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Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Updates 64North Gold Project Exploration, Goodpaster Mining District, Alaska

Millrock Resources, Proven and Probable
VANCOUVER, BRITISH COLUMBIA, July 5, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that earn-in partner Resolution Minerals Limited (ASX: RML) (“Resolution”) has commenced drilling at the Tourmaline Ridge prospect on the West Pogo block of the 64North Gold Project. A program consisting of five holes totaling 2,200 meters is to be conducted over the coming six weeks. 

Millrock President & CEO Gregory Beischer commented: “There is an abundance of geologic evidence pointing to a possible gold deposit at Tourmaline Ridge. We wish Resolution the best of luck as they move the project forward and we are hopeful for a new gold discovery.” 
Figure 1. A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east. The current drilling program focuses on the Tourmaline Ridge prospect in the foreground.
Earned interest: Resolution has earned a 42% interest in the project by making cash payments (US$150,000), share payments (30,000,000 shares), and expending at least US$7.0 million on exploration (US$7.87 million spent as at January 31, 2022). Additionally, Resolution has elected to continue sole-funding exploration to earn a 51% interest by making further expenditures in 2022 and making further share and cash payments to Millrock. Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEOFOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration and drilling on the 64North project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
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Millrock Announces Loan Agreement

VANCOUVER, British Columbia, June 21, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that it has entered into a Loan Agreement with Redplug Capital Corporation. The loan is in the amount of $500,000 and will be used for general working capital. Millrock intends to repay the loan within the coming year by 1) liquidation of shares that it holds in other companies, 2) sale of royalty interests, and/or 3) from proceeds that may be realized on sale or purchase agreements concerning Millrock mineral exploration projects. The term of the loan is one year. Interest for the first six months of the loan is 6.0% per annum and thereafter at 12.0% per annum. Additionally, Millrock will pay the Redplug Capital Corporation 2,000,000 bonus shares of the Company upon acceptance of the TSX Venture Exchange.

Millrock President & CEO, Gregory Beischer, commented: “Millrock has found itself in a tight financial position at a time when market conditions limit our ability to raise further operating funds. In any event, an equity financing at the current share price would be highly dilutive to existing shareholders. At the same time, Millrock has many catalysts that have potential to drive the Company’s share price higher. More than 18,000 metres of drilling has been planned and budgeted at several projects in which Millrock has an interest. All the funds for these drilling programs come from partner companies. Additionally, Millrock is closing in on option agreements on other projects that could bring more cash into the company treasury. Shareholders that have invested in Millrock over the past few years have looked forward to the big year of drilling underway in 2022. Millrock has determined that it is best not to incur excessive dilution by equity financing at this particular juncture. The less dilutive loan transaction will allow operations to continue in the short term. Potential asset sales will cover longer term needs while results of ongoing drilling programs unfold. We are hopeful that results of the drilling programs will make an equity financing under more favourable and less dilutive terms later in 2022 possible. We think all the drilling programs have a good chance at making gold discoveries.”

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention of partner companies to complete all the planned drilling they have indicated, the sale of Millrock assets, that Millrock has many catalysts that have potential to drive the Company’s share price higher, that Millrock is closing in on option agreements on other projects that could bring more cash into the company treasury, that potential asset sales will cover longer term needs, that all the drilling programs have a good chance at making gold discoveries, and the possibility of share price increase upon receipt of future drilling results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Millrock’s management’s discussion and analysis for the three-month period ended March 31, 2022, which is available under Millrock’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Millrock assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Millrock updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

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Millrock Resources Updates on 64 North Gold Project Exploration, Goodpaster Mining District, Alaska

Millrock Resources Inc.
Millrock Resources Inc.

Figure 1.

A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.
A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.

VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports on advancements at the 64North gold exploration project, including an imminent drilling program. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) is earning a joint venture interest from Millrock.

Drilling Program: The Resolution–Millrock technical team has developed a strong drill target area at the Tourmaline Ridge prospect, located on the West Pogo block. The target area was developed through analysis of all historic data, in addition to work that has been funded by Resolution over the past thirty months. Resolution plans to execute a drilling program of approximately 2,200 meters in five boreholes that will commence in late June 2022.

Figure 1. A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f90d17bf-5651-489c-905c-27163607e3d5https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Gold_mining%253BThe_Glass_Passenger%253BBritish_Columbia%253BTourmaline%253BExploration%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522ba632f00-730c-3234-ae82-c09cc166c809%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Earned Interest: Resolution has earned a 42% interest in the project by making cash payments (US$150,000), share payments (30,000,000 shares), and expending at least US$7.0 million on exploration (US$7.87 million spent as at January 31, 2022). Additionally, Resolution has elected to continue sole-funding exploration to earn a 51% interest by making further expenditures in 2022 and making further share and cash payments to Millrock.

Millrock President & CEO Gregory Beischer commented: “There is an abundance of geologic evidence pointing to a possible gold deposit at Tourmaline Ridge. We wish Resolution the best of luck as they move the project forward, and we are hopeful for a new gold discovery.”

