Millrock Resources Inc. Nov. 4 reported that all the pieces are falling in place for an early 2020 drill program at West Pogo, one of nine blocks of claims that make up the company’s district-scale Goodpaster gold project in Interior Alaska.
In mid-October, Australia-based Northern Cobalt Ltd. cut a deal to earn up to a 60 percent interest in the Goodpaster project by investing US$20 million in exploration, plus paying US$200,000 in cash and issuing 38 million in Northern Cobalt shares to Millrock over four years.
The deal also includes other considerations, including earning up to 80 percent interest in one of Millrock’s Goodpaster claim blocks. Further details on the agreement can be read in “Millrock cuts $20M deal for Goodpaster” in the Oct. 18 edition of North of 60 Mining News.
Northern Cobalt has made an initial US$250,000 payment to Millrock, which provides the Australian explorer exclusive rights to option Goodpaster as it completes due diligence. This can be extended by 50 days for an additional US$250,000 payment.
Millrock is applying this payment toward preparations for a planned US$5 million 2020 exploration program that will primarily be focused on completing a thorough test of drill targets established at West Pogo.
While most Interior Alaska projects shut down drilling during the cold months of winter, West Pogo has the advantage of being road accessible, a key to cost effective winter drilling.
This state-owned industrial road, which provides access to Northern Star Resources Ltd.’s Pogo gold mine, cuts across the West Pogo property.
Millrock plans to enter into a shared use agreement with Northern Star that helps ensure safe road use through communication and defined travel protocols and provides for pro-rata sharing of road maintenance costs. Millrock already has permits to travel the road with light vehicles, as well as semi-trucks and trailers.
Millrock Resources Inc.
A geophysics line cuts through the trees north from Mile 46.5 of the Pogo Mine access road on Millrock’s West Pogo property. The mill and other surface facilities at Northern Star Resources’ high-grade gold mine can be seen in the distance.
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Millrock recently received permits to build a roughly four-mile-long road lining the Pogo Mine access road to Aurora Creek valley, one of the primary drill targets at West Pogo.
A camp that will serve as the headquarters for West Pogo exploration has been established at Mile 39 of the Pogo Mine road. Additionally, a lay-down area has been cleared at Mile 45.5, roughly at the head of the Aurora Creek road, as a place to stage equipment and supplies for the planned first quarter 2020 drill program.
Once the drill road is completed a well will be drilled in the Aurora Creek valley. This will provide water for the drills, another key to winter drilling success during the cold winter months.
“Upon successful completion of the drill road and water well by Millrock’s team, the companies will be in a position to execute a $5 million drilling program beginning as early as the first quarter of 2020,” said Millrock Resources President and CEO Greg Beischer.
–SHANE LASLEY