Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) reports assay results from drilling from exploration
drill holes 20EC05, 20RE06 and 20AU07 that have been recently
completed at the Echo, Resolution, and Aurora targets on the West
Pogo block of the 64North Gold project.
The locations of the holes drilled so far this year on the West
Pogo Block are shown in Figure 1, along with the locations of the
Echo, Reflection, and Aurora target areas. Also depicted are the
locations of the Pogo Mine and the Goodpaster deposit situated on
claims owned by Northern Star Resource Ltd (“Northern Star”).
Northern Star recently indicated that it intends to perform
delineation drilling at Goodpaster with a $21 million budget in the
coming year, and work is now underway.
Hole 20EC05 was drilled to test a strong, gently northwest
dipping CSAMT conductor in a prospect area that is down dip and
approximately four kilometers from Northern Star’s Goodpaster
deposit. On Millrock’s claims it is referred to as the Echo
prospect. Numerous fault zones with some pyrite and strong
dolomite-sericite alteration were intersected from 224 meters to
293 meters downhole. No anomalous gold results were returned from
these zones.
At the Reflection prospect, hole 20RE06 was drilled to test
conductive rocks in an area where an intrusive rock body was
interpreted from airborne magnetic data, two kilometers due east
from Northern Star’s Goodpaster deposit. A fault zone with pyrite
and arsenopyrite, locally with quartz breccia clasts, was
intersected from 279.4 meters to 289.1 meters. Also, a zone of
stockwork quartz mineralization was intersected over 0.6 meters
starting at a depth of 324.9 meters. The mineralized zones did not
contain any gold anomalies.
Drilled directly along strike from the Goodpaster deposit, hole
20AU07 intersected a zone of shallow-dipping quartz veining over a
seven-meter interval, starting at 488 meters downhole. The zone of
veining is hosted by paragneiss and is within a sericite – chlorite
– dolomite altered zone measuring 22 meters thick from 476 meters
to 498 meters. The alteration and veining contains pyrite,
arsenopyrite, and pyrrhotite. The assay results show weakly
anomalous gold values. Oriented drill core measurements indicate
the vein dips gently at approximately 25 to 30 degrees to the
west.
Millrock President & CEO Gregory Beischer commented: “We had
high hopes for the seven-meter thick quartz vein interval
intersected in hole 20AU07 and these results are disappointing.
However, it is not unusual for gold concentration to change
dramatically within a few tens of meters in vein-hosted systems
such as these. Drilling the intersected vein in nearby locations
could result in the gold discovery we seek.”
Figure 1.
Aurora, Echo, and Reflection Prospects - West Pogo Block, 64North
Project Alaska. These prospects are currently the focus. A
photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c05ea55d-49ee-435a-a07b-e5b35797fd85
Exploration at 64North is being done in a collaborative manner
with technical teams from Millrock and earn-in funding partner
Resolution Minerals Limited (ASX: RML, “Resolution”). Resolution
has indicated a desire to drill two further holes from the same pad
as hole 20AU07 at different azimuths. Plans are being made to
execute this drilling in November, pending contractor availability.
The holes will provide additional pierce points on the vein
intersection made with hole 20AU07. The photographs in Figures 1,
2, and 3 show the quartz vein intersected with hole 20AU07.
Figure
2. Hole (20AU07) Quartz vein with
fuchsite and sulphides - arsenopyrite, pyrite, pyrrhotite. A photo
accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ff1c9b5e-e07a-4dd3-a5c3-95359ec054f7
Figure
3. Hole #7 (20AU07), 485.65m to
489.85m, quartz and sulphide veins cross-cutting the paragneiss
host rock. A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9d610dba-3773-447b-bc12-3e22fc14e750
Figure
4. Hole #7 (20AU07), 488.69m to
488.93m, quartz vein with fuchsite, arsenopyrite, pyrite and
pyrrhotite. A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9387d8aa-bf3a-44f0-968d-6b392b8c0bd7
Resolution can earn up to a 60% interest in the 64North Gold
Project through exploration expenditures of US$20 million, payment
of US$200,000 cash, and issuance of 38 million Resolution shares.
The minimum commitment for 2020 is US$5.0 million and Resolution
will vest with a 30% ownership upon expending this amount. Other
details of the agreement between Millrock and Resolution are
documented in Millrock’s announcement made on December 16,
2019.
Quality Control and Quality AssuranceMillrock
adheres to stringent Quality Assurance – Quality Control (“QA/QC”)
standards. Drill core was cut on-site at camp located near the
drill hole and selective samples of mineralized zones collected.
Drill core samples were kept in a secure location at all
times. For the results presented here, the representative
half-core samples underwent sample preparation at the Bureau
Veritas laboratory in Fairbanks, Alaska, (preparation method code
PRP70-250) using 70% to <2 mm Crush and Pulverize 85% to <75
um. Appropriate high, medium and low gold and base metal standards
were used by Millrock on a 1:20 basis (5%). Blanks were inserted on
a 1:50 basis (2%). The Bureau Veritas laboratory introduces QAQC
samples and completes duplicate check assays on a routine basis.
Following preparation in Fairbanks the samples were subsequently
analysed at the Bureau Veritas laboratory in Reno, Nevada.
Gold was analysed by Fire Assay (code FA430/AA) with an AAS finish
using a 30-gram nominal sample weight. No multi-element analysis
was completed on the samples. Inspection of QAQC information
indicates that all sample results are within tolerance.
Qualified PersonThe 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 and is a significant shareholder of
junior explorer ArcWest Exploration Inc. and has a 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, and PolarX.
ON BEHALF OF THE BOARD“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:Melanee
Henderson, Investor Relations(604) 638-3164(877) 217-8978
(toll-free)
Some statements in this news release may contain forward-looking
information (within the meaning of Canadian securities legislation)
including without limitation the intention to drill two further
holes from the 20AU007 pad, or to conduct drilling operation year
round. 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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