A large soil geochemical anomaly measuring 1,800 by 750 meters occurs on the Tourmaline Ridge prospect. Recently Resolution reported that it had received rock sample assay results from trenches excavated at Tourmaline Ridge in fall of 2021. Numerous narrow, gold-bearing veins were detected. These steep-dipping veins are interpreted to be “antithetic veins”, which commonly occur in the hanging wall above gold ore bodies at the nearby Pogo mine. Prior historical drilling intersected these veins along with characteristic rock alteration and pathfinder minerals. From geophysical surveys, a moderately northwest dipping structure is interpreted to lie beneath the soil anomaly and historic drill holes. Resolution and Millrock interpret this structure to be the “Pogo Trend”, which appears to be traced from the Goodpaster deposit on the adjacent Pogo Mine property operated by Northern Star Mines Ltd. (“Northern Star”).

Northern Star recently announced a maiden inferred resource estimate of 1.1 million ounces of gold in 3.2 million tonnes of rock, averaging 10.3 grams per ton gold for the Goodpaster deposit.

As of March 31, Pogo is reported by Northern Star to host 6.59 million metric tonnes of proven and probable reserves, averaging 8.5 grams per metric tonne (1.8 million ounces) gold. (Northern Star ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT, May 5, 2022). More than 4 million ounces of gold has been mined at Pogo.

Note: Millrock has not independently verified the information reported by Northern Star. Also, Millrock cannot assure that the structures that host gold ore bodies at Pogo continue onto ground controlled by Millrock and that gold deposits of similar magnitude and concentration will be discovered.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration on the 64North project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

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Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators Rhodium Investing

Millrock Reports Drilling Has Commenced On The Treasure Creek Gold Exploration Project, Fairbanks, Alaska

VANCOUVER, BRITISH COLUMBIA, May 3, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has commenced drilling on the Treasure Creek gold project, which lies just north of the City of Fairbanks.

Felix indicates that it plans to drill 7,000 meters with a small reverse circulation drill rig. Millrock has assigned its Treasure Creek mineral rights to Felix Gold in return for cash, shares, and production royalties featuring advanced minimum royalty streams. Millrock owns 9,957,157  Felix Gold shares that today have a market value of approximately AUD$1,643,000 (CDN$1,495,000).

Millrock President & CEO Gregory Beischer commented: “The targets to be drilled by Felix Gold have a strong chance of successfully identifying a gold deposit. A new discovery here would propel the value of Millrock’s shareholding in Felix Gold and in return increase the value of Millrock shares. The project is certainly well-situated, about 20 kilometers north and west of Kinross’ Fort Knox gold mine, and 10 kilometers west of Freegold’s new discovery at Golden Summit. Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021. We will look forward to assay results from the current drilling program with great anticipation. Felix Gold has built an excellent exploration team and is well-capitalized. The team has a great chance of making discoveries and revealing the substantial potential for more major gold deposit discoveries in the Fairbanks gold mining camp. In my view, the potential in Fairbanks has been generally under-recognized by the industry. This has allowed Felix, through Millrock, to consolidate a tremendous land position. As a result of the agreement with Felix, Millrock is entitled to production royalties at Treasure Creek and throughout the Fairbanks district.”

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101. 

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO 

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration on the Treasure Creek project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. 

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Energy Junior Mining MillRock Resources Precious Metals Project Generators Uncategorized

Millrock Reports On Exploration Results, Return Of Property, Apex Gold Project, Southeast Alaska

Figure 1

Project Location Map
Project Location Map

Figure 2

Soil sample locations and results for gold assays, Apex project.
Soil sample locations and results for gold assays, Apex project.

Key Highlights:

  • Surface geochemical program completed August 2021 identified new gold in soil anomaly extending over one kilometer northeast of old workings.
  • Results up to 1.09 ounces per ton gold and 1.10 ounces per ton silver in soil samples.
  • Anomaly located downslope and along strike from the Apex Mine.

VANCOUVER, British Columbia, March 09, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that positive assay results from a sampling and mapping program carried out in August 2021 have been received and compiled. The soil sampling results indicate that known mineralization at the former-producing Apex Mine likely extends 1,000 meters to the northeast.

Millrock President & CEO commented: “These are excellent results that show the gold-bearing quartz vein structure known from historic mining has significant strike continuity. Some of the soil sample numbers are of exceptional tenor.”

The exploration work was completed during August 2021 and consisted of a soil geochemical survey (439 samples), rock sampling (39 samples), and geologic mapping. Soil samples were collected along a 20 meter by 40 meter spaced grid. The survey was designed to test the presence and extent of gold-bearing quartz veins along strike and down-valley from known gold mineralization at the historic Apex and El Nido Mines located within the Cann Creek drainage.

