QUARTERLY ACTIVITIES REPORT (DECEMBER 2020)
Trenching at E1 Prospect, 64North Project, Alaska
Exploration Summary - 64North Project Alaska
1. Compelling shallow drill targets identified on the East Pogo Block:
• 50-150m deep Pogo-style potential high-grade gold mineralised over three zones.
• Historic drill holes of high-grade gold mineralisation support the prospectivity of East Pogo.
• Entire 137m of road-cutting samples return elevated gold, demonstrating scale potential of an outcropping Fort Knox style (intrusion hosted) gold system.
• Context is important as a 0.1g/t Au cut-off grade is used for large scale Fort Knox style systems. o 93m @ 0.29g/t Au - including 27m @ 0.53g/t Au; max 1m interval of @ 1.89g/t Au.
• Initial 25 hole, 3000m RAB drill program designed ready for a March 2021 start.
• 3 holes intersected multiple quartz veins with no significant gold mineralisation.
• Review underway to best progress the Aurora, Echo and Reflection Prospects.
• The Company has taken charge as Operator of the 64North Project Alaska removing the requirement to pay the 8% Operator fee to Millrock which totalled US$480K in 2019-20.
• The AGM was held virtually on 27 November and all resolutions passed.
• The Company is considering a number of pathways available to progress the copper / battery metal Wollogorang and Benmara Projects in the Northern Territory.
The New Year is a good time to reflect on the lessons learnt in the preceding year and to develop an improved strategy for the year ahead.
In 2020 we focussed all our efforts on the Company’s Flagship 64North Project in Alaska. This included 5,000m of intensive drill testing of the road accessible West Pogo prospects along-strike from Northern Star’s Pogo Gold Mine. Although we are encouraged by the fact our team had technical success with holes 7, 8 and 9, all intersecting multiple quartz veins, we were disappointed to end 2020 without high-grade Pogo style success at West Pogo. Our team is now undertaking a review of all the structural data from the orientated core and geophysics data sets collected to determine the next steps for the Aurora, Echo and Reflection Prospects and how this knowledge can be applied to future targets.
We also got boots on the ground right across the 64North project, completing a huge regional program and assessing 31 new prospects. This has laid solid foundations for exploration in 2021 and the future success at 64North. Our team identified a number of fantastic targets of potential high-grade Pogo repeats at East Pogo and multiple large scale potential intrusion hosted / Fort Knox style systems at the Sunrise and E1 Prospects. This process has led us to challenge our original assumptions and reconsider 64North as multiple projects under a single banner. This new framework is letting us see new opportunities that may have been overlooked by previous explorers.
The identification of compelling 50-150m depth drill targets at East Pogo and roadside outcropping drill targets at the Sunrise Prospect, West Pogo give RML the opportunity to test multiple prospects in 2021 with cost effective RAB drilling.
Now as operator of the project we are looking to deliver more shots on goal in 2021, benefiting from a stronger AUD$ and the use of cost effective RAB drilling. Drilling is likely to commence in March at the outcropping Sunrise Prospect and then moving onto the compelling East Pogo target in May-June-July.
I think the opportunity presented to Resolution shareholders by the 64North Project is still just as valid today as it was a year ago. It was created by a unique set of circumstances that a junior is rarely able to grab. This includes the timing of the change of ownership of the Pogo Gold Mine, Millrock’s project generator business model and the Canadian markets’ focus on other industries in 2018/19. The swift action by the RML team secured this opportunity in 2019, our hard work through 2020 has laid the groundwork, and in 2021 we are looking to deliver.
The Company is also very fortunate to hold excellent copper and battery metal assets in the Northern Territory. Resolution is aiming to take advantage of the renewed interest in these metals and progress the Wollogorang and Benmara projects in the coming dry season. More on this story to come.
Resolution’s mission is to hunt for big scale gold and battery metal targets in big country – in 2021 I believe the company is in the best position ever to deliver discovery success.
Duncan Chessell – Managing Director, Resolution Minerals Ltd