Greg Beischer and his team at Millrock Resources (MRO-V) didn't spend the depths of the bear market for exploration juniors bemoaning the awful state of things.
Quite the opposite.
"The past three years, even though they've been brutal, (were) really just the perfect time for a generative exploration company," says Beishcher, Millrock President and CEO, in a CEO.ca feature video. "We were able to acquire assets at very, very low costs."
Recent acquisitions include a dominant group of claims in B.C.'s Golden Triangle with concessions adjacent to Pretium Resources and its Brucejack gold project.
Beischer knows it would have been difficult -- perhaps impossible -- to have done the consolidation at any other time. It took nine separate agreements with prospectors and vendors in an area that has regained status as one of the premiere exploration districts in which to operate since the market turn earlier this year.
The plan in the Golden Triangle mirrors Millrock's successful strategy on its other projects. It will seek a partner to minimize costs to shareholders while increasing their odds of taking part in a major discovery.
Millrock is a prospect generator that has the simple, focused ambition any real exploration junior must have.
"We're exploration geologists," Beischer says, whose CV includes a couple decades at Inco. Complimenting him is another experienced hand, Phil St. George, Millrock Chief Exploration Officer, who spent two decades at Cominco and gets credit for taking part in the initial discovery of the huge Pebble copper-gold-moly deposit in Alaska.
"Our goal is to find a giant ore deposit and sell it to a major mining company."
Beischer knows that to do this Millrock needs to continually drill-test quality prospects. Hence Millrock’s strategy to take on partners to lessen the burden on the balance sheet, but maintain substantial exposure to the upside of discovery.
"Every drillhole is a chance to make that big discovery that will take our shares over the top," he says. "And we're going to be drilling a lot of holes in the next two years."
It has Centerra as a a partner in northern Mexico, in a belt of rocks that has produced large gold mines like Herradura and Nocha Buena.
In Alaska Millrock staked ground that came open during the downturn next to the large-scale Pogo gold mine, owned by Sumitomo Metal Mining. It's ground Beischer is keen to see drilled by Newcrest, which has optioned the project.
"We think we've got the exact same structure and the exact same alteration and, hopefully, the exact same gold deposit," Beischer says.
Likewise, Millrock is now prepping its Golden Triangle ground for the right partner. It's a district that has yielded world-class deposits like Brucejack, which counts 13.6 million tonnes grading 15.7 grams per tonne gold reserves in the Valley of the Kings deposit.
Beischer acknowledges the ground is tough to explore. The access limited. The terrain is mountainous and at times glaciated.
But he's quick to point out: "Well, if it was easy, somebody would have found it (a big discovery)."
Further, in the difficulty lies some of the opportunity. As at Brucejack, in part on the edge of a glacier, the ice is melting and exposing virgin ground for explorers.
Beischer speaks to one such prospect, Todd, where exploration has been idle for eight years. Yet over the past decade or so new -- highly prospective -- ground has appeared from beneath the ice.
"It could be as easy as finding an orebody literally laying on the surface of the earth, now exposed by one of these melting glaciers," Beisher says.
In the mIn the meantime, amid exploration on multiple projects that will produce lots of results in the coming quarters, the deal making continues. Millrock recently raised $3.6 million (@ $0.29/unit with a warrant @ $0.44/share until May 25, 2019) and Beischer says Millrock intends to use $1 million of the funds to do more acquisitions before the market gets too hot.
It's "our last chance to make those acquisitions," he says.
Millrock Resources (MRO-V)
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