Resolution Minerals (ASX: RML) has launched a maiden drilling program at another prospect, Sunrise, in its large 64North gold project in Alaska.
Sunrise is located just 5km from the Pogo gold mine owned by Northern Star Resources (ASX: NST).
Drilling is now taking place along an access road and is a four-week program. The program allows for 40 holes and a total of 3,000m of shallow rotary air blast (RAB) drilling, testing outcropping mineralisation identified last year.
Low cost shallow drilling sets project apart
Managing director Duncan Chessell says a “fantastic opportunity” was identified at Sunrise through the company’s trenching and geophysics programs.
“Assessment of the extent of mineralisation through low-cost shallow reconnaissance fence-line RAB drilling, along an existing year-around access road, sets this prospect apart from most Alaskan prospects,” he added.
Last year the company reported that Sunrise, in the project’s West Pogo block, returned positive assay results from the entire 137m of samples.
Sunrise is an intrusion hosted gold prospect, analogous in style to the Fort Knox gold mine owned by Canadian listed Kinross Gold, the company notes.
The large Fort Knox deposit near Fairbanks, Alaska has a mine life exceeding 20-years and has produced 8 million ounces.
Last year, Fort Knox generated 237,925oz of gold at a production cost of US$1,054 (A$1,384) per ounce.
Fully funded for exploration drilling
Resolution says it is fully funded for multiple drilling programs in Alaska and Australia, testing gold and copper prospects, following the recent $3.25 million raising.
Resolution has earned a 30% interest in the 64North project and continues to farm-in towards a 60% stake.
The company has the right to earn an 80% interest in 64North.
The 64North project surrounds the Pogo mine, which has so far produced 4 million ounces of gold at 13.6 grams per tonne.
Pogo has a total gold endowment of 10Moz and is currently producing at a rate of 300,000oz per annum.