Figure 1. Project Location Map is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9cbfaf28-0aa9-452b-b688-e765553b6481

Figure 2. Soil sample locations and results for gold assays, Apex project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94bb9851-3fb9-4d5d-b5f6-ed3ab84dae08

All assay results have been received from the exploration work. A broad gold in soil anomaly was identified by the geochemical survey in the lower cirque valley of Cann Creek. Assays of soil samples returned values ranging from below detection to a maximum of 33,900 parts per billion gold (1.09 ounces per ton) and 34,400 parts per billion silver (1.10 ounces per ton). One hundred and seven of the 439 samples collected returned highly anomalous values exceeding 80 parts per billion gold. The anomaly occurs at approximately 300 meters elevation below outcropping vein exposures that host the Apex Mine and extends over one kilometer down valley from the historic workings, along strike of the vein swarm. The anomaly is also underlain by the same rock units (diorite and amphibolite) that hosts the Apex vein.

On August 12, 2021, Millrock announced that it had entered into an agreement with Coeur Explorations, Inc., a wholly-owned subsidiary of Coeur Mining, Inc. (“Coeur”), concerning the Apex gold project in Southeast Alaska. Under the agreement, Coeur agreed to fund approximately $200,000 worth of exploration work. Coeur has met its obligations by funding the work, but has elected to terminate the option agreement. Millrock is free to further explore the project on its own or find another earn-in partner.

Millrock President & CEO Gregory Beischer commented: “We enjoyed working with the Coeur Explorations team and thank Coeur for advancing the project. The soil anomaly presents a compelling target for drilling and significantly expands the strike potential of the small, historic underground mine”.

Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. In this case, the assay work was done under an agreement between Coeur and the assay laboratory. Samples are kept in a secure location at all times. Samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. The sample preparation method codes utilized for the program were SS80 for Soils and PRP70-250 for Rocks. Analytical methods used were FA430 (lead collection fire-assay fusion-AAS finish) and MA250 (4 acid digestion Ultratrace ICP-MS) for all samples. A 10% QA/QC sample insertion rate was used for all samples: 5% CRM (Certified Reference Materials) of known gold concentration and 5% blank material. The Qualified Person is of the opinion that the results reported in this press release are reliable.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to form earn-in joint venture agreements and to perform further exploration. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

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Millrock – Nikolia Project, Loaded with Battery Metals, Platinum Group Elements

PARTNERING THE MOST HIGH RISK, HIGH-COST STAGES OF EXPLORATION Millrock (TSX.V: MRO.V) is a project generator company focused on the discovery and development of high-value metallic mineral deposits in two jurisdictions with outstanding potential: the State of Alaska and Mexico – primarily the state of Sonora. The company’s main emphasis has been on gold and copper, focusing on porphyry and high-grade vein style deposits. Our objective is to discover a world-class ore body, building further shareholder value through the exploration and development of existing projects and exploration joint ventures.

Millrock Resouces (TSX.V: MRO | OTCQX: MLRKF) Website: www.millrockresources.com Corporate Presentation: https://www.millrockresources.com/investors/corporate-presentation

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Millrock Provides Conpany Update

Millrock Resources Inc.
Millrock Resources Inc.

Figure 1

Alaska Project Location Map. Current projects have gold marker. Former projects have black marker.
Alaska Project Location Map. Current projects have gold marker. Former projects have black marker.

Figure 2

Project locations in which Millrock has ownership and / or royalty interests.
Project locations in which Millrock has ownership and / or royalty interests.

Key Highlights – Anticipated 2022 Activity:

  • Drilling on at least four and perhaps as many as eight projects in which Millrock has equity and royalty interests.
    • Treasure Creek, Ester, Fairbanks district, Liberty Bell gold projects, Fairbanks area, Alaska (Felix Gold 15,000 meters planned).
    • 64North gold project, Pogo Mine area, Alaska (Resolution Minerals, planning in progress).
    • Apex El Nido gold project, southeast Alaska (Coeur Explorations, 1,500 meters under consideration).
    • Batamote copper project, Sonora Mexico (Mine Discovery Fund earning in, preliminary planning in progress).
    • El Picacho gold project, Sonora Mexico (Tocvan Ventures, preliminary planning in progress).
  • Nikolai project; new nickel – copper – cobalt – chrome – platinum project generated, Alaska. (100% Millrock, surface exploration to be completed).
  • Chisna copper–gold porphyry project, central Alaska (100% Millrock, surface exploration to be completed).
  • ArcWest Exploration expects to see drilling on as many as three projects (Millrock owns ~11.7% of the issued and outstanding ArcWest shares).

VANCOUVER, British Columbia, Feb. 24, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that it anticipates a busy year of partner-funded drilling and surface exploration on projects in which it holds an interest (either directly or through stock holdings and royalties).

Millrock President and CEO Gregory Beischer commented: “Millrock is looking forward to a very active upcoming year with numerous catalysts that could serve to drive the company’s share price upwards. Our shareholdings in other junior exploration companies have the potential to significantly increase in value in 2022.”

Table 1. Major Millrock Shareholdings.

