Mining News: News Nuggets: Australia-based miner agrees to Stellar JV

Millrock Resources Inc. Dec. 18 reported that Vista Minerals (Alaska) Inc., a subsidiary of the private Australia-based Vista Minerals Pty Ltd., has entered into a joint venture agreement on Millrock’s Stellar gold-copper property in Southcentral Alaska. Under the terms of the agreement, Vista Minerals can earn an 80 percent joint venture interest by investing US$4 million in exploration at Stellar and paying Millrock US$300,000 in cash. Millrock will retain a 1 percent net smelter royalty on all metals. The claims also are subject to a royalty in favor of Altius Minerals. Situated some eight miles (13 kilometers) north of the Denali Highway and 42 miles (68 kilometers) west of the town of Paxson, the Stellar claims covers the Zackly copper-gold skarn deposit and surrounding lands considered prospective for porphyry copper-gold deposits. Roughly 12,200 meters of drilling in some 85 holes has been completed at Zackly, outlining a historical (non-NI 43-101-compliant) resource of 218,944 ounces of gold and 66.9 million pounds of copper contained in a deposit of 1.13 million metric tons grading 6.03 grams-per-metric-ton gold and 2.69 percent copper. Known areas of skarn mineralization occur over a strike length in excess of 3,000 meters with the known resource occurring within the main skarn zone which has a strike length of about 1,000 meters. Since acquiring the claims through staking in 2012, Millrock has carried out geochemical and geophysical surveys to develop drill targets. “Vista appears to have a strong technical team, and we wish them great success with future drilling programs,” Millrock President and CEO Gregory Beischer said.

- Shane Lasley