The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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 sulfide horizon (X zone) on Poly.
With the addition of the 2,450-hectare (6,050 acres) LNT property, the expanded Poly project now covers 9,770 hectares (24,140 acres) of prospective ground in the Golden Triangle region of British Columbia.
The target area at LNT hosts stream sediment, soil and rock samples that are anomalous in gold, silver, copper, lead, zinc and pathfinder elements.
One rock sample collected from a large boulder is reported to contain 6.55 g/t gold.
An historical electromagnetic anomaly extends to the north from the Del Norte trend and has never been drill-tested on the LNT property.
Rapidly receding glaciers have exposed new mineral showings and alteration zones in recent years.
Systematic geochemical sampling and geological mapping will be needed prior to selecting targets for drill testing.
By assuming the option, Millrock has the right to earn a 100 percent interest in the LNT property by incurring C$898,405 in exploration expenditures and providing option payments of C$120,000 over a four-year period.
The next option payment of C$15,000 is due in November and the exploration expenditures may be completed any time prior to November 2019.
Teuton retained a 2 percent net smelter return royalty with a C$50,000 advance royalty starting in 2020.
There has been no up-front cost to Millrock for the assumption.
Located 34 kilometers (21 miles) northeast of Stewart, the LNT property is bisected by Highway 37A and the Stewart Power Line.
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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