CompanyExchange: SymbolShares HeldCurrent Market Value ($CDN)
Felix GoldASX: FXG9,957,157$1,636,824
Resolution MineralsASX: RML23,100,000$421,925
ArcWest ExplorationTSX-V: AWX9,623,417$1,058,576
TOTALprice and exchange rateas of Feb 17, 2022$3,117,325

Figure 1. Alaska Project Location Map. Current projects have gold marker.
Former projects have black marker.
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a5f7d32-131c-42f5-b59c-d20d2bcaf480

Alaska Project Update

Treasure Creek: Felix Gold has outlined several high-priority drill targets and the company indicates they intend to begin drilling in March 2022. The Northwest Array and Eastgate prospects look particularly encouraging. The property is west of the Fort Knox gold mine operated by Kinross, and the recent gold discovery made by Freegold Ventures. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream. Further details on Treasure Creek and other projects sold to Felix Gold are available in a Felix Gold presentation that can be accessed at this link.

Ester Grant: Felix Gold calculated a maiden resource for the Grant Mine claim block, which forms part of the project. Felix reported that they have calculated an Inferred Mineral Resource estimate (JORC 2012) for Grant Mine of 5.8 million tonnes @ 1.95 g/t Au for 364,000 ounces of gold (note: the Millrock Qualified Person has not independently verified the reported resource, Source: INDEPENDENT GEOLOGIST’S REPORTS ON FELIX GOLD LIMITED’S MINERAL EXPLORATION PROJECTS IN ALASKA, Prepared by Independent Geologist Mr. Ian Taylor of Mining Associates Pty Ltd., October 15, 2021). Felix indicates that drilling is planned for the Grant Mine in Summer 2022. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream.

Fairbanks District: Millrock is in a strategic alliance with Felix Gold. Mineral rights that have been, or may be secured by Felix or Millrock in the future, become subject to a royalty in favour of Millrock. The claims currently subject to the alliance are situated near Kinross’ Fort Knox gold mine and the recent discovery made by Freegold. Felix indicates that drilling is planned for Summer 2022.

Liberty Bell: Felix Gold has indicated it will drill holes through areas covered by gravel deposits. The gravel ranges from 10 meters to perhaps 100 meters in thickness and obscures interesting geophysical targets. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream. A description of the project is available on Millrock’s website here.

64North: Partner Resolution Minerals is earning into the project through exploration expenditures, cash payments, and share payments to Millrock. Resolution presently has vested with a 42% interest and must soon decide to advance the project further or form a joint venture as a minority partner Resolution has developed a compelling series of drill targets at the Tourmaline Ridge prospect on the West Pogo block of claims. These claims are situated west of the Pogo Mine, a gold mine operated by Northern Star Resources. Resolution is making plans to execute a drill program in Summer 2022. Further information on the project can be found on the Resolution Minerals website.

Apex El Nido: Partner Coeur Explorations funded an extensive soil and rock sampling program in 2021, in which some strong gold results were obtained from the soil sampling. The work traced the known gold-bearing vein system more than one kilometer from the old mine workings. Coeur is contemplating a summer 2022 drill program. A description of the project is available on Millrock’s website here.

Nikolai Project: Millrock has recently acquired mineral rights that cover some thick, historic drill intersections of nickel – copper – cobalt – chrome – platinum group element mineralization. Millrock believes there is continuity between the drill intersections and that a large, albeit low-grade metal resource could be delineated with a modest drill program. At other locations on the property, there are some exceptionally high grades of similar mineralization that are also enriched in the more rare and valuable platinum group elements such as osmium and rhodium. The project is described in more detail in this prior Millrock press release, and on the Millrock website. Further to the news release dated February 14, 2022, the Company reports 1,000,000 common shares have been issued in connection with the Canwell claim block (43 claims, not 42 as reported in the February 14, 2022 press release), pursuant to an agreement dated February 14, 2022, between David Johnson and Millrock. The Canwell claim block and surrounding area of interest is subject to a 3.0% Net Smelter Returns production royalty. Millrock can reduce the royalty to 2.0% by paying US$2.0 million. Millrock also has the option to further reduce the royalty to 1.0% by paying an additional US$3.0 million and to 0.0% by paying an additional US$4.0 million.

Chisna Project: Millrock has steadily been advancing this district-scale porphyry copper-gold project and owns a 100% interest in several claim blocks. Capitalizing on a proprietary ZTEM – MAG geophysical survey, the company has collected geochemical data over interesting geophysical anomalies. The next step is drilling. Millrock has been talking to several potential earn-in partners. A project description is available here.

British Columbia Update

Millrock has sold its four British Columbia projects to ArcWest Exploration. As a result, Millrock has a significant shareholding in the company (9,623,417 shares or 11.7% of the issued and outstanding shares). ArcWest is also a “project generator” company and has numerous projects throughout British Columbia that have earn-in partners. ArcWest anticipates that drilling will occur on at least three of the projects it holds. Any drill success should result in an increase in the value of ArcWest shares held my Millrock, which in turn should result in an increase in Millrock’s share price. Further details about ArcWest can be viewed on their website.

Mexico Update

Figure 2. Project locations in which Millrock has ownership and / or royalty interests.
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f06a4a2-9166-4814-8f9e-5d999558843a

Batamote Project: Millrock made an option agreement with a subsidiary of Mine Discovery Fund (“MDF”), a private Australian company. The earn-in company is called Latin America Copper. MDF plans to make Latin America Copper a public company. Millrock is to receive cash and share payments as Latin America Copper earns in, with an advance minimum royalty stream to follow. The company has indicated that it wishes to drill the property in 2022. A project description can be viewed here.

