Quarterly Activities Report
Adelaide, Oct 29, 2021 AEST (ABN Newswire) - Resolution Minerals Ltd (
ASX:RML) (NC3:FRA) announced completion of its first trenching program at the Tourmaline Ridge Prospect.
The prospect lies on a NE-SW trend of mineralisation leading to Northern Star's (ASX:NST) Goodpaster Discovery, which is undergoing a $21m resource drill out along strike.
Samples have been submitted to BV Laboratories (Fairbanks, AK) for assay and we anticipate a relatively long nine (9) week turnaround on results due to extremely high demand for assays at the conclusion of the North American field season.
Further trenching, geophysics and drilling programs are being considered and next activities will be decided once the results of the recently completed trenching program become available.
It was only during the summer months that on ground assessment could be made of the best location for trenching using historic rock chip data. Positively, with an access track now in place, the Tourmaline Ridge Prospect has year-round access for potential further activities.
Alaska
64North Project
- Trenching program completed at the Tourmaline Ridge Prospect - assays pending
- Regional drill target generation exploration conducted for 2022 season
- Historic core located and submitted for assay at the Sunrise Prospect - assays pending
- Drilling: 12 RC drill holes totalling 1,663m completed and results at the East Pogo Prospect
Northern Territory
Wollogorang Project
- VTEM geophysics survey Identifies multiple conductors - potential for sediment hosted copper
- Significant Farm-in and JV Agreement with copper producer OZ Minerals
- OZ Minerals completes due diligence and commits to drilling program in 2022
Benmara Project
- Copper drill targets identified
- New tenements added adjoining project - increasing land holding to 2,230km2
- Drilling: 15 RC drill holes completed totalling of 2,892m - assays pending
Corporate
- $1.25m Junior Minerals Exploration Incentive (JMEI) tax credits granted
- Divestment of Snettisham Project (Alaska) to Millrock Resources - share of proceeds agreement
- $1.7m Placement to progress key projects and Australian project generation
- Tenement acquisition from neighbours Cedar Resources, on the Benmara Project
- The Company reports $2m cash at bank on 30 September 2021
- The Company reports a successful $1.7m SPP was completed 26 October 2021
Managing Director, Duncan Chessell comments
It has been another busy quarter with our exploration teams drill testing and trenching multiple targets in the Northern Territory and Alaska. We have assays pending and plenty of exploration upside untested on both our battery metals and uranium potential Benmara Project and 64North Gold Project in Alaska.
The big game changer this quarter, is the Farm-in & JV agreement struck with Australian copper producer OZ Minerals on the Wollogorang Project in the Northern Territory. The agreement will see OZ sole fund exploration activities in stages, potentially all the way to final investment decision to mine. OZ recently committed to an extensive drilling program in the 2022 to kick off the first stage of the agreement.
To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/7IG540S0
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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