Millrock Resources | Explorer releases drill results from Alaska copper-gold project
Gregory Beischer, president and CEO of Millrock Resources, in conversation with Maurice Jackson of Proven and Probable, talks about the recently released drill results from the Alaska Range Project as well as developments at its Mexican properties.
Maurice Jackson: Welcome to Proven and Probable. I’m your host Maurice Jackson. Joining us today is Gregory Beischer, the president, CEO and director of Millrock Resources Inc. (MRO:TSX.V; MLRKF:OTCQX), a premier project generator.
We are talking with you today to discuss some exciting drill results at the Zackly copper-gold deposit, which is joint ventured with PolarX. Before we discuss the results here, please share with us some of the unique features of the Zackly copper-gold deposit.
Gregory Beischer: Certainly it’s a deposit of the skarn variety, magnetite skarn, and this type of deposit occurs when there is wholesale replacement of preexisting rocks by valuable minerals such as chalcopyrite and bornite and in this case gold as well. The deposits can be fairly high grade and also there are deposits that can occur in close proximity to porphyry deposits, which of course can be exceptionally valuable, large, bulk-minable type of deposits. And we postulate that such a porphyry may be present on the Alaska Range Project in proximity to the Zackly copper-gold skarn deposit.
Maurice J.: That would be quite exciting if that does come to fruition. Millrock issued a press release from the Zackly copper-gold deposit, which I know has both Millrock and PolarX excited. What can you share with us?
Gregory B.: They were quite good drill results and the first two we announced were broad intersections, so much thicker than had been previously discovered and gold rich, several grams of gold over core lengths of 45 to 50 meters, right from surface. And so also given what appears to be a fairly flat line orientation to the rocks that hosts the gold, these would be near a true width drill intersections. So that’s good grade gold, right at surface over significant widths and it’s open in all directions. And it really could turn into something and it’s new, it’s almost 850 meters away from the known Zackly deposit.
Closer in to the deposit that we announced, two more holes in which the grade was quite high, several percent copper with gold over true widths of perhaps 5 meters of magnetite skarn, much like the main body of the Zackly deposit. But this is still 350 meters away from a known delineating mineralization. So again, it appears that this deposit is becoming larger and more extensive than prior workers had realized.
Maurice J.: As a shareholder these are exactly the type of press releases that I’m looking for. What is the next step at Zackly?
Gregory B.: That will be up to PolarX; it has funded all the work. Millrock has essentially sold this project to PolarX. We’re big shareholders of that company now, we’re royalty holders. If a mine is ever developed here, Millrock shareholders will make out very, very well. In the interim, we’ve been operating exploration on behalf of PolarX and that helps us make some management fees that offset some of our overhead costs. So, it’s been a good partnership so far. But we don’t know the next step for PolarX; ideally in our minds it would continue to expand the resource at the Zackly skarn deposit, but also make a serious drilling campaign to evaluate several of the porphyry targets that we’ve developed over the years.
Maurice J.: Moving on to Mexico, Millrock has a number of projects there. When can we anticipate some more news flow from there?
Gregory B.: Maurice, Millrock will almost always be drilling on one project or another. We’ve been getting ready to start drilling at the El Picacho Gold Project and things are underway now. So look for more drill results and potential catalysts later in the summer or later in the fall rather from the El Picacho Gold Project in Mexico. It’s got all the right geological signs. It’s got the right address, is just to the west of the San Francisco Gold Mine operated by Alio Gold and has a very similar geologic position. So we’re excited; this is the first round of drilling on this particular project after almost a year of preparatory work to get there.
Maurice J.: Last question, what did I forget to ask?
Gregory B.: Well, you can always ask about the share price, Maurice, and in August, Millrock’s share price started to decline long with all the other mining shares for the most part; it’s rather frustrating to be honest, especially since Millrock has so much going on, so many potential catalysts for discovery. But on the other hand, it’s a good buying opportunity to pick up Millrock shares at this low price of CA$0.16 or CA$0.17.
Maurice J.: Speaking of the share price, the last week we gladly added onto our position to Millrock Resources, and again that symbol was MRO, and we encourage you to visit the company’s website and speak with Melanie Henderson to get more exciting details about Millrock Resources. Gregory, if someone listening wants to get more information regarding Millrock Resources, please share the contact details.
Gregory B.: Please visit millrockresources.com. And as you mentioned that Melanee Henderson ([email protected]) will be glad to speak with shareholders and potential shareholders or set up time to talk to me personally. And thanks for adding to your position, Maurice. We really appreciate you being a shareholder.
Maurice J.: Well, I’m glad to grow with the company. And as a reminder, Millrock Resources trades on the TSX.V, symbol MRO and on the OTCQX, symbol MLRKF. Millrock Resources is a sponsor of Proven and Probable, and that we are proud shareholders of Millrock Resources for the virtues conveyed in today’s message. And last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at [email protected].
Gregory Beischer of Millrock Resources, thank you for joining us today on Proven and Probable.
Gregory B.: Thank you Maurice. Talk to you again soon.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
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(By Maurice Jackson for Streetwise Reports)