The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Mining Explorers 2019 – Published Nov. 1, 2019
A track mounted reverse circulation rig tests the first target at Northway Resources' Healy gold project in Alaska's Goodpaster Mining District.
Northway Resources Corp., a new company with two gold exploration properties in Alaska, Aug. 26 announced the completion of an initial public offering and listing on the TSX Venture Exchange.
"We are very excited about closing this transaction and being listed as a new public company on the TSXV," said Northway Resources President and CEO Zach Flood. "Northway Resources was founded last year with the primary focus to explore for gold in Alaska."
Northway is currently focused on exploring its Healy gold property, a discovery stage gold project in the Goodpaster Mining District that was generated by Newmont Goldcorp over four years of exploration that began in 2010.
Newmont identified Healy as a priority target after carrying out analysis of a large swath of Alaska's Eastern Interior region. Follow-up soil sampling on this property about 45 kilometers (28 miles) southeast of Northern Star Resources Ltd.'s Pogo gold mine identified three 1,000 to 2,000-meter long gold-arsenic-antimony anomalies.
Based on the large soil anomaly and encouraging results from the backpack drilling, a technical report completed for Healy at the end of 2018 recommends using a reverse circulation drill to drill fences of holes across the main zone identified at Healy.
Northway cut a deal with Newmont to earn up to a 70 percent joint venture interest in Healy by completing at least US$4 million of exploration on the property by the end of 2022.
Northway is beginning is working toward meeting its earn-in commitment this year with an RC drill program similar to the one outlined in the technical report.
"The Healy project, which we have optioned from Newmont Goldcorp, presents significant opportunities for Northway in the Goodpaster Mining District, host of the Pogo gold mine," said Flood. "We have the advantage of picking up where Newmont left off, following multiple years of systematic regional exploration which has led to the definition of numerous drill-ready targets which have never been tested. We look forward to updating the market with drill results this fall as they become available."
Northway's second Alaska gold project, Napoleon, is located near the community of Chicken in the Fortymile Mining District. While more than 600,000 ounces of placer gold has been mined from the streams and benches in the Fortymile district, a large lode source of this alluvial aurum has yet to be discovered.
To fund its exploration, Northway raised C$1.85 million through an IPO that involved the issuance of 18.49 million shares at C10 cents each.
EDITOR'S NOTE: For further information on Northway Resources' 2019 drill program at Healy, see Northway hits gold in all holes at Healy in the Oct. 25 edition of North of 60 Mining News.
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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