Millrock Resources Inc. has reported on the progress occurring at the 64North gold exploration project.
Schematic geological cross section through the Miranda and Boundary Prospects, East Pogo with subsurface geology including prospective shear zone (altered paragneiss) interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM, and 3D magnetic modeling shells. Image Credit: Millrock Resources Inc.
The project is considered the subject of an earn-in agreement whereby Resolution Minerals Limited has been earning a collaborative venture interest from Millrock.
Earned Interest:
Resolution has finished the need to earn a 51% interest in the project, and this interest has also been recorded, and has surpassed the Year 3 exploration expenditure need of US$2.5 million and has spent a total going beyond US$9.0 million on exploration.
In recent times, Resolution has paid Millrock US$100,000 and issued an additional share payment of 10 million RML shares to Millrock. Currently, Millrock owns 33 million Resolution shares. Also, Resolution has denoted that it does not plan to exercise its option to remain sole-funding exploration on the project to additionally increase its ownership interest.
However, a 51% Resolution–49% Millrock collaborative venture is yet to be developed. The terms of the December 2019 agreement can be viewed at this link: Definitive Exploration Agreement.
New East Pogo Drill Targets Identified:
Due to the 2022 regional work, new compelling drill targets have been determined at the Miranda and Boundary prospects in the East Pogo block of the project area.
Four ELF (Extremely Low Frequency) electromagnetic geophysical survey lines and a surface soil geochemical grid were finished at the time of the 2022 season to improve the model for the mineralized system present in the area.
The updated model indicates that the source of mineralizing fluid is concerned with separating magnetic intrusions at depth. Several intrusions take place within the dilatational zone linked to the shear package determined earlier.
The newly developed model indicates earlier drilling in the area did not achieve the depths required to test the forthcoming shear. Deeper drilling will be needed to test the complete thickness of the shear rock package. But, a shallower and undrilled target has also been defined.