Millrock Reports Update on Drilling, 64North Gold Project, Alaska and Stock Option Grant
23 November 2020 - 2:30PM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) updates that drilling continues at the Aurora Target
on the West Pogo block of the 64North Gold project.
Two holes are being drilled to provide further
pierce points on the seven-meter thick quartz vein that was
intersected on hole 20AU07, as reported in a September 28, 202
press release. Two holes totaling 1,100 meters are planned for the
final phase of drilling in 2020. The first hole, which is being
drilled from the same site as hole 20AU07, is nearing the target
depth. Drilling operations will cease by mid-December.
Figure 1.
Aurora, Echo & Reflection Prospects - West Pogo Block, 64North
Project Alaska, current drilling focus is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a356370d-606f-46c4-afe4-43a87e01a8ef
Exploration at 64North is being done in a
collaborative manner between technical teams from Millrock and
earn-in funding partner Resolution Minerals Limited (ASX: RML,
“Resolution”).
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. Resolution is on track to earn its initial
30% interest. Other details of the agreement between Millrock and
Resolution are documented in Millrock’s announcement made on
December 16, 2019.
Stock Option GrantThe Millrock
Board of Directors has approved, in accordance with the Company’s
stock option plan, a grant of stock options to employees, officers,
directors, and consultants of the company. The company has granted
a total of 1,940,000 stock options that may be exercised at $0.105
for five years.
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 in 2020 at the Aurora Target. 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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