Operations Update 64North Project Alaska
Adelaide, July 27, 2020 AEST (ABN Newswire) - The recent capital raise has provided Resolution Minerals Ltd (
ASX:RML) with sufficient funds to complete the 1st year earn-in to secure a 30% interest (US$5m expenditure) at the 64North Project upon completion of the planned activities outlined below. A commitment to regional exploration and rents (US$1m of the US$5m total) was part of the agreement with project vendor Millrock Resources. Securing of these funds with the recent capital raise and deploying operationally during the Alaskan summer field season was an important step to ensuring the conditions of the earn-in were met.
The Company has identified two (2) high priority regional prospects, E1 and Boundary with the majority of regional funds to be deployed to progress these prospects to drill testing. The regional work is in parallel with on-going drilling testing of the compelling Aurora and Echo Prospects adjacent to the Pogo Gold Mine.
Drilling Aurora Prospect
- Completed Hole #4 (20AU04) intersected the same host rock as Pogo Gold Mine (BQF paragneiss) for the entire hole. Significant alteration and increasing sulphides at depth led the geology team to extend hole #4 to 1,090m (Figure 3*).
- Final detailed logging of hole #4 will be completed shortly.
- Assays will be released at the same time for Hole #3 and #4 expected in ~5 weeks. Minor delays are due to overloading of laboratories with the current surge in gold exploration in North America.
- Planned shallower holes to the centre and eastern side of the Aurora Prospect (A7, A10, A11 and A14) can be completed, following the helicopter supported drilling at Echo. Assays from Holes #3 and #4 will be received prior to commencing further drilling at Aurora and allow RML to apply the knowledge gained to refine drill targeting from these results and the new ZTEM data.
- The Aurora holes can be drilled all year-round using road access.
- The tracked mounted drill rig (Ruen Drilling) at the Aurora Prospect will remain on hold, ready to drill further targets at the Aurora Prospect, while the crew drills the Echo Prospect in August.
Drilling Echo Prospect
- Drilling on the Echo Prospect (total of 950m) in two (2) shallow holes with a helicopter rig will commence in approximately 2 weeks to make use of the better weather during mid-summer.
- Drill targets are being refined using the recently acquired geophysics surveys, see below.
Geophysics Aurora, Echo and (NST) Goodpaster Prospects
- Airborne ZTEM and magnetics geophysical surveys has been completed (Figure 2*).
- Preliminary results support compelling drill targets at Aurora and Echo and provide the technical team with comparison data collected over Northern Star's Goodpaster Discovery - 800m from RML's claim boundary.
- Processing of data, QA/QC, structural analysis and production of 3D inversions is underway and is planned to be reported to the market in 2 weeks.
- The company will present a technical briefing on the dill targeting via webinar with the results of the geophysics in approximately 2 weeks.
E1 Prospect
- An airborne magnetics geophysical surveys has been completed in the last few days over the E1 prospect to assist with drill targeting. The results of the survey will be released to the market upon final processing.
- An access trail from the Pogo Gold Mine road will be pushed south 20km to the E1 prospect to facilitate access for heavy equipment and drill rigs, expected to be completed by the end of August.
- Planned September and October trenching, sampling, mapping and likely shallow RC drilling.
Regional exploration - other
- Geophysical CSAMT survey will commence on the Boundary Prospect next week, to progress the prospect to drill ready for early summer next year. The Boundary Prospect is a high priority potential Pogo-style system located on the eastern extent of the Pogo Trend (Figure 5*).
- Field crews are conducting other minor regional works to progress some of the 30 Prospects identified from conceptual towards drill ready (Figure 4*).
Managing Director, Duncan Chessell stated, "The prospectivity of the 64North Project is outstanding, with RML in the fortunate position to have 4 prospects worthy of drill testing and any of which could be the next Pogo or Fort Knox giant sized gold mine. "With the Alaskan summer season in full swing and teams active on multiple prospects and drilling high priority targets at the Aurora and Echo Prospects, there is a lot of news flow to come".
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/BIG16ZFZ
About Resolution Minerals Ltd
Resolution Minerals Ltd (ASX:RML) is a mining company engaged in the acquisition, exploration and development of precious and battery metals - such as gold, copper, cobalt, and vanadium.
The company is led by Managing Director Duncan Chessell and an experienced team with proven success in corporate finance, marketing, metallurgy and geoscience. This equips Resolution Minerals with the tools to meet the changing demands of the mining markets.
Resolution Minerals Ltd Listed on the ASX in 2017 with a focus on the exploration of the Wollogorang Copper Cobalt Project. It has since aquired the Snettisham Vanadium Project and more entered into a binding agreement witth Millrock Resources to earn up to 80% of the highly prospective 64North Gold Project.
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