Millrock Resources (TSX-V: MRO) CEO Greg Beischer on Deal with Sojourn Exploration on British Columbia Golden Triangle Projects & Upcoming Drilling Plans at La Navidad Project in Mexico
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is President and CEO of Millrock Resources (TSX-V: MRO)(OTC: MLRKF), Mr. Greg Beischer. Greg, how are you this afternoon?
Greg Beischer: I’m doing great, Gerardo. I'm in our office at Hermosillo, Mexico. It's good to be in a place a little warmer than home base, Anchorage, Alaska.
Gerardo Del Real: Absolutely. Having lived in Anchorage for 17 years, I can definitely relate to that sentiment there, Greg. Listen, thank you first off for taking the call and for making some time. You had a news release about a week or so ago on the 2nd of February with the transaction on your projects in the Golden Triangle in BC. And I really want to talk about the details of that release because I thought, again, it's a perfect example of Millrock executing on that prospect generator model. Can you share the details of the release there, Greg?
Greg Beischer: I sure can and I'm really happy about getting this deal done, Gerardo. It's something that we've been working on for quite a number of months now and I’m glad it's almost over the finish line. So you'll recall that we consolidated some pretty large land packages in British Columbia's Golden Triangle a couple of years ago and that last spring, we optioned two of those projects to a junior company on the TSX Venture Exchange called Sojourn Exploration. In the interim period we did some exploration work on behalf of Sojourn to keep the claims in good standing and to advance them, but we also found what would be an excellent new management team for Sojourn. In fact, the group is bringing their own projects. So these people are excellent geologists. In fact, I would consider it a dream team of BC geologists, they're experts in metallogeny and genesis of copper and gold deposits in this part of the world. They're simply very, very knowledgeable people. They're proven explorers.
I know they can execute and they have every intention of following the same business model as Millrock. They'll be generators that will convince other mining companies to fund the exploration on the projects, that’s the projects Millrock's contributed and those that they've brought themselves. I look at this as a great way for Millrock to leverage its investment. We made a modest investment a couple of years ago. Through this deal we have recovered everything that we've risked and now we're a major shareholder or Sojourn Exploration and a royalty holder on our partners on our properties. But it's now a much bigger, more viable company.
The whole deal is contingent on raising these $2.5 million dollars over the next 60 days. I don't think we're going to have any trouble to do that, given their history and reputation. Millrock is very proud to be a major shareholder of Sojourn and we really look forward to working with this group. For your listeners, we always want them to consider buying Millrock shares but right now, they might want to consider looking at Sojourn Exploration. It's SOJ on the Venture Exchange.
Gerardo Del Real: Now when you say that Millrock will be a major shareholder, we're talking 19.9%. Is that correct?
Greg Beischer: That's correct. Yep, almost a 20% shareholder.
Gerardo Del Real: Excellent, excellent. Now, the other thing I have to ask you about, Greg, and I joked with you off air that every morning, I wake up anticipating draw results from the La Navidad Project and you happen to be in Mexico right now, so can you give us an update there?
Greg Beischer: Yes, sure that's part of the reason why I'm here, I’m just on my way to the project right now to review progress. But we received most of our results in January but the need to do a few check outs and so that's taken a few more weeks but we have just about everything in hand now. And pretty soon, you're going to wake up and see those results, Gerardo.
Gerardo Del Real: So I should keep looking?
Greg Beischer: Yep, but I can tell you the plans now are to start drilling again about six weeks to eight weeks from now. So we're just doing some additional mapping on an area just to the north of the area we drilled previously and then we'll be ready to start drilling there and we'll see how things shape up.
Gerardo Del Real: Well that's excellent news so there will be a follow-up drill program and of course, this is the joint venture with your partner, Centerra?
Greg Beischer: Yes, that's correct. Centerra Gold's funding work on this project to earn an interest in it.
Gerardo Del Real: Well I'm looking forward to those assays, Greg. Obviously, I'd love to have you back when those assays come out and they're published. Thank you for your time today. Is there anything else that you'd like to add?
Greg Beischer: Nope that's it, Gerardo. Thank you very much and I'll probably be talking to you next week.
Gerardo Del Real: Looking forward to it, Greg. Thank you.
Greg Beischer: All the best, bye now.