El Picacho Project: Millrock was able to renew an option agreement with the underlying property owners. Millrock assigned its rights to Tocvan Ventures. As a result, Millrock now holds a production royalty with an advanced minimum royalty stream provision.

Grant of Stock Options
The Board of Directors of Millrock has authorized a grant of 3,175,000 stock options to employees, executives and directors of the company. The options are to be granted with a strike price equal to the closing market price of Millrock shares on February 24, 2022, and will have a five-year term.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., Resolution Minerals and Felix Gold. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to form joint ventures and to perform further exploration including drilling. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

Categories
Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Announces the Nikolai Nickel–Copper–Chromium–Cobalt–Platinum Group Element Project, Delta Mining District, Alaska

Millrock Resources Inc.
Millrock Resources Inc.

Figure 1.

Overview and Claims – Nikolai Project
Overview and Claims – Nikolai Project

Key Highlights:

  • Eureka Zone, where disseminated, magmatic sulfide minerals contain potentially economically recoverable nickel – copper – chromium – cobalt – platinum group elements over broad core lengths reported from historical drilling. The mineralization can be intermittently traced over a fifteen-kilometer-long strike length, and the historical intersections are up to 319.7 meters wide. If continuity can be proven, a very large tonnage deposit with high contained metal could result.
  • Canwell Zone, where very high grades of nickel, copper, and platinum group elements, including the rarer metals osmium, iridium, ruthenium, and rhodium are known from historical surface rock sampling and drilling.

VANCOUVER, British Columbia, Feb. 14, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that it has assembled (by staking and an option agreement) an extensive land package in the Delta River Mining District in Alaska. The Nikolai Project (previously known by some as the MAN project) hosts nickel (Ni) – copper (Cu) – chromium (Cr) – cobalt (Co) – platinum group element (PGE) prospects. The claims show potential for delineation and development of a large tonnage deposit rich in Ni and other critical and strategic metals.

Millrock President and CEO Gregory Beischer commented: “Millrock is very pleased to have generated this nickel-dominant project which also has a variety of accompanying critical and strategic metals. Other companies such as Canada Nickel (current share price ~$2.33) and Group Ten Metals (current share price ~$0.36) have had strong market success by working on the development of geologically similar metal accumulations. Millrock aims to have similar success with the Nikolai project.”

One of the claim blocks covers the highly prospective and underexplored Eureka zone. At this location, a zone of disseminated Ni-Cu-Cr-Co-PGE mineralization was initially discovered by a subsidiary of Inco, and further expanded by Pure Nickel Inc. (now Galleon Gold Corp.) as reported in their press releases issued between 2007 and 2014. The claims had become open for staking and Millrock re-staked the land position.

Additionally, Millrock has entered into an option agreement on the Canwell claims where very high grades of nickel, copper and platinum group elements, including the rare platinum group metals osmium, iridium, ruthenium, and rhodium are known from historical surface rock sampling and drilling.

In total, Millrock’s Nikolai Project now consists of 146 State of Alaska Mining Claims covering 9,454 hectares in a highly prospective, underexplored ultramafic Ni-Cu-PGE mineralized belt (Figure 1). The claims are proximal to paved highways, and a network of gravel roads and trails afford ready access to the Canwell claim block. The City of Fairbanks lies approximately 200 kilometers to the northwest. The city of Delta Junction lies 130 km to the north of the project and has many services and amenities that support the Alaska mining community. The main Alaska power line and railway lie 150 kilometers to the west along the Denali Highway.

Figure 1. Overview and Claims – Nikolai Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a1a3293a-18dd-450f-b2e8-d30bd1433572

Several deposit types are possible at the Nikolai project, including:

  1. Disseminated Ni-Cu-Co-Cr-PGE mineralization in serpentinized ultramafic rocks (analogy = Crawford deposit, Canada)
  2. Massive sulfide Ni-Cu-PGE mineralization (analogy = Norilsk Mine, Russia)
  3. Remobilized high-grade Ni-Cu-PGE mineralization (typical in large Ni camps)
  4. Volcanogenic Massive Sulfide (VMS – Besshi style) Cu (Zn-Pb) Au, Ag (analogy = Windy Craggy deposit, Canada)

Geologically, the project is located within the underexplored Wrangellia Terrane of Central Alaska. A characteristic component of this terrane is the Nikolai Greenstone, an extensive sequence of Late Triassic flood basalt rocks. Mafic and ultramafic intrusions, the source for the Nikolai Greenstone, along with Permian and Cretaceous felsic plutons, intruded Permian volcanic and volcaniclastic rocks. Wrangellia holds high potential for the discovery of economic magmatic sulfide deposits containing nickel, copper, cobalt, platinum, palladium, iridium, rhodium, osmium, ruthenium, gold, silver, lead, and zinc. Past producing mines and known deposits within the Wrangellia include Kennecott Copper Mines, Windy Craggy, Wellgreen-Nickel Shaw, and White River.

