Millrock Resources (TSX-V: MRO) CEO Greg Beischer Provides an Update on Exploration at a Number of Projects
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: Doing great, Gerardo, thanks. Things are kicking into high gear so we're in a high state of action at the moment.
Gerardo Del Real: You know, I was speaking with someone earlier and I was mentioning to them that the difference between the companies that succeed in this business and the ones that don't is that the ones that succeed tend to stay busy year round. I think Millrock has certainly been busy throughout the year but we're starting to see some activity, some nearer term activity and some potential catalysts here, specifically with two projects, your Stellar project and your La Navidad project. Could we talk about the progress there Greg?
Greg Beischer: You bet. You know we always are busy, Gerardo, and when times are tough, it seems a little harder to work that hard but things are getting better for sure and we just closed a deal. Our partner Coventry Resources has raised $5.5 million Australian, much of which is going to get directed towards our Stellar Copper Gold project in Alaska. So we're really pleased about this. We've got pretty high-grade gold-copper historic resource in the ground at Stellar and we're going to re-drill that to bring it up to modern resource standards. Additionally, we'll use a second drill to test the geophysical conductors along strike.
I'm actually quite enthusiastic that we will indeed expand the known deposit and confirm, at a minimum, the ounces of gold and pounds of copper that we believe to be there. We've been waiting all summer for this to happen, wondering whether it really was going to but indeed, in the end, Coventry pulled together, raised the money and we're off to the races.
Gerardo Del Real: Excellent. I understand that the drill program will be approximately 3,000 meters and approximately 20 drill holes, is that accurate Greg?
Greg Beischer: That's correct. It's quite a big program we pulled together last minute and I'll tell you, things are heating up generally in the sector because even with our contacts throughout Alaska, it was a little difficult to secure drill rigs and helicopter availability at this fairly late date. That tells me that exploration has fully increased in the last six months.
Gerardo Del Real: Excellent. Now I understand that obviously you want to bring that historic resource back into compliance, will there be any exploration drilling with the initial 3,000 meters?
Greg Beischer: Yes. The second drill will scout along strike to expand the deposit and at the very end, if possible, before the snow flies in October, we'll test the Mars prospect but that remains to be seen. That's one that's in our back pocket, just see how the season rolls out.
Gerardo Del Real: Perfect, perfect. Well the second project I mentioned and another that's ready for drilling that also had a historic resource and some pretty good intercepts there is the La Navidad project in Sonora State, Mexico. Can we talk a bit about the La Navidad project, Greg?
Greg Beischer: You bet. We've got a crew working away there, mapping the geology at surface, crews collecting soil samples, and we'll soon have a geophysical team on site to do induced polarization and magnetic surveys. Even from what we've seen so far, the soil results are not only confirming the presence of the deposit we believe to exist there from prior drilling but it seemed to extend the limits of the deposit so it looks like we're developing some good drill targets along trend. Those old holes were pretty good grade so we're looking forward to a fall drill program.
Gerardo Del Real: Just to be clear, you're advancing this with your joint venture partner Centerra, is that accurate?
Greg Beischer: That's correct. We have two projects under a joint venture with them, as well as an alliance type arrangement so we're very happy to have them as a partner.
Gerardo Del Real: Perfect. Well, Greg, I look forward to having you back on as you nail down targets, specifically at La Navidad. I think we can expect probably some good, high-grade numbers out of the Stellar project but I'm definitely excited to see what comes of La Navidad. It's a district scale land package I believe, it covers more than 25,000 hectares so there's definitely some potential for near term catalysts here in the fall and the winter time.
Greg Beischer: Absolutely. You know we won't be drilling this year, it looks like our new partner Sojourn Ventures has raised, actually oversubscribed, financing for work that will be done on our Golden Triangle British Columbia project so we're going to execute the exploration on behalf of Sojourn. In fact, we've already got a team mobilizing and we'll be in the field in the Golden Triangle next week.
Gerardo Del Real: Perfect, perfect, Greg. Anything else that you'd like to add?
Greg Beischer: Nope, that's good. I have to get going, Gerardo. I'm at the airport and about to step on an airplane but I really appreciate you calling and fitting in this interview.
Gerardo Del Real: Well thank you for your time and I'll let you go so you can make the plane. Thank you, Greg.
Greg Beischer: Okay.