The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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 estimate of about 150,000 ounces of gold in rock grading 0.08 to 0.10 ounces of gold per ton.
Millrock is not treating the historical estimate as current mineral resources.
Re-sampling and re-logging of existing drill cores and confirmatory and infill drilling from surface will be required to determine the significance of the historical resource.
From 2007 to 2010, Metallica Resources Alaska Inc. carried out a comprehensive program and focused drilling efforts on the western portion of the property rather than in proximity to the old Liberty Bell Mine.
Further drilling is warranted in the Liberty Bell mine area, as well as several other virtually unexplored areas of the property, to test for the presence of a large gold deposit.
Millrock said the presence of significant levels of copper within the Liberty Bell gold mineralization is reminiscent of late Cretaceous gold-copper mineralization recently discovered at Contango ORE Inc.'s Tetlin project near Tok, Alaska.
Gold and copper found at the Peak deposit of the Tetlin property are associated with elevated silver, bismuth and arsenic in a pyrrhotite-bearing distal skarn setting that Millrock said is similar to mineralization at Liberty Bell.
Peak-style gold mineralization was unknown in Alaska when the most recent exploration was conducted at Liberty Bell, opening up new possibilities for high-grade gold-copper skarn mineralization and porphyry-related gold-copper mineralization.
Located about 60 air-miles southwest of Fairbanks and just six miles east of the George Parks Highway, is easily accessible.
Under an agreement with Boot Hill Gold Inc., Millrock has the option to purchase a 100 percent interest in the Liberty Bell property, free of any royalty, by paying the annual claim rentals (roughly US$32,000 in 2015) and performing adequate assessment work to maintain the property in good standing during the option period.
Millrock may exercise the option by paying US$600,000 by March 31, 2018.
According to the payment schedule, the first payment of US$25,000 is due next March, a second payment of US$50,000 is due March 2017, and the balance due by March 2018.
Millrock intends to build a comprehensive exploration plan and seek joint venture partners to fund exploration.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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