The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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, outlining a historical (non-NI 43-101-compliant) resource of 1.13 million metric tons grading 6.03 grams per metric ton (218,944 ounces) gold and 2.69 percent (66.9 million pounds) copper.
The Jupiter occurrence is a 1,700- by 2,300-meter geochemical anomaly identified by Millrock.
Underlain by a corresponding magnetic high, this anomaly consists of 33 soil samples ranging from 246 to 3,850 parts per million copper, averaging 832 ppm.
Gold values in these soil samples average 92 parts per billion and range from five to 178 ppb.
One grab sample of rock collected by Millrock in an area northwest of the main Jupiter prospect in 2013 returned 23 percent copper, but no follow up work has yet been done.
Vista plans to inspect the site of this sample this year.
"The Zackly gold-copper prospect presents an excellent opportunity for Vista to establish a modern gold resource and expand upon it," said Millrock President and CEO Greg Beischer.
"The porphyry and intrusion-related gold targets, none of which have ever been drilled, are virgin country, ripe for a new discovery." Vista and Millrock formed an option to joint venture agreement on the project in late 2015.
Millrock presently owns the claims, subject to Vista's right to earn up to an 80 percent interest by investing US$4 million on exploration and paying US$300,000 to Millrock over a four-year period.
A production royalty would be payable to Altius Minerals Corp. Earlier this year Vista significantly expanded the original Millrock claim block by staking of claims, all of which are now subject to the option to joint venture agreement.
The property now covers 17,759 acres (7,187 hectares).
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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