The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Sorted by date Results 176 - 200 of 307
Reuters recently reported that the 10 largest gold-producing companies worldwide have steadily increased their near-mine exploration budgets over the past few years to 56 percent in 2015 from 45 percent in 2013. They also reduced their higher-risk greenfields exploration budgets to 21 percent from 25 percent in the same time period. This retrenchment of exploration by the larger producers is occurring, while global gold output is declining with an expected reduction of 9...
As gold exploration cools globally, the search for the precious metal is once again heating up in the larger Pogo Mine region of Interior Alaska. One of the reasons this region continues to be a hotbed of gold exploration is Sumitomo Metal Mining Pogo LLC’s success in finding and expanding new deposits of high-grade gold on its Pogo Mine property, which anchors the Goodpaster Mining District. Another dozen promising prospects found beyond the borders of the Pogo Mine claims a...
It is high summer in Alaska and the mining industry is busy breaking rocks, drilling holes, collecting baseline data, making upgrades to mine facilities and producing metal and coal across the state. The effects of declining prices for metals are starting to be felt at the operating metal mines and except for a few projects, the exploration sector continues to wallow in the doldrums, which have plagued the industry since 2013. That said, the tire-kicking of earlier this...
The owners of Alaska’s five large metal mines – Sumitomo Metal Mining Pogo, Hecla Mining Company, Kinross Gold Corp, Teck Resources Ltd. and Coeur Mining Inc. – accounted for nearly half the US$92 million of exploration spending in the state during 2014 and similar investments by these companies is providing solid footing for the Far North state’s mineral exploration sector this year. Avalon Development President Curt Freeman said he is seeing more mining majors shopping for d... Full story
The prolonged downturn in the metals market is like Black Friday for project generators such as Millrock Resources Inc. The Vancouver, B.C.-based junior has added a dozen gold and base metals projects to its exploration portfolio during the past six months. The most recent of these acquisitions gives the mineral explorer a foothold in the Golden Triangle region of Northwest British Columbia. “This is the exact time Millrock has been waiting for all along,” Gregory Bei... Full story
Over the past month, three of Alaska's large mines reported strong quarterly results; two projects in advanced permitting and pre-feasibility reported recent progress; and three exploration properties changed hands. The latter is a trend putting 2015 on course to be one of the most active years for new acquisitions in the past decade. Placer gold production has all but ceased for the year; however, output from Alaska's placer mines is not likely to be known with any certainty...
After a particularly long and painful bear market for the mining sector, the more than 25 percent surge in gold prices since the beginning of the year is lifting the share price of mining and mineral exploration companies in Alaska. “It has been five very long years and hopefully this a start to what is going to be a good run,” Greg Beischer, president and CEO of Millrock Resources Inc., told an audience at a recent Alaska Miners Association meeting in Anchorage. While gol...
Most of Alaska is now enjoying a warm, early spring, allowing field programs to get off to an quicker start this year. While budgets are still tight, interest in Alaska projects has steadily increased as the mining and metals markets slowly recover from a four-year slowdown. Current estimates for 2016 exploration expenditures are looking like they will end up in the US$50 million to US$60 million range, down from the US$75 million range of last year but less precipitous than... Full story
Millrock Resources Inc. Sept. 26 said a ZTEM airborne geophysical survey is underway at its Oweegee Dome project in the Golden Triangle area of northwestern British Columbia. ZTEM, Z-Axis Tipper Electromagnetic system, is an innovative airborne electromagnetic system which uses the natural or passive fields of the earth as the source of transmitted energy. This system is capable of deep penetration and identification of conductive zones at depth. Case studies have shown that... Full story
Millrock Resources Inc. Aug. 30 reported the purchase of an exploration operations facility in the town of Stewart, B. C. from J. Calder Resources Inc. and Geofine Exploration Consultants. The facility, which consists of a house-office, a large storage garage, and core-cutting facility, is situated on eight real estate lots. The facility sits on a large gravel pad and the lot is securely fenced for safe storage of drill core and equipment. An array of exploration equipment...
Millrock Resources Inc. June 10 reported the purchase of Willoughby, a high-grade gold prospect in the Golden Triangle region of Northwest British Columbia. The 995-hectare (2,460 acres) claim block is located three kilometers (two miles) east of the Red Mountain gold project being developed by IDM Mining Ltd. and eight kilometers (five miles) south of Millrock's Poly and LNT gold-copper properties. High-grade gold and silver intercepts were reported by exploration programs...
Millrock Resources Inc. May 4 unveiled plans to raise up to C$3.5 million through a non-brokered private placement of up to 12.1 million units priced at C29 cents apiece. Each unit will consist of one common share and one purchase warrant. Each warrant will entitle the holder to purchase one additional common share at C44 cents for a term of three years. Finder's fees of six percent cash, or the equivalent in units, may be paid in connection with this financing. Millrock said...
Millrock Resources Inc. April 7 reported that it paid Corvus Gold Inc. US$25,000 for the mining claims that make up the Chisna copper-gold project in Alaska. Along with 100 percent interest in the project, Millrock purchased an exclusive copy of a proprietary exploration database covering the claims and the surrounding district. The data represents an estimated US$11 million worth of exploration work that demonstrates the potential for large copper-gold porphyry deposits. The...
