The 42% interest is achieved by the company through completing the stage two expenditure requirements and a $100k cash payment to Millrock Resources
Resolution Minerals has earned 42% stake in 64North gold project in Alaska. (Credit: Steve Bidmead from Pixabay)
Resolution Minerals has secured a 42% stake in the 64North gold project, which is located in the centre of the Tintina gold that spans from the Yukon in Canada to the Alaskan Coast.
The stake is earned by the company through completing the stage two expenditure requirements and a $100k cash payment to Millrock Resources.
In October 2019, Resolution had entered into an option, earn-in and joint venture (JV) agreement with Millrock to purchase a 60% stake over four years.
Resolution has to spend a further $1.15m on the project and issue 10m shares in the company, as well as to pay $100k by July 2023 to Millrock to earn 51% stake in the project.
Resolution Minerals managing director Duncan Chessell said: “The opportunity for Resolution shareholders to secure the ground surrounding the operating world-class high-grade Pogo Gold Mine, was created (in 2019) by a unique set of circumstances that a junior is rarely able to grab.
“The solid work and extensive new data sets collected in 2020/21 has identified both large scale IRGS gold and Cu-Mo-Au porphyry targets for follow up in 2022.”
The current project area is subdivided into five blocks, including West Pogo, East Pogo, South Pogo, Divide and Last Chance.
A joint venture will be established over the complete project following the completion of a 60% earn-in on the complete project by Resolution.
Later, the company can establish a specific joint venture on one block of interest and earn up to 80% ownership on one block.
Since signing a deal, Resolution had completed 5000m of diamond core drilling across nine holes at the aurora, reflection and echo prospects on the West Pogo block, in addition to a 12-hole 1,663m RC drill programme at the East Pogo prospects.
The 64North project is beside the Northern Star’s Pogo gold mine, which has produced more than 4M ounces of gold at 300,000 ounces of gold per annum.