Mining News: Millrock set to drill Stellar

Millrock Resources Inc. July 26 reported that it has closed the sale of the Stellar copper-gold project to Vista Minerals Pty Ltd. Upon completion of the deal, Vista successfully merged with Coventry Resources, which owns an option on Caribou Dome, a high-grade copper project bordering Stellar. Coventry simultaneously announced that it had successfully raised AUS$5.5 million to further exploration on the now merged property. Upon closing of the three-way deal, Millrock owns a 10.6 percent of Coventry Resources, which is to be renamed Polaris Minerals Ltd. With the transactions complete, Polaris will fund a major drilling campaign at Stellar and additional surface exploration work at Caribou Dome. The program, which will be operated by Millrock, will see two rigs drilling roughly 3,000 meters at the high-grade Zackly copper-gold skarn deposit. The main objective of the 20-hole program is to bring the historical copper-gold resource at Zackly to a point that it meets JORC standards, the Australian standard for reporting exploration results that is similar to Canada’s NI 43-101. The secondary objective is to discover strike extensions of the deposit which are inferred to exist from induced polarization geophysical surveys conducted in 2016. Drilling is planned to commence in mid-August. Further induced polarization surveys and geological mapping will be undertaken at Zackly and the nearby Mars copper-gold porphyry target. Field work will also be done at Caribou Dome. Millrock will earn a 10 percent management fee and is entitled to certain milestone payments if a resource of significant size is delineated at Stellar.

–SHANE LASLEY