At the Eureka claim block, 104 State of Alaska mining claims were staked and are 100% owned by Millrock. Previously discovered Ni-Cu-PGE prospects form a northwest trend of soil and rock anomalies that contain elevated nickel, copper, platinum, palladium, and gold. After an initial discovery by Inco Ltd. in 1997, drilling by Pure Nickel Inc. and ITOCHU Corporation between 2008 and 2013 resulted in the discovery of a mineralized corridor called the Eureka Zone. More than fifteen kilometers in length, the disseminated Ni-Cu-PGE mineralization is associated with serpentinized mafic and ultramafic rocks (Table 1, Pure Nickel Inc., News Release, October 29th, 2013).

Based on these historical drill hole results, Millrock has identified a zone of mineralization (1,700m x 600m x 300m) that contains potentially economic concentrations of nickel, copper, cobalt, platinum, palladium, and gold. Additionally, Millrock postulates that higher grade mineralization may occur in embayment features at the base of the Eureka Zone, where heavy metals may accumulate during fractionation and crystallization of the ultramafic intrusion. Further drilling is warranted to confirm this hypothesis, along with in-fill drilling on the identified zone of mineralization, with the goal of defining a NI 43-101/JORC compliant resource. The company cautions they have not yet done sufficient exploration to test these hypotheses and there is no certainty that exploration will be successful in confirming these hypotheses.

Table 1. Historical Eureka Zone drillhole intersections reported by Pure Nickel
(Press Release, October 29th, 2013)

Drill HoleFrom (m)To (m)Estimated
True Width
(m)
2
Ni (%)Cu (%)Co (%)Pt (ppb)Pd (ppb)Au (ppb)Ag (g/t)
MAN05-01A1,335.0136.899.90.250.080.017794923N/A
PNI-07-0021100.6388.0246.40.210.020.0165437110.20
FL-0041,3108.8242.6114.70.200.050.0155235240.00
PNI-10-028201.0488.4226.40.210.070.0163882100.41
PNI-10-029172.1399.0211.80.210.040.015347760.36
PNI-10-030377.7729.5284.60.200.060.0163974110.44
PNI-10-0331210.2496.0231.20.210.050.0173662200.37
PNI-10-0351192.4471.0224.60.230.060.017398180.40
PNI-12-0631146.6241.794.80.240.150.01897156311.11
PNI-07-0011397.5659.1211.60.240.080.01850114100.56
PNI-10-0361163.2559.9319.70.250.090.01854121130.59
FL-0061,3185.0382.8160.00.240.090.0195711514N/A
FL-0031,360.2393.2269.40.210.080.0175411712N/A
PNI-09-201,3192.5394.0200.40.240.020.014N/AN/A70.11
PNI-13-0691160.3373.7205.20.240.090.01761122190.72
PNI-13-07199.4247.0146.80.170.080.0154676140.57
And328.0342.714.60.190.160.01664127211.19
PNI-13-072217.0432.5162.60.200.080.01749104130.45
PNI-13-0731245.5376.7130.50.220.070.01652118160.36
PNI-13-0741198.0453.2253.90.200.060.0163891110.34
PNI-13-075173.0116.743.40.230.060.01646105110.34
And254.0377.0122.40.170.050.0153380110.18
1 Incomplete intersection of the Eureka Zone
2 True widths estimated from hole angle and average dip of mineralization (46˚)
3 Not Continuously Sampled
N/A No Assays Reported
m = meters, ppb = parts per billion, g/t = grams per tonne

Note: The Millrock Qualified Person (QP) does not have access to all the drill logs and assay results and has no way to verify the results that were published by Pure Nickel. The Millrock QP was responsible for the team that drilled holes beginning with the “FL” prefix in his prior role as Exploration Manager for Inco Ltd. subsidiary company American Copper & Nickel Company. The Millrock QP has access to the drill logs and original assay certificates for these holes.

At the Canwell claim block, Millrock has entered into an agreement under which it has been granted the option to purchase the Canwell Ni-Cu-PGE project from property owner David Johnson. The property covers 42 State of Alaska mining claims (2,720 hectares). Millrock may purchase a 100% interest in the property by performing exploration work totaling US$5.0 million in value, making cash payments of US$500,000 and incremental payments of Millrock shares (5.0 million in total), and granting a buyable royalty. Millrock is making an initial share issuance of 1,000,000 Millrock shares and US$25,000 as the signing payment. The agreement with the owner is subject to approval by the TSX Venture Exchange.

Ni-Cu-PGE mineralization is associated with mafic and ultramafic dikes/sills at Canwell and are hypothesized as deep-rooted feeders to the same ultramafic sills located at Eureka. Felsic intrusions on the Canwell property have the potential to upgrade the Ni-Cu-PGE mineralization through remobilization processes. Ni-Cu-PGE prospects located by previous explorers include Emerick, Forbes, Odie, and Canwell Ridge. Millrock due diligence samples collected in 2020 and 2021 from the Forbes prospect returned results ranging from 0.36% to 4.05% copper, 0.14% to 2.87% nickel, 44 to 716.4 ppm cobalt, 0.051 to 0.114 ppm gold, 3.774 to 7.745 ppm silver, 0.471 to 0.848 ppm palladium, 0.179 to 0.373 ppm platinum, 0.023 to 0.074 ppm iridium, 0.010 to 0.060 ppm osmium, 0.017 to 0.054 ppm rhodium and below detection to 0.110 ppm ruthenium (Table 2).