Millrock Resources Inc. April 4 reported that has staked additional ground in the Golden Triangle of northwestern British Columbia that covers the favorable contact and structures that host mineralization on Millrock's Todd and Poly projects, and joins the two properties together. Todd is centered in the Todd Creek Valley, about 25 kilometers (16 miles) northeast of Stewart. Poly, bisected by Hwy 37A and the Stewart Power Line, is located about eight kilometers (five miles)... Full story
Millrock Resources Inc. March 21 said it has assumed an option agreement on the Lord Nelson Tenures in northwestern British Columbia from Geofine Exploration Consultants. Also known as the LNT property, these mineral tenures are owned by Teuton Resources Corp. and have been under option to Geofine since 2010. Situated immediately to the south of Millrock's Poly property, LNT sits at a juncture between the Del Norte mineralized trend to the south and a volcanogenic massive sulf...
Although there is plenty of Alaska mining industry news this month, the big dog in the pen is the dramatic and unexpected run-up in the price of gold, which moved from a low of $1,078 per ounce to a high of $1,246/oz., most of which occurred after Feb. 1. Although profit-taking and other factors have caused the price to back off a bit, the move was both dramatic and unexpected. As you might guess, the ether is full of talking heads telling us why it went up, why it either won'... Full story
Millrock Resources Inc. Jan. 29 reported that partnership agreements on its Alaska Peninsula and Estelle copper-gold exploration properties in Alaska have been allowed to lapse. After reviewing the results from the first round of drilling, First Quantum Minerals has elected not to renew its option to acquire a joint venture interest in the Alaska Peninsula property. No mineralization of significance was discovered in drilling at the Mallard Duck Bay prospect. Mineralization...
Millrock Resources Inc. Dec. 18 reported that Vista Minerals (Alaska) Inc., a subsidiary of the private Australia-based Vista Minerals Pty Ltd., has entered into a joint venture agreement on Millrock's Stellar gold-copper property in Southcentral Alaska. Under the terms of the agreement, Vista Minerals can earn an 80 percent joint venture interest by investing US$4 million in exploration at Stellar and paying Millrock US$300,000 in cash. Millrock will retain a 1 percent net sm...
As the curtain rings down on 2015, the sound of clapping and cheering can already be heard from the mining industry as it anticipates the end of a largely depressing year which started out looking like the long-awaited industry recovery was going to happen but in the end, did not. The uncertainty brought on by this year's unsettling events was front and center in a recent round-table discussion hosted by Northern Miner, sponsored by PearTree Securities and entitled "New...
Earlier this month, the Alaska Miners Association held its annual convention in Anchorage amid plummeting metals prices and an over-all atmosphere of economic uncertainty now stretching into its fourth year. Individuals from around North America and beyond were present and conversations outside of the technical sessions seemed to gravitate toward how best to climb out of the doldrums that seem to grip the mining industry on a global scale. One individual was heard to say that...
FM: TSX / FQM: LSE Chairman and CEO: Philip Pascall President: Clive Newall Principal geologist, generative projects: Tim Ireland With seven mines in operation and five mineral projects under development, First Quantum Minerals Ltd. is a growing, diversified miner with a particular focus on copper. Its operating mines and development projects are located in Africa, Australia, Finland, Spain, Turkey and Latin America. Yet the company has no foothold in North America. Carrying forward a relationship built between Inmet and...
MRO: TSX.V President and CEO: Gregory Beischer Chief Exploration Officer: Philip St. George Through careful execution of the project generator model, Millrock Resources Inc. has built a portfolio of grassroots mineral prospects in Alaska, New Mexico and Mexico. In finding joint venture partners to help fund exploration, the project generator model lessens Millrock's need to raise money in tight equity markets, minimizes the risks involved with grassroots exploration and exposes shareholders to a larger amount of exploration e...
Millrock Resources Inc. Ot. 13 said it entered into an option to purchase the Liberty Bell gold-copper project near the town of Healy, Alaska. The 15,200-acre property hosts the historical Liberty Bell Mine, which was operated in the 1930s by Eva Creek Mining. According to a U.S. Geological Survey bulletin, production records indicate that 8,400 ounces of gold were produced from 17,500 short tons of ore at Liberty Bell during 1932 and 1933. In 1987, NERCO reported a resource... Full story
Millrock Resources Inc. has cut a deal to buy the Apex-El Nido property, home to two historical high-grade gold mines in Southeast Alaska that have largely been forgotten. Located on Chichagof Island, about 70 miles southwest of Juneau and about the same distance northwest of Sitka, the Apex and El Nido mines churned out at least 17,000 ounces of gold from ore that averaged about 1.4 ounces per-ton gold during spurts of mining carried out between 1922 and 1940. While very...
Mining is a notoriously cyclical business that generally ebbs and flows with the overall state of the global economy, and these cycles are amplified for junior mining companies charged with scouring the globe for the next generation of mines. Following a bull market that reached a crescendo at the end of 2010, the current bear market has been especially deep and painful for even seasoned mining sector veterans. "This has been a particularly treacherous bear market," longtime...
