It’s been a busy week for Millrock Resources Inc (TO:MRO).
On Monday the project generator expanded its portfolio with a foray into B.C.’s Golden Triangle. It capped the week off today by optioning one of its Alaska properties.
Under the terms of the agreement, Vista Minerals – a private Australian group – can earn an 80% joint venture interest in Millrock’s Stellar property by making exploration expenditures of US$4 million and cash payments totaling US$300,000. Millrock will retain a 1% Net Smelter Royalty on all metals. The claims are also subject to a royalty in favour of Altius Minerals Corporation (TO:ALS). In the event that a joint venture partner is diluted below a 10% equity interest, such interest will convert to a 1% NSR.
“We are pleased to make this agreement and are looking forward to seeing this great exploration project advance,” said Millrock President & CEO Gregory Beischer. “Vista appears to have a strong technical team and we wish them great success with future drilling programs.”
The Stellar project is located in central Alaska 13 km north of the Denali Highway and 68 km west of the town of Paxson, Alaska. The property, which Millrock acquired by staking in 2012, covers the Zackly copper-gold skarn deposit. Surrounding lands are considered prospective for porphyry copper-gold deposits, or other types of copper deposits and intrusion-related gold deposits. Millrock owns a 100% interest in the claims. Since acquiring the claims the company has done geochemical and geophysical surveys to develop drill targets.
Millrock’s move into the Golden Triangle involved the acquisition of three properties – two of them adjacent to Pretium’s Brucejack project in the historic gold-producing mountains of northwestern B.C.
- The 20,276 hectare Todd Creek property had a historical and non NI-43101 compliant resource of 207,000 tons grading 5.85 g/t Au (Hemlo Gold Mines 1998 Annual Report). Todd Creek is adjacent to Pretivm Resources’ southeast boundary. There’s been not much modern exploration on the property. Exploration permits are in place for 2016.
- The 32,000 hectare Oweegee Dome project is adjacent to Pretivm Resources’ Brucejack project and adjacent to the east of Seabridge Gold Inc's (TO:SEA) KSM project, two of the richest development-stage gold projects. There are numerous untested targets at Oweegee Dome, according to Millrock.
- The newly consolidated and 7,300 hectares Poly property has numerous untested targets, many revealed by rapid glacial melting. Poly’s exploration permits are also in place for 2016.
Pretium continues to build its high-grade underground gold mine and earlier this week released drill results from a grassroots regional exploration program.
The company hit long intervals of low-grade gold mineralization to the south and southeast of Valley of the Kings as well as zones of polymetallic mineralization.
In a terrible market for financings and junior exploration companies, the Golden Triangle has been a hotbed of exploration activity.
It was a busy year for Skeena Resources Limited (TO:SKE), which recently acquired the GJ property adjoining its high-grade Spectrum project. Skeena drilled 17,350 metres in 61 drill holes during its 2015 drilling campaign, as well as collecting soil and rock samples.
Highlights from the most recent results included 18 metres grading 6.13 g/t gold and 18m at 2.69 g/t. The drilling will add ounces to a maiden NI 43-101-compliant resource estimate at Spectrum, expected in the first quarter of 2016, as well as help the company select drill targets for 2016.
Skeena also plans to release an updated resource estimate for the GJ property, which it bought from partners Teck Resources Ltd (TO:TCKb) (51%) and NGEx Resources Inc (TO:NGQ). GJ consists of 80 mineral claims totalling 37,508 hectares and includes both high-grade gold and silver occurrences in veins and a copper-gold porphyry.