Apex El Nido
Status: Available for Option
The target at Apex El Nido is a high-grade underground gold deposit similar to Kensingston, Hirst-Chichagof, Bralorne in British Columbia and many other mesothermal gold vein deposits around the world. Past mine production averaged 1.4 ounces per short ton.
Location and Setting
The El Nido high grade gold prospect is located on the northern portion of Chichagof Island, Southeast Alaska. The property is approximately 75 miles west-southwest of Juneau, Alaska and 70 miles north-northwest of Sitka. The small fishing community of Pelican is approximately 1.5 miles from the property across Lisianski Inlet. It is serviced by the Alaska Marine Highway System, chartered barge service, and scheduled float plane and air taxis. In the 1920’s the US Forest Service built a log corduroy road from tidewater to the mill site on the property.
The Apex property consists of 39 unpatented federal mining claims on National Forest lands totaling approximately 315 hectares (780 acres). Millrock has an option to purchase the claims from the underlying owner.
Geology and Mineralization
Gold-bearing veins at the Apex – El Nido property are hosted in two pre-dominant lithologies: diorites and an amphibolite schist. Aplite dikes and quartz-sulfide veins cut the country rock and appear to be closely related in age, with the quartz veining representing the younger phase. Gold bearing veins pinch and swell from a few centimeters to several meters. Production took place from 1923 to 1936 and totals greater than 18,000 oz Au, 2,400 oz Ag, in 12,800 short tons; average grade greater than 1.4 opt Au (48 g/t).
Proposed Exploration Program
Apex El Nido has never been drill tested. Drilling along strike and down dip on ore shoots could commence immediately. Also ground work should follow-up on anomalous gold in soil samples collected 1,300 to 2,300 feet northeast of the Apex mine. The gold anomaly is 700 feet across and indicates that the vein swarm hosting the Apex Main Vein extends to and underlies the cirque and valley to the northeast of the mine. Detailed mapping with survey control would be necessary prior to and as part of the first phase of drilling.
Agreement and Terms
Millrock has an option to purchase the Apex claims with no royalties or other burdens except reasonable cash payments. The Company is currently seeking potential joint venture partners for the project. If desired, Millrock can serve as operator on behalf of an earn-in joint venture partner.
“THE TECHNICAL INFORMATION WITHIN THIS DOCUMENT HAS BEEN REVIEWED AND APPROVED BY GREGORY A. BEISCHER, PRESIDENT & CEO OF MILLROCK RESOURCES INC. MR. BEISCHER IS A QUALIFIED PERSON AS DEFINED IN NI 43-101.”