Table 2. 2020-2021 Due diligence sample assay results from the Forbes prospect

SampleProspectNi (%)Cu (%)Co (ppm)Pt (ppb)Pd (ppb)Au (ppb)Ag (ppb)Ir (ppb)Os (ppb)Rh (ppb)Ru (ppb)
701325Forbes2.874.05716.437384851.87745231017<50
701326Forbes0.140.3644179471114.53774746054110

The potential for Besshi-type Volcanic Massive Sulfides (VMS) also occurs on the property in the Permian volcanic and volcaniclastic rocks adjacent to the mafic and ultramafic sequence. VMS prospects located by previous explorers include Silver, Red Knob, Plateau, Canyon, Verona Pick, and Woody. Millrock due diligence samples collected in 2020 and 2021 on the Plateau and Woody prospects returned results ranging from 0.01 to 10.74% copper, 1.51 to 5450.48 ppm lead, 20.1 to 3989.8 ppm zinc, below detection to 11.856 ppm gold, 0.116 to 189 ppm silver, and below detection to 0.177 ppm palladium (Table 3).

Table 3. 2020-2021 Due diligence sample assay results from the Plateau and Woody prospects

SampleProspectCu (%)Pb (ppm)Zn (ppm)Au (ppb)Ag (ppb)Pd (ppb)
701333Plateau0.011376.18675.010.591924
701334Plateau10.7437.0295.3561.382933<10
701335Plateau4.1222.16190.914.716978<10
701320Woody0.0153.23146.02.7283<10
701321Woody5.375450.483989.811855.853916177
701322Woody3.56596.68971.6332.418900032
701323Woody4.852456.93758.62317.33741846
701410Woody0.014.3065.116.7241<10
967701Woody0.012.6420.11.3116<10
967702Woody0.081.5144.4<0.217814
967703Woody0.026.7083.82.7337<10

The assay results reported in Table 2 and 3 were collected by the Millrock QP and analyzed in 2021. The samples were analyzed at the Bureau Veritas Laboratory in Vancouver and Ontario, Canada using methods AQ252, MA404, and NA-PGE-S. The assay results confirm similar grades to those reported by historical workers.

Millrock has reviewed existing data and built a comprehensive exploration plan. The Company will seek joint venture partners to fund exploration and thereby earn an interest in the project.

Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Rock samples are kept in a secure location at all times. Rock samples are assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current rock sampling program was PRP70-250. Analysis methods used include AQ252-EXT (Aqua Regia – ICP-ES/MS) for all samples, MA404 (Aqua Regia and Multi-Acid – AAS) for overlimit samples (>10,000 ppm Cu, >10,000 ppm Ni & >100,000 ppb Ag), and NA-PGE-S for rare PGE’s. For every 20 rock samples, a standard sample (Certified Reference Materials) of known copper concentration was analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to form joint ventures and to perform further exploration. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

Categories
Base Metals Breaking Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Partner Felix Gold Lodges Initial Publuc Offering Prospectus on ASX, Fairbanks Area Gold Projects, Alaska

Figure 1

Plan View Map showing the location of the project within the Tintina Gold Province.
Plan View Map showing the location of the project within the Tintina Gold Province.
Plan View Map showing the location of the project within the Tintina Gold Province.

Figure 2

Plan View Map of Felix Gold land holdings in relation to the City of Fairbanks, Kinross’ Fort Knox Mine and Gil satellite mine, and Freegold Ventures Golden Summit / Cleary Hill gold deposit.
Plan View Map of Felix Gold land holdings in relation to the City of Fairbanks, Kinross’ Fort Knox Mine and Gil satellite mine, and Freegold Ventures Golden Summit / Cleary Hill gold deposit.
Plan View Map of Felix Gold land holdings in relation to the City of Fairbanks, Kinross’ Fort Knox Mine and Gil satellite mine, and Freegold Ventures Golden Summit / Cleary Hill gold deposit.

VANCOUVER, British Columbia, Nov. 30, 2021 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to have received notice from Felix Gold that it has lodged a prospectus with the Australian Securities and Investments Commission. The filing initiates the process by which Felix Gold may become a publicly-traded company on the Australian Securities Exchange (“ASX”). If successful under the proposed schedule the company shares would begin trading in January 2022. Depending on the concurrent capital raise, Felix Gold would have between AUD$10 million and AUD$13 million in their treasury, with much of that funding to be directed to exploration of the mineral claims that have been contributed by Millrock and/or staked or acquired by Felix Gold in the Fairbanks Mining District. Upon successful IPO and capital raise, Millrock will be entitled to a payment of Felix Gold shares. It is anticipated that the ASX will impose a mandatory restriction on the disposal of these shares of up to two years. Readers are cautioned that the share payment will only be made if the IPO is successfully completed.

