The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Sorted by date Results 151 - 175 of 307
Millrock Resources Inc. May 24 announced a deal that will ultimately move the Stellar copper-gold project into Polaris Minerals Ltd, a new exploration company that will own two high-grade copper project in Alaska. To complete this deal, Millrock has agreed to sell Stellar to Vista Minerals Pty Ltd. in exchange for 25.14 million Vista shares, or 27.7 percent of the Australia-based explorer. A 2015 agreement under which Vista Minerals was earning an 80 percent interest in...
Coventry Resources Ltd. and Millrock Resources Inc. Aug. 28 announced the start of a 3,000-meter drill program at Stellar, a copper-gold project along the south slopes of the Alaska Range. The drilling is focused on Zackly, a skarn deposit with a historical resource of 1.54 million metric tons grading 4.5 grams per metric ton (218,944 oz) gold and 2.9 percent (66.9 million pounds) copper. Millrock, which recently exchanged its interest in Stellar for a 10.6 percent equity...
PolarX Ltd. Oct. 25 reported that an induced polarization geophysical survey has confirmed the potential of a buried porphyry copper-gold system at the Mars prospect on its Stellar property in Southcentral Alaska. Broadly spaced soil samples have outlined a 2,000- by 1,500-meter area of gold and copper mineralization at Mars and rock chip samples collected from this same area have returned assays of up to 7.4 percent copper and 1.8 grams per metric ton gold. Data from the IP s...
Great American Minerals Exploration Inc. has closed a landmark option agreement with Sumitomo Metal Mining that consolidates the Monte Cristo and Uncle Sam gold properties into a single 55,465-acre project about 40 miles west of the Pogo Mine in Interior Alaska. GAME, as the company is commonly known, is no stranger to the Pogo region. In fact, the privately held Nevada corporation staked its first claims there in 1997 and has held onto a position in the area ever since. This...
Over the last month the inevitable termination dust has begun to show up across Alaska, bringing with it completion of mineral exploration programs and transition of development and production projects to winter operational modes. Explorers, developers and miners will soon be gathering to compare notes at the annual Alaska Miners Association Convention in Anchorage, an event that always overlaps national and local election night. Alaska's mineral industry outlook brightened...
The glimmer of gold and robust Coffee provided North of 60 mining explorers with a much needed pick-me-up in 2016. At the dawn of the year, Alaska and northern Canada’s mining sectors were being dragged down by a long and grueling bear market from five years of sinking metals prices that weighed heavily on the market value and sentiment of explorers. Unfortunately, these bearish conditions cut across both precious and base metals. Gold entered 2016 at US$1,082 per ounce, m...
When judging the health of global mineral exploration, British Columbia seems to be the perfect model. In 2015, roughly C$272 million was invested in discovering and delineating mineral deposits in B.C., down some C$66 million from 2014. This 19.5 percent drop is in lockstep with the decline in global mineral exploration budgets for the same period, according SNL Metals & Mining's World Exploration Trends report. Likewise, B.C. exploration decreased about 60 percent from the...
As a project generator, Millrock Resources Inc. is leveraging the notoriously cyclical mining markets to its advantage by acquiring promising mineral properties at rock bottom prices when the bears reign and ready them for robust exploration when the bulls run. "This is the exact time Millrock has been waiting for all along," Millrock President and CEO Gregory Beischer told Mining News. "We have stuck rigorously to our model, and here we are now taking advantage of the tremendous opportunities that are in front of us." Among...
Mineral exploration spending in Alaska hit an apex of US$365 million in 2011, but as venture capital for mining explorers dried these expenditures plummeted 78 percent to US$80 million in 2015. However, rising gold prices and a loosening of venture capital in 2016 seems to have marked an end to a painfully long bear market for mining explorers in Alaska. “After taking head shots for the past four years, the industry suddenly came to life over the past month, with new budgets,...
With world-class mineral deposits, paved roads and commercial power, northern British Columbia is considered by many as a great place to achieve a mining explorer's ultimate goal – find a mine. "The geology has been great up there for 100 million years, but it has only been the last five that we have had run-of-river (hydro-electric) projects, dams – literally billions of dollars of new infrastructure," said Colorado Resources Ltd. President and CEO Adam Travis. The start of...
With C$2.5 million in the bank and roughly two dozen mineral exploration projects it has generated in Alaska, British Columbia, New Mexico and Mexico, Millrock Resources Inc. is prepared for a stellar 2017 as metals prices rise and a bullish sentiment returns to mining markets. "While we will not under-estimate the work ahead, we continue to carry forward into 2017 with a spirit of optimism," Millrock President and CEO Greg Beischer said. "The cycle seems to have changed, and...
With the opening late last month of a public comment period for the environmental impact statement on the proposed Ambler Mining District Industrial Access Project, I am cautiously optimistic that this time, Sisyphus will get the boulder up the hill. As a lowly graduate student at the University of Alaska Fairbanks back in 1979, I helped a crew from Anaconda Minerals color township-size blocks on a huge paper map of the Brooks Range. At the time, Anaconda and numerous other...
Millrock Resources Inc. March 23 said it has acquired additional exploration information for Willoughby, a high-grade gold-silver project in the Golden Triangle District of British Columbia that Millrock acquired in 2016. This data, which was never submitted to the British Columbia Department of Energy and Mines for assessment purposes, was documented in a 1996 internal report for Camnor Resources Ltd. Titled "Report on the 1996 program and recommendations for further work, Willoughby property, Stewart area, British...
