 64North Gold Project
- Resolution intends to form a JV with Millrock Resources (project vendor) and will manage and operate the project as the majority interest holder on a co-funding basis
- The 64North Project surrounds the world-class high-grade Pogo Gold Mine, which has 12m oz of gold endowment and is operated by Northern Star Resources ASX: NST
- To complete the vesting of the 51% interest in the 64North Project Resolution:
- has met expenditure requirements in term three of the agreement
- has paid a milestone cash payment of US$100,000 to the project vendor, Millrock Resources
- will issue 10 million RML shares to Millrock today
- the vendor and RML will now complete various regulatory formalities to record RML’s interest
- Recent encouraging drilling results at Tourmaline Ridge (up to 6.7g/t Au) and compelling East Pogo drill targets are being assessed alongside multiple strategic alternatives to advance the prospective 64North Gold Project to maximise shareholder value
- RML has been active on the project since 2019 and this summer, intends to complete further structural mapping, geochemistry sampling and geophysics surveys to prioritise drill targets - before further drilling
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