Millrock Resources Inc. presented an update on drilling at the 64North gold project in Alaska [financed and carried out by Resolution Minerals Limited (Resolution)] and the Treasure Creek gold exploration project in the Fairbanks Gold District [carried out by Felix Gold Limited (Felix)].
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In the Summer of 2022, five diamond core drills were drilled at the 64North gold prospect. Resolution announced the program’s assay results in a press statement on December 12th, 2022.
The best intervals are:
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| Hole ID 22TR005: |
1.0 meters (m) @ 6.7 grams per tonne (g/t) Au from 93 m |
| Hole ID 22TR003: |
0.4 m @ 4.6 g/t Au from 414 m |
| Hole ID 22TR002: |
7.0 m @ 1.1 g/t Au from 169 m; and |
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0.9 m @ 1.2 g/t Au from 403 m; and |
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0.6 m @ 2.8 g/t Au from 537 m; and |
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2.1 m @ 1.7 g/t Au from 551 m |
To obtain joint venture participation, Resolution, which Millrock holds 23,100,000 shares in, has been sole-funding exploration at the 64North gold property for the past three years. Resolution has already spent more than US$9 million, gaining the right to increase its interest to 51%. Resolution proposes to pay Millrock 10 million shares and $100,000 as the final steps required to vest with a 51% stake in the enterprise.
Felix Gold has disclosed the following substantial near-surface gold intercepts from drilling on the Treasure Creek gold project’s Scrafford Shear potential. The Scrafford Shear is a portion of a structural corridor that extends for an additional 5 km which is thrusted and repeated three times, delivering over 15 kilometers of equivalent strike potential.
The following are key intercepts disclosed by Felix Gold in their December 9th, 2022 press release:
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| Hole ID 22TCRC039: |
32.0 m @ 0.50 g/t Au from 114.3 m, including 9.1 m @ 1.17 g/t Au from 114.3m and 18.3 m @ 0.57 g/t Au from 150.9 m |
| Hole ID 22TCRC049: |
15.2 m @ 0.46 g/t Au from 33.5 m, including 3.0 m @ 1.35 g/t Au from 41.1 m |
| Hole ID 22TCRC032: |
3.1 m @ 1.71 g/t Au from 18.3 m |
Millrock has royalties ranging from 1.0% to 2.0% Net Smelter Returns (NSR) on all rights now held by Felix in the Fairbanks District. The claims encompass over 400 square kilometers of potentially valuable property.