Quarterly Activities and Cashflow Report 31 December 2020
Adelaide, Jan 28, 2021 AEST (ABN Newswire) - Resolution Minerals Ltd (
ASX:RML) locked in a 30% interest in the 64North Project by successfully completing the Stage 1 expenditure requirements and issuing 10m shares and US$50,000 cash to Millrock (Vendor).
The Company has taken charge as Operator of the 64North Project Alaska removing the requirement to pay the 8% Operator fee to Millrock which totalled US$480K in 2019-20.
The Company has appointed Ms Rebecca Gower as VP Exploration Alaska. Ms Gower is relocating to Fairbanks, Alaska, permanently from Perth. Ms Gower has been working in gold and nickel exploration for the past eight years in based in Western Australia. Ms Gower is a US citizen and has previously worked in Alaska across multiple seasons and elsewhere in the Americas through a 15-year career in the mineral exploration industry.
The Company executed a binding term sheet to acquire a 100% interest in the Benmara Project covering 663km2 along-strike from the Walford Creek Cu-Ag-Pb-Zn-Co and Westmoreland U Deposits on the Fish River Fault in the Northern Territory.
o RML has an Option to purchase the project outright within 12 months and has issued 2.5m shares to Strategic Energy Resources Ltd. The Outright Purchase cost of $250,000 can be paid in RML shares or cash, at Resolution's election.
The AGM was held virtually on 27 November and all resolutions passed.
Non-executive Director, Mr Craig Farrow, transitioned to Chair after the AGM on the retirement of Mr Len Dean after 45 years in the mining industry. The Company thanks Mr Dean for his contribution as a founding Director of RML and wishes him well in retirement.
The Company is considering a corporate transaction with the Snettisham Project, Alaska, which is prospective for Ti-V-Magnetite and also has historic gold production c1905.
The Company is considering a number of pathways available to progress the copper / battery metal Wollogorang and Benmara Projects in the Northern Territory.
Cash balance as at 31 December 2020 is $1.13m.
RML plans to seek a United States OTCQB listing in the first half of 2021 to provide potential North American investors with enhanced trading accessibility and liquidity. The listing, if approved would provide RML with access to one of the largest investment markets in the world at nominal cost, with minimal additional compliance requirements. The Company's primary listing would continue to be the Australian Securities Exchange ("ASX"), with shares dual-listed on the OTCQB Market in the United States.
To view quarterly report, please visit:
https://abnnewswire.net/lnk/85LZA8H6
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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