Millrock Resources – Millrock completes drill program

In this episode, Gregory Beischer the President, CEO, and Director of Millrock Resources sits down with Maurice Jackson of Proven and Probable to discuss the latest developments at the massive Stellar Project comprising nearly 30,000 acres and claim block of 35 miles strike length located near Fairbanks, Alaska.

Millrock Resources along with PolarX, formerly Coventry Resources, have just completed the drill program at the Stellar Project. Millrock Resources owns an equity position in PolarX and will be receiving milestone payments along with royalties from PolarX as the Stellar Project advances. The initial indications at the Zackly Deposit one of the two deposits on the Stellar Project, are quite encouraging as it appears that the Stellar Project consists of skarn mineralization a type of wholesale replacement of limestone by sulfide minerals near a magmatic intrusion.

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VIDEO

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TRANSCRIPT

Maurice Jackson:
Welcome to Proven and Probable, where we focus on metals, mining, and more. I’m your host, Maurice Jackson. Today we will discuss a company that is establishing itself as a premier project generator. I’m speaking of Millrock Resources, trading on the TSXV, symbol MRO, and on the OTCQX, symbol MLRKF.

Joining us today is the President, CEO, and Director of Millrock Resources, Gregory Beischer. Before we begin, allow me to convey to our listeners that Millrock Resources is a sponsor of Proven and Probable, and that we are proud shareholders of Millrock Resources for the virtues we will convey in today’s message.

Mr. Beischer, welcome to the show.

Gregory B.:
Thanks very much, Maurice. I’m glad you’re a shareholder of our company.

Maurice Jackson:
Very proud, sir. Gregory, for first-time listeners, can you share just how expansive the Millrock Resources project portfolio is?

Gregory B.:
Sure. We have projects that span from here in Alaska where I’m located today in Fairbanks all the way south to Sonora State, Mexico. We’re very active there. We’re developing projects in the Southwest US, and we have a strong presence in the Golden Triangle district of British Columbia. So quite a healthy portfolio that we’ve built up over the last few years, and we’re already realizing the benefits of having accumulated those projects.

Maurice Jackson:
Sticking with Alaska, in our last interview we discussed the Stellar Project located there. On the 4th of October, Millrock Resources issued a press release regarding new information coming out of the Stellar Project. What can you share with us?

Gregory B.:
As you’ll recall, Maurice, in August we completed a transaction whereby Millrock sold its Stellar copper-gold project to a company which at the time was called Coventry Resources and has since changed its name to PolarX. Now Millrock as a result of that transaction is a very big shareholder of PolarX. Additionally, we are entitled to certain milestone payments if a gold resource is grown to a certain size, and royalty payments in the event of commercial production, and some advance minimum royalties before production occurs.

It was a bit of a different deal for us. Typically, we’ve done deals with major companies, but in this case we thought it was good to make an agreement with what seems to be an excellent junior Australian explorer. Though, having said that, this year at least we executed the exploration, and so yesterday we announced the completion of the initial project.

Maurice Jackson:
Let’s put this into perspective for our listeners. How many acres are we talking about here at the Stellar Project, by the way?

Gregory B.:
It’s roughly 30,000 acres, Maurice. It’s a very large claim block now, in excess of 35 miles of strike length. This was one of the big attractions for Millrock, is we had a substantial land position. By virtue of this transaction, we now are part owners, shareholders, of the adjacent block of claims which PolarX owned, and it is host to the Caribou Dome Copper Project. There’s a substantial high-grade copper resource on those claims.

We know that on our claims on the Stellar Project, the adjacent claims, there’s a deposit called Zackly. It’s a quite high-grade copper-gold deposit that we had known from historical drilling. This has been the thrust of the recent program. We mobilized two drills near the end of August and managed to squeeze in the full program to recalculate by modern standards the resource that’s present there.

Maurice Jackson:
Gregory, you mentioned mineralization. What do we have there?

