COMPLETION OF DUE DILIGENCE AND COMMENCEMENT OF EARN IN, 64NORTH PROJECT, ALASKA
Resolution Minerals Ltd (formerly Northern Cobalt Ltd) has completed due diligence on the 64North Project (previously called the Goodpaster Project) adjacent to Northern Star’s operating world class Pogo Gold Mine, Alaska (10M oz Au endowment, with 4M oz produced at average of 300,000oz Au pa @13.6g/t Au).
The Company has executed an Option to Joint Venture agreement and provided the required US$500,000 exploration advance to Millrock Resources Inc. Millrock is a project generator company listed on the TSX-V as MRO. Millrock is based in Anchorage & Fairbanks, Alaska with over a decade of operational expertise in the area.
Terms of the Option to Joint Venture agreement to earn up to an 80% interest include:
o Resolution can earn a 60% interest in the entire project by spending US$5M/year for 4 years on exploration, with an additional payment of US$50,000/year and a total of 38 million milestone (RML) shares in tranches to Millrock.
o Resolution is the Manager and has appointed Millrock as the operator for the first 12 months.
o Resolution can earn 80% on a nominated “best block” by loan carrying Millrock to first production.
• Exploration advance funds of US$500,000 have been deployed in the last 6 weeks to commence joint venture earn- in and achieve the following:
o Merge and pre-process historical data sets, tenement rentals and obtain drilling approvals.
o Construct a road to the highly prospective Aurora Targets, allowing for all year vehicle access drilling.
o Drill a water well for the Diamond Drill Core program planned for Q1, 2020 on the Aurora Targets.
o Completion of ELF-EM survey on the Aurora Targets confirming CSAMT survey and valid drill targets.
o Field recovery of diamond core from ER and E1 Prospects, relogging and extended assaying of historic poorly sampled intervals, results due throughout Q1, 2020 in batches.
o Final planning for Q1, 2020 drill program intended to commence early March 2020.
o Determine the drill collar locations for the high priority Aurora and Echo Targets on the Pogo West Block 2020 drilling program.
“This incredible opportunity for Resolution shareholders to be drilling only a stone’s throw from Northern Star’s operating high grade Pogo Gold Mine lease, was created by a unique set of circumstances that a junior is rarely able to grab”, “timing of change of ownership of the Pogo Gold Mine in August 2018, Millrock’s ground position built over years with their project generator business model, Canadian markets focussed on other industries, with quick action from our team combined to give Resolution and our shareholders this opportunity”
– MD, Duncan Chessell.
Want to know more about the 64North project but running short on time? Watch this 90sec Explainer to get the headlines.