Millrock Resources (TSX-V: MRO) CEO Greg Beischer on Upcoming Catalysts: Drill Program at La Navidad Gold Project & Pending Assay Results from Stellar Copper-Gold Project
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is CEO of Millrock Resources (TSX-V: MRO)(OTC: MLRKF), Mr. Greg Beischer. Greg, how are you this afternoon?
Greg Beischer: Hello. I'm doing very well, Gerardo. Thanks for inviting me back on your show.
Gerardo Del Real: Well, it's good to have you back on. The rubber is definitely hitting the road. You just released some news regarding the La Navidad Gold Project, and it was very successful surface exploration results that have now paved the way for a drilling program, which has commenced, and I'd love to get the details from you on each of those pieces.
Greg Beischer: Yeah, sure. You know, we were able to make an agreement to acquire the concessions at La Navidad in the middle of the summer. Our partner on the project is Centerra Gold, and they've been very, very supportive of the project. We've run flat out over the last six months, to get to the point we're at today, where we've commenced the first round of drilling. We did all the usual surface surveys, geophysical, magnetics, and induced polarization, followed by geologic mapping and soil sampling. You know, we know there's some gold in the ground there, from some prior drillings, high-grade veins, but surrounded by low grade gold mineralization in the host rocks.
The soil's identified that known area, but appears to greatly have expanded the anomalous area. We think we've put together quite a good geologic picture of why that mineralization will extend, and well, the truth machine is on site now. The drill is turning.
Gerardo Del Real: Excellent. Now, let's get into the details of some of the surface sampling there, because I know it was very successful. You're targeting an orogenic gold deposit, similar to the Lluvia de Oro and San Francisco mine project. Is that correct?
Greg Beischer: That's correct, yeah. It's a specific style of mineralization, and those mines operate similar deposits as those that we seek. They're quite low grade. They rely on sort of bulk mining methods to be economic, but the grade really doesn't have to be too high. For example, at San Francisco, the currently mining grade is 0.54 grams per tonne. We don't need real high-grade. Of course, you'll want to find some high-grade core.
That helps to get an operation into production, but certainly on surface, we did get some good results. For example, 12 meters of 1.1 grams per tonne, 24 meters of 0.9 grams per tonne sampled from rock cuts, so we're undercutting those surface samples with drill holes now.
Gerardo Del Real: Those grades that you're getting at surface are important. You mentioned the 0.54 gram per tonne grade at the San Francisco mine, and if I recall, they have approximately 1.2 or 1.3 million ounces of gold in the measured and indicated category, so at 0.54 grams per tonne the results that you're getting at surface are twice that, frankly, in a lot of spots there.
Greg Beischer: Yeah, so hopefully it holds together at depth, and then hopefully that gold mineralization occurs over a wide area, but that sort of seems to be the indication from the soil sampling. We were really, really impressed and excited with the soil results when we got them, so it seems to indicate a pretty large gold mineralizing system, but, well, we won't know until we get the first round of results. They should come, well, I would say, first results, before Christmas, so maybe Millrock will deliver a Christmas present for its shareholders.
Gerardo Del Real: Well, that's always welcomed, especially during tax loss selling season. Details of the drilling program, Greg, I understand its 2,000 meters, in nine drill holes. Is that correct?
Greg Beischer: That's the current plan, yep.
Gerardo Del Real: Excellent. Now, we're also expecting results from the Stellar project, where you saw some indications of some high-grade copper. Can we talk a bit about those pending results?
Greg Beischer: Sure, yeah. We should receive the first batch, 7 out of the first 13 holes, any day now. It'll take a little bit of time to crunch the numbers, and for our partner, PolarX, to announce. It really is up to them, but of course, we'll announce those results along with it. We, in this case, we're redrilling a high-grade copper-gold skarn deposit, and visually, there was sulfide mineralization, so we expect we're going to repeat the results. They should be reasonably good, but the question is on gold, the gold content.
We were able to get much, much better core recovery than the prior operators. We used a big diameter core, triple tubes, so that we got a very good core recovery through the mineralized one. That may really help with the grade, so yep, we're excited to receive those results, and shareholders can look forward to them really soon.
Gerardo Del Real: Good. Well, an active time for Millrock. We have pending results at Stellar. We have a drilling program, which has commenced at La Navidad. La Navidad is a project that I have been excited about for quite a while now, so it's great to have the truth machine out there. Greg, is there anything else that you'd like to add?
Greg Beischer: No. There's lots of things moving on every front, Gerardo, but that covers the real upcoming highlights, catalysts, for the next four to six weeks.
Gerardo Del Real: Excellent. Well, as soon as you get results, I hope you can come back on and speak to those a bit.
Greg Beischer: Okay. Talk to you in a week or 10 days then.
Gerardo Del Real: Thank you very much, Greg.
Greg Beischer: Thanks a lot, Gerardo. Bye now.