Quarterly Report 30 June 2020
Adelaide, July 31, 2020 AEST (ABN Newswire) - Resolution Minerals Ltd (
ASX:RML) focused drilling efforts on the Aurora Prospect and completed diamond drilling Holes 20AU03 and 20AU04, with assays pending at the 64North Project, Alaska.
The compelling Aurora Prospect is adjacent to Northern Star's high grade Pogo Gold Mine and Goodpaster Discovery. Michael Mulroney, Chief Geological Officer Northern Star Resources Ltd; "At Pogo- a significant investment will be made into the first stage of resource definition drilling into the core of the Goodpaster Area, where initial exploration drilling has outlined a 2.5km long mineralised corridor" (NST Conference call 23/7/20) (Figure 3*).
Drilling at the Echo Prospect along strike from the Goodpaster Prospect to commence in August (Figure 3*).
The Company completed an extensive full project review and identified 4 high priority prospects to be drill tested: Aurora, Echo, Boundary and E1 - each prospect with significant large scale discovery potential.
Assays were received from the first two holes drilled earlier in the year confirmed the exploration model and presence of a Pogo-style mineral system on RML tenure and will be valuable in future drill targeting.
Airborne ZTEM and magnetics geophysical surveys have been completed over RML's Aurora and Echo Prospects and Northern Star's Goodpaster Prospect for comparison analysis and refining of drill targets.
Other exploration includes magnetic surveys over E1 Prospect and LMSX block in preparation for drilling later in 2020 and other early stage activities to progress other prospects in the pipeline towards drill ready.
"Palisades Goldcorp's strategic investment is a strong endorsement of the upside value they currently see in relation to Resolution's 64North Project located in the well-endowed Tintina Gold Province, home to Alaska's giant size gold deposits such as Fort Knox, Donlin, Pogo and Livengood", said Duncan Chessell, Managing Director Resolution Minerals Ltd.
Summary Corporate
- Completion of a successful share placement to raise $3.6 million at 7 cents per share with 1:1 Option with a strategic investment by Palisades Goldcorp, a North American gold fund with experience in Alaskan projects.
- An SPP targeting $1.0 million on the same terms as the placement is open and well supported.
- The Company now has sufficient funds to complete the first year earn-in expenditure of US$5M to lock in a 30% interest in the 64North Project, Alaska.
- Fully funded exploration on multiple drilling targets with news flow for the remainder of 2020.
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/POQF5399
About Resolution Minerals Ltd
Resolution Minerals Ltd (ASX:RML) is a mineral exploration company engaged in the acquisition, exploration and development of precious and battery metals - such as antimony, gold, copper, and uranium.
Resolution Minerals Ltd Listed on the ASX in 2017 and has a broad portfolio of assets, such as the Drake East Antimony-Gold Project in north-eastern NSW and George Project prospective for silica sand and uranium.
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