Millrock Resources (TSX-V: MRO) CEO Greg Beischer on Updated Agreement at Red Basin Uranium Project & Finding Wide Visible Copper Outside the Known Zackly Resource
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 morning?
Greg Beischer: Very well, Gerardo. How about yourself?
Gerardo Del Real: I am doing well. I appreciate you asking, Greg. As usual, a busy week and a half of news for Millrock. There were actually two pieces of news on the 12th, yesterday, of July, that caught my attention. The first is, as everybody knows, Millrock is a premiere project generator. And you announced an agreement change at the Red Basin Uranium Project. And I know a lot of people don't typically associate Millrock with the Uranium Project, but Uranium seems to have very strong fundamentals right now. And it seems to be headed in the right direction. Can we talk about this bit of news first before I get to the exciting, visible copper news out of Alaska?
Greg Beischer: Sure thing. You know, we've held this project for several years now. We saw the opportunity to stake what we believe is a series of uranium deposits. So for very low cost of entry we were able to acquire the mineral rights over a deposit that we're pretty darn sure that Gulf Minerals drilled off in the 1970s. We don't have all the data from that, but that's what we think. We've held the property for several years now. I thought at the time that uranium was about to take off, but it hasn't, and so we've continued to hold the property. But by just rejigging the deal a bit here now, we've been able to save ourselves some cost and make the project more appealing to third party companies that may fund exploration.
And you mentioned that the fundamentals of uranium looked like they're on the uptick. I hope you're right about that. We've had a couple of false starts over the last few years on uranium price, but maybe the time’s finally come. I think the opportunistic way in which we picked up that, those series of deposits, will pay off for our shareholders sometime in the next little while.
Gerardo Del Real: Excellent. Let's talk about this second bit of news that actually came out on the same day. PolarX, which Millrock has a pretty substantial interest in via shares, issued a news release. It's a pretty significant one. They hit wide visible copper mineralization, 850 meters along strike from the high-grade Zackly resource in the Alaska Range Project. Can we talk about where this visible copper was located? I understand it's pretty near surface. Anytime you see this in the core, you have to be excited because PolarX has always said, the company's always said that it's vectoring in towards a porphyry and this lends some credibility to that theory.
Greg Beischer: Yeah, it's early days yet. They've reported this result simply on a visual basis. But it is a wide intersection, 55 meters down-hole length, can't say what exactly the true width is. It'll be smaller than 55, but still probably thick. We just need a little more geologic control to say for sure. Beautiful looking core all filled with the minerals malachite and chrysocolla and azurite. There's sulfide minerals like bornite and chalcocite. So it's pretty darn well mineralized in copper. It's an intersection that's 850 meters away from the known Zackly Copper-Gold Deposit. So potentially adding some serious strike lenght. The deposit’s open in all directions. Right now we're drilling a hole beneath the known deposit. So, things are shaping up and yes, this wide intersection could lead one to believe that we're getting closer to the porphyry source that Millrock has postulated all along may be there.
It's an encouraging bit of news. We're happy about it and samples are on the way to the lab. I'm sure that PolarX will be making announcements about those results as soon as they're available. They’re on the path to raise more funding so that we can do more drilling to test for the porphyry targets. It's good. Millrock's the operator of the project with funding and technical input from PolarX, so it's a good partnership.
Gerardo Del Real: Excellent. And this current program, the way that I understand it, is up to 25 holes for a total of approximately 5,000 meters of core drilling. Correct?
Greg Beischer: That's correct. That's the plan, but PolarX has designs to seriously expand that program.
Gerardo Del Real: Excellent. I encourage everybody to go to PolarX's site. They do an excellent job of providing visuals, cross sections and frankly, better than most companies. The website is PolarX.com.au.
Greg, anything that you'd like to add? I know that drilling is going on at La Navidad down in Senora, Mexico. How are things progressing there?
Greg Beischer: Well, actually we've wrapped it up, Gerardo, all the samples are in the lab. Results are coming in, stay tuned. We'll be announcing those very soon, I would think.
Gerardo Del Real: Perfect. Well hopefully you'll be kind enough to come back on and report those to us, Greg.
Greg Beischer: Of course. Next week should be a good week. Millrock will be at the Sprott Natural Resources Conference along with other companies that are selected by the organizers to participate. It's usually a very good show for us, we meet some of our existing shareholders and talk to potential new shareholders. Maybe we're starting to get some lift off in the market now, this will be a good barometer actually.
Gerardo Del Real: Fantastic. Well let's chat in the next week or two. I love your takes on the conference and of course once those assays start coming in and being reported, I'd love to talk to you about that.
Greg Beischer: Sure thing, Gerardo. All the best. Bye now.
Gerardo Del Real: Thank you, Greg.