After securing the backing of Canada’s new resources merchant bank Palisades GoldCorp, Resolution Minerals (ASX: RML) is cashed-up to fund its first year earn-in requirements at the 64North project where drilling is targeting the same mineralisation found at Northern Star Resources’ (ASX: NST) adjacent Pogo gold mine.
The company will have sufficient funds to complete its US$5 million exploration expenditure commitment to lock-in a 30% interest in 64North.
Resolution’s first drill target is the Aurora prospect where hole number four was recently completed.
Assays from this hole and hole three are anticipated in about five weeks.
However, Resolution noted number four intersected the same host rock as the Pogo gold mine.
Significant alteration and increasing sulphides uncovered at depth led the geology team to extend hole four to 1,090m.
Once assays are at hand, Resolution will apply the knowledge gained to refine its targets for the centre and eastern side of Aurora.
Meanwhile, drilling at the Echo prospect is due to begin in two weeks and will comprise two holes for 950m.
“The prospectivity of the 64North project is outstanding, with Resolution in the fortunate position to have four prospects worthy of drill testing, any, of which, could be the next Pogo or Fort Knox giant sized gold mine,” Resolution managing director Duncan Chessell said.
“With the Alaskan summer season in full swing and teams active on multiple prospects and drilling high priority targets at the Aurora and Echo prospects, there is a lot of news flow to come,” he added.
Geophysics surveys reveal ‘compelling’ targets
Targets at this prospect are currently being refined using data from recent geophysics surveys.
Resolution noted that preliminary data from the airborne ZTEM and magnetics geophysical surveys had revealed “compelling drill targets” at Aurora and Echo.
This has also provided Resolution with comparison data that was collected from Northern Star’s Goodpaster discovery which lies 800m from the 64North boundary.
Surveys were also undertaken at the E1 prospects, with results to be released once processing has been completed.
Meanwhile, an access trail will include the E1 prospect, with this prospect planned to be explored in September and October and will include trenching, sampling, mapping and shallow reverse circulation drilling.
An upcoming survey has been planned for the Boundary prospect, which will begin next week. This data will be used to progress Boundary for drilling next year.
Resolution noted that Boundary was a high priority Pogo-style system located on the eastern extent of the Pogo Trend.
Field work is also underway at to assist with firming up drill targets across 30 prospects.
Northern Star advances Goodpaster prospect
In its recent June quarter results discussion, Northern Star noted it was going to make a significant investment into the resource drilling at Goodpaster.
The first stage of resource definition drilling will explore the prospect’s 2.5km-long mineralised corridor.