Millrock Resources Inc. Feb. 14 said it has completed a Z-axis tipper electromagnetic (ZTEM) and magnetic airborne geophysical survey over a large portion of its Oweegee Dome copper-gold project in the Golden Triangle region of northwestern British Columbia. ZTEM, an airborne geophysical system developed by Geotech Ltd., is capable of deep penetration and identification of conductive zones at depth. The goal of this survey at Oweegee Dome was to identify conductive bodies that may represent porphyry-style copper-gold...
With roughly US$5 million of exploration being carried out on its projects in Alaska, British Columbia and Mexico this year, Millrock Resources Inc. is beginning to reap the benefits of the upswing in the mining sector. "During the industry downturn, Millrock moved boldly to grow its property portfolio," said Millrock President and CEO Greg Beischer. "Now that metal prices and investor sentiment have improved, we are ramping up exploration efforts significantly." This ramp up...
If there is anyone still on the fence wondering if the minerals industry has started a recovery from the doldrums of the past four years, this month’s mineral industry activity in Alaska should settle the question with authority. During the past month, we have seen two merger/acquisitions occur, one by Solitario Exploration & Royalty Corp., which acquired Zazu Metals Corp. and its interest in the Lik lead-zinc-silver deposit. Then we also had Coventry Resources acquire V...
Millrock Resources Inc. June 14 said it has entered into agreements to option its Willoughby and Oweegee Dome projects in the Golden Triangle region of British Columbia to Sojourn Ventures Inc., a Vancouver, B.C.-based exploration company. To earn full ownership of Willoughby, Sojourn must issue 1.84 million shares to Millrock over the next two years and complete C$2 million of exploration on the property over the next three years. For ownership of Oweegee, Sojourn must issue 2.3 million shares over the next two years and...
Australia-based Polaris Minerals Ltd. is set to debut as a new exploration company focused on advancing Caribou Dome and Stellar, high-grade copperand copper-gold projects in Alaska. This new exploration company will be the product of a merger between Coventry Resources, a Perth-based junior that has focused on exploring and expanding Caribou Dome for the past two years, and Vista Minerals Pty Ltd., a privately owned Down Under explorer that owns rights to the adjacent...
Millrock Resources Inc. July 6 announced the start of a sampling and prospecting program at its Liberty Bell gold project in the Bonnifield Mining District of Interior Alaska. In March, Kinross Gold Corp. entered into an option agreement with Millrock on Liberty Bell. To earn a 70 percent joint venture interest in the property, Kinross must fund US$5 million of exploration and maintenance costs over five years; pay up to US$145,000 in fees for any project management carried out by Millirock; and pay advanced royalty payments...
At a recent mining industry panel discussion at the Western States Land Commissioners Association meeting in Anchorage, I was asked if the recent upturn in activity in the Alaska mining industry was a function of commodities prices or a growing worldwide recognition of Alaska's enormous mineral potential. I answered that I thought neither factor was driving the Alaska mineral industry revival: commodities prices have been steady or rising slowly over the last year and...
Millrock Resources Inc. July 26 reported that it has closed the sale of the Stellar copper-gold project to Vista Minerals Pty Ltd. Upon completion of the deal, Vista successfully merged with Coventry Resources, which owns an option on Caribou Dome, a high-grade copper project bordering Stellar. Coventry simultaneously announced that it had successfully raised AUS$5.5 million to further exploration on the now merged property. Upon closing of the three-way deal, Millrock owns a 10.6 percent of Coventry Resources, which is to be...
Millrock Resources Inc. Aug. 30 announced the start of the 2017 field program at Willoughby and Oweegee Dome projects in the Golden Triangle region of northwestern British Columbia. This program is being carried out by Millrock and funded by Sojourn Exploration Inc. (formerly Sojourn Ventures Inc.), which has options to acquire full ownership of Willoughby and Oweegee Dome from Millrock. Willoughby has a long exploration history, including two phases of drilling. Stationed...
The Alaska mining industry continued its increased pace of activities in August, even as the first hint of autumn starts to be felt across the state. Metals prices were relatively stable with increasing demand for zinc and gold, the two metals that generate the most revenue from Alaska's operating mines. Wood Mackenzie is forecasting a 3 percent increase in global refined zinc demand in 2017 to 14.7 million metric tons. With refined zinc production limited to a 2 percent...
Millrock Resources Inc. Oct. 5 said it has assembled a large land position covering high-potential gold targets near Sumitomo Metal Mining Company's Pogo gold mine in the Goodpaster Mining District of Interior Alaska. As a result of a series of purchase and option agreements and claim staking, Millrock now holds six discrete claim blocks in the district covering an area of 15,847 hectares (39,158 acres). The claims cover soil geochemical anomalies, many of which are untested....
Millrock Resources Inc. Sept. 22 said induced polarization geophysical surveys are underway at its Stellar gold-copper project located near the Denali Highway in central Alaska. This IP survey - being carried out by a subsidiary of Vista Minerals Pty Ltd, a private Australian company - covers the Jupiter copper occurrence and on the west flank of the high-grade Zackly gold-copper skarn deposit. Roughly 12,200 meters of drilling in some 85 holes has been completed at Zackly,...
