Join our daily newsletter At The Bell to receive exclusive market insights
- Resolution Minerals (RML) has received partial assay results from the Aurora Prospect at the 64North Project in Alaska
- In early March, Resolution began drilling at 64North to test the structural and geophysical signatures of the project
- However, drilling has been paused due to COVID-19 and the company is hoping to re-start in the second half of May
- Strong levels of pyrite, arsenic and bismuth have confirmed that mineralisation at Aurora is similar to Northern Star’s neighbouring high-grade Pogo Gold Mine
- However, low grade gold was found at Aurora with grades peaking at 0.94 grammes per tonne
- Resolution’s share price has dropped a significant 58.5 per cent in mid-morning trade and shares are selling for 5.6 cents each
Resolution Minerals (RML) has received partial assay results from the Aurora Prospect at the 64North Project in Alaska.
In early March, Resolution began drilling at the Alaskan project and completed its first diamond hole, 20AU001, later on in the month.
This hole aimed to test the structural and geophysical signatures of the project’s geology.
However, drilling has paused due to COVID-19 and the company has halted production ahead of schedule. Resolution is hoping to re-start operations in the second half of May 2020.
The Aurora Prospect is next door to Northern Star’s highly prospective Pogo Gold Mine.
The mine contains 10 million ounces of gold and since production began in 2006 it has produced 300,000 ounces of gold per year at over 13 grammes per tonne.
Assays and logging of hole 20AU001 confirm a strong presence of arsenic, pyrite, bismuth, tellurium, bismuthinite (bismuth sulphide) and pyrrhotite (iron sulphide).
These levels confirm that Pogo-style mineralisation is present.
However, low grade gold was found at Aurora with grades such as 0.94g/t, 0.52, and 0.42g/t.
“These assays increase our confidence that we are drilling in the right neighbourhood and confirm a Pogo-style mineralised system is present at Resolution’s Aurora Prospect,” Managing Director Duncan Chessell commented.
“We look forward to drilling across more areas of the target zone in the coming summer season and testing our highest priority drill targets. Our next task is to vector in on the zones that contain higher grade gold,” he added.
Resolution’s share price has dropped a significant 58.5 per cent in mid-morning trade and shares are selling for 5.6 cents each at 11:11 am AEST.
