Resolution Minerals on track to meet Alaska spend conditions, identifies new gold targets

Resolution Minerals ASX RML Alaska new gold targets 64North
Resolution Minerals is on-track to lock-in 30% of the 64North project, with assays due in the coming weeks.

Resolution Minerals (ASX: RML) is on track to complete the first-year earn-in requirements at its 64North gold project in Alaska.

The company has also reported identifying an anomaly at, and potential extensions to, its Boundary prospect within 64North.

Resolution is earning up to 80% of the project from Toronto Venture Exchange-listed Millrock Resources, which bills itself as a project generator working in Alaska and Mexico.

The first year earn-in for 64North requires Resolution to spend US$5 million (A$7.1 million) on exploration, of which US$1 million must be focused on regional targets.

Meeting those requirements will give Resolution a 30% stake in 64North.

Meanwhile, the company is now fast-tracking assays from its Aurora prospect where recent drill hole 7 intersected a shallow dipping 7m-thick quartz vein. Those assays are due within two weeks.

Resolution managing director Duncan Chessell says that two new high priority drill holes from the hole 7 drill pad will test the along-strike continuity and potential grade variation of the previously reported “promising” 7m thick quartz vein.

“Variation in grade and thickness is typical for this style of mineral system and we look forward to the results of these three holes with anticipation,” he added.

64North remains under-explored

The 64North project surrounds the Pogo mine, owned by Northern Star Resources (ASX: NST), which has so far produced 4 million ounces of gold at an average grade of 13.6 grams per tonne. Pogo has a total endowment of 10Moz of gold and is currently producing at a rate of 300,000oz per annum.

In the latest development, Resolution reported a geophysics survey over historic high-grade (up to 35g/t gold) intersections have identified an anomaly and potential extensions at the Boundary prospect within its East Pogo block.

The Boundary prospect is located on the Pogo trend between Northern Star’s mine and the Tibbs project owned by Toronto-listed Tectonic Metals.

Last week Tectonic reported more drilling results including 9.14m at 6.71g/t gold.

Resolution’s survey also identified a new larger second target over 2.2km by 1.5km, located 900m southwest of the historic drilling results noted above.

New targets to be drilled in 2021 northern summer

Surface rock chip sampling over this new target has identified sulphide-bearing quartz boulders.

Assays from these are expected in late October.

Mr Chessell said the new drill targets and extensions at historic prospects by modern technology demonstrates how highly prospective and under-explored 64North remains.

Boundary is located 26km along strike from the Pogo mine and 11km northwest of Tibbs.

Resolution says drill testing there is warranted and will require helicopter support when undertaken in the 2021 summer field season.

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