Business
Millrock Resources Provides Corporate Update Drilling to Begin at West Pogo, Alaska
Highlights: Millrock has been advised that its partner Resolution Minerals has raised sufficient capital to fund a planned drilling program on the Aurora Target
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":" Highlights: Millrock has been advised that its partner Resolution Minerals has raised sufficient capital to fund a planned drilling program on the Aurora Target, immediately to the west of the Pogo Mine, Alaska. The first drill phase is planned to begin in early March 2020 with a planned initial program of 2,000 meters in four or five holes. An overall US$5 million exploration program is planned for 2020. Millrock has been granted a royalty on Northway Minerals’ Napoleon property in Alaska, in return for an exclusive copy of proprietary exploration information owned by Millrock. First Quantum Minerals has elected not to proceed further with its exclusive right to enter an option agreement on the Dragonslayer prospect, a portion of the district-scale Chisna copper-gold porphyry project, Alaska. Millrock will raise C$1 million as announced last week. Proceeds will primarily be used to acquire more gold projects in Alaska’s Tintina Gold Province. VANCOUVER, British Columbia, Feb. 04, 2020 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (\"Millrock\" or the “Company”) is pleased to provide an update on recent activity and plans. Millrock President & CEO commented: “Millrock has made some strong advancements through 2019. We believe that 2020 will be a watershed year for the Company, and we are particularly excited to begin exploration work in earnest at the 64North Gold Project. We will begin with a drill program at the compelling Aurora Target located immediately west of the Pogo Gold Mine in Alaska.” 64North Gold Project, Goodpaster Mining District, Alaska. Initial drilling at the Aurora target on the West Pogo Block of the 64North Gold Project is scheduled to begin in early March 2020. Earn-in partner Resolution Minerals Ltd., (“Resolution” ASX: RML) reported yesterday in a press release that it had successfully raised A$4.5 million to fund the planned work. The initial program will consist of four or five holes totaling 2,000 meters and will test the Aurora target. The target area is located within sight and approximately 2.5 to 3.5 kilometers west of Northern Star’s Pogo Mine. Northern Star reports an endowment of approximately 10 million ounces of gold at Pogo. (3.8 million ounces mined at 13.8 grams per ton gold (“gpt Au”), 1.5 million ounces reserves at 7.5 gpt Au included in a resource of 5.95 mi...