Millrock President and CEO Gregory Beischer commented: “This is great news for Millrock and its shareholders. Depending on the amount of money raised in the IPO, Millrock will receive Felix Gold shares with an initial value ranging between approximately US$1.7 million and US$1.9 million. Additionally, Millrock will be entitled to production royalties on all of the claims comprising the current extensive property position and on future claims that may be acquired within a large Area of Interest surrounding the Fairbanks Mining District. Millrock will be entitled to Advanced Minimum Royalty payments that begin January 2022. Some excellent targets have been developed over the past year, while Felix Gold was an unlisted company. With a strong treasury and a robust 2022 budget, Felix Gold will have a great chance to make new gold discoveries and expand the gold resource at the Grant Mine. Any exploration success should result in strong appreciation of the Felix Gold shares that Millrock will hold, and also should support Millrock’s share price.”

As reported in a January 12, 2021 press release, Millrock assigned Felix all of its rights in the Fairbanks area Ester Dome and Treasure Creek properties. It had held these rights for several years under agreements with prospectors. The Fairbanks Mining District is located within the prolific Tintina Gold Province, which spans Alaska and Yukon.

The Felix Gold prospectus indicates that (assuming the IPO and capital raise is successful) Millrock will be issued a minimum of 9,957,157 and a maximum of 11,442,384 Felix Gold shares at an IPO price of AUD$0.25 with an indicative initial value ranging between AUD$2,249,289 (CDN$2,047,389) and AUD$2,860,596 (CDN$2,603,491). The number of shares to be issued is dependent on the amount of capital raised. The shares will only be issued to Millrock if the IPO and capital raise is successfully completed.

Since signing the initial agreements in January 2021, the Felix Gold team, working in collaboration with Millrock, significantly expanded the claim package, targeting areas that appeared to have high potential based on a systematic evaluation of public data and Millrock’s proprietary database. A large soil sampling effort was carried out in 2021. More than 3,000 soil samples were collected using power augers which allow for the collection of soil at the bedrock – overburden interface. Overlying overburden in the Fairbanks area often consists of very fine grained windblown sediments with or without permafrost making traditional soil geochemical surveys less effective. This work has served to identify strongly anomalous areas on the Treasure Creek project with three main prospects: NW Array, Scrafford, and Eastgate. The survey also identified strong anomalies at the Northeast Fairbanks portion of the project, which is proximal to Kinross’ Fort Knox gold mine, the satellite Gil deposit recently put into production by Kinross, and the Golden Summit / Cleary Hill deposit, which is being actively explored by Freegold Ventures Limited with strong success.

Felix Gold has examined data from the former-producing Grant Mine upon which they have an option to purchase a 100% interest. As a result of the data analysis, Felix Gold has been able to calculate a gold resource that is compliant with the Australia Joint Ore Reserves Committee (“JORC”) standards that govern such calculations in Australia (source: INDEPENDENT GEOLOGIST’S REPORTS ON FELIX GOLD LIMITED’S MINERAL EXPLORATION PROJECTS IN ALASKA, Prepared by Independent Geologist Mr. Ian Taylor of Mining Associates Pty Ltd., October 15, 2021).

The independent geologist’s report is appended to the Felix Gold prospectus and reports the following:

  • Inferred Mineral Resource estimate (JORC 2012) for Grant Mine of 5.8 million tonnes @ 1.95 grams per tonne gold for 364,000 ounces of contained gold including an underground resource of 136,000 ounces of gold grading 6.2 grams of gold per tonne.
  • And also: Grant Mine Exploration Target (JORC 2012) of 5.6 million tonnes to 6.6 million tonnes at a grade of 1.9 grams per tonne gold to 2.1 grams per tonne gold for 338,000 to 545,000 ounces of gold (exclusive of the Mineral Resource).

Note: The NI43-101 standards are the standards to which Millrock must adhere as a TSX Venture Exchange issuer, and the Australia JORC standards are those to which Felix Gold must comply as an Australian issuer. The JORC standards are robust, similar and parallel to the NI43-101 standards. JORC (2012) is defined as an ‘acceptable foreign code’ under NI43-101 reporting standards and the definition and classification of Mineral Resources are essentially the same as the NI43-101 Canadian Institute of Mining Definition standards. The Millrock qualified person has not independently verified the drill hole data, drill core, and estimation methodology as reported by Felix.

Figure 1. Plan View Map showing the location of the project within the Tintina Gold Province.
https://www.globenewswire.com/NewsRoom/AttachmentNg/71c71907-ec2d-4791-a632-b1e2fbbd4fca

Figure 2. Plan View Map of Felix Gold land holdings in relation to the City of Fairbanks, Kinross’ Fort Knox Mine and Gil satellite mine, and Freegold Ventures Golden Summit / Cleary Hill gold deposit.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d99e5cc4-19be-44d7-964d-0ca5df2fe96f

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the successful completion of an IPO and capital raise by Felix Gold and the intention to mount further exploration including drilling in 2022. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.