Gregory B.:
It’s an interesting style of mineralization, Maurice. It’s called a skarn. It occurs typically near an intrusive rock where there’s wholesale replacement of limestone, typically, with sulfide minerals. That’s what we’ve got in this case. Massive to semi-massive sulfide minerals, mostly cuprite, semi-covellite, high-value copper minerals, as well as native copper. It’s very interesting mineralization to look at. We’re still waiting for the assays. In fact, the samples have just been sent, so we’ll anticipate those some weeks from now. But on a visual basis, the core looked quite good.

One problem the prior workers had was recovery, partially because of the small core diameter used. We use large diameter core and very carefully collected core samples through the ore zone. We’ve had good recoveries, and that should allow us, in conjunction with our partner, to properly calculate a modern resource.

There was approximately a quarter million ounces of gold known historically in that deposit, not to mention the copper. It’s possible that we’re going to expand the size of the deposit just by this drilling program alone, but I think we’ll really be looking forward to 2018 when we’re able to test for strike and depth extensions of the deposit and to search for what Millrock feels is the potential for a very large bulk mineable porphyry copper style deposit. We’ve seen the evidence of such deposits on the project, and indeed this skarn mineralization is a sign that there could be a porphyry as well. It’s a bona fide exploration target on its own that PolarX and Millrock are pursuing, but the big prize would be the porphyry copper.

Maurice Jackson:
Gregory, this is all quite exciting. Switching gears, if I may slightly here, let’s discuss PolarX here just to clarify any confusion here for our listeners. Coventry Resources is now PolarX. Does this change the equity position that Millrock Resources had in Coventry Resources?

Gregory B.:
No, not at all. It was a simple name change. There was a relaunch of the company, and they thought a name that was suitable to Alaska was a good choice. I think they did make a good choice.

Maurice Jackson:
Gregory, now that the drilling has completed at the Stellar Project, where will Millrock Resources focus its efforts?

Gregory B.:
We’ll be quite involved importing the assay results once they are received from the laboratory. In addition to the drilling, we also executed geological surveys, geophysical surveys, mapping and prospecting on other prospects nearby. We’ll work on that information. PolarX will recalculate the resource of the Zackly skarn deposit and see how it compares to the historic numbers. Before we know it, we’ll be planning for the 2018 exploration program.

Maurice Jackson:
Which we are all looking forward to. Mr. Beischer, we’ve covered the good. What keeps you up at night that we don’t know about?

Gregory B.:
Right now, everything’s on the uptake at Millrock. Projects are getting partners. We’re very actively exploring, and so we’re having to expand our exploration staff. To keep doing excellent exploration work, we need the best people, so we’re hiring, building our team out so that we can continue to be the operators and do great exploration work on the projects that are funded by our partners.

Maurice Jackson:
Finally, what did I forget to ask?

Gregory B.:
I always like to keep things in context, Maurice. You and I have talked but about the general markets and particularly the price of gold, which seems to have a lot of bearing on the prices of junior explorers. Gold has pulled back substantially over the past few weeks after making a pretty good high in September. I have no idea what’s going to happen next with the price of gold. I suspect it might stay in this range for a while, but I think there’s not much doubt that the trend is up and that there’s very good days coming for explorers based on gold price.

Maurice Jackson:
Gregory, for someone listening that wants to get more information regarding Millrock Resources, please share the contact details.

Gregory B.:
Sure. Just google Millrock Resources and you’ll come to our web page: www.millrockresources.com. You’ll see contact information for Melanee Henderson 877.217.8978, who will handle initial investor relation calls. I’d be glad to talk to any current or prospective shareholder myself personally.

Maurice Jackson:
Last but not least, please visit our website, www.provenandprobable.com, where we interview the most respected names in the natural resource base. You may reach us at contact@provenandprobable.com. Gregory Beischer of Millrock Resources, thank you for joining us today on Proven and Probable.

Gregory B.:
My pleasure, Maurice. Talk to you again soon.

Maurice Jackson:
All the best, sir.

Speaker 3:
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