- Resolution Minerals (RML) says drilling at its 64North project in Alaska shows promise, but has suspended the program due to COVID-19
- Resolution plans to resume drilling in mid-May after the spring thaw, and when the COVID-19 situation becomes clearer
- Resolution is fully funded for multiple drill programs following the recently completed $4.5 million capital raise
- The company should have assay results for the already-completed drilling in four weeks
- Preliminary results indicate a strong resemblance to formations found at the neighbouring 10 million ounce Pogo gold mine
- Resolution Minerals is up 2.38 per cent on market close and trading for 4.3 cents per share
Gold explorer Resolution Minerals (RML) has posted promising preliminary results from drilling at its 64North project in Alaska, but has suspended the program due to COVID-19.
Aurora test drilling suspended
Two test holes for over 1000 metres were on the cards at the Aurora target, but drilling on the second hole – intended for 600 metres – has been suspended at 194 metres.
The drilling company can no longer complete the Alaskan work due to COVID-19 related travel bans.
Resolution plans to resume drilling in mid-May after the spring thaw, and when the COVID-19 situation becomes clearer. This is most likely to be with an Alaskan drill contractor to minimise travel restrictions and costs.
Resolution is fully funded for multiple drill programs following the recently completed $4.5 million capital raise, with strong demand from institutional and sophisticated investors.
Resumption of the drill program at 64North is a matter of priority as soon as possible after outside factors – such as pandemic travel restrictions – can be negotiated.
Promising pogo-style results
Resolution has reported promising evidence of mineralisation similar to the nearby Northern Star Pogo Gold Mine – a mine which has produced 2.9 million ounces of gold in the last 11 years.
So far, the geology found in hole one aligns well with the geophysical interpretation used to develop the targets. The sulphide-bearing quartz veins present are similar to those found at Pogo.
Managing Director Duncan Chessell says, pending assay results, that visual indications of the drill samples show a likelihood of a Pogo-style mineral system at Aurora.
“From these very early visual signs, it’s exciting to see we have intersected the right host rocks, with strong alteration and sulphide-bearing quartz veins -demonstrating we have potentially drilled into a large Pogo-style system,” Duncan described.
“We look forward to assay results in about four weeks and aim to re-start drilling operations in mid-May,” he continued.
Resolution Minerals will update the market once results are released from the laboratory.
Resolution Minerals is up 2.38 per cent on market close and trading for 4.3 cents per share