Millrock and Partner Felix Gold Expand Fairbanks Gold District Claim Footprint and Complete Airborne Geophysical Surveys at T...
10 Februar 2021 - 2:30PM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) announces that it has expanded the size of the
Treasure Creek and Ester Dome gold projects and has staked numerous
other claim blocks throughout the Fairbanks Gold District. The
claims are subject to purchase agreements with soon-to-be-listed
Felix Gold Ltd. Felix Gold is currently a private Australian
company that is expected to gain a listing on the Australian
Securities Exchange (“ASX”) in the coming months. Millrock has
assigned its rights to Felix Gold in return for a large equity
stake in the company once it is listed on the ASX, as announced in
Millrock’s January 12th, 2021 press release.
Felix Gold Managing Director Joseph Webb commented, “We are
honored to be working with the Millrock team. They have assembled a
great land package and bring an extensive understanding of Alaska
gold districts and local operational expertise. Felix Gold, through
the Mines Discovery Fund backers, brings an outstanding technical
team with global experience and significant commercial strength.
The Fairbanks Gold District is underexplored and has real potential
for multiple new gold deposit discoveries. Millrock is positioned
at the center of what we envision as the next wave of major gold
discoveries in the Fairbanks Gold District, which features
Kinross’s Fort Knox gold mine and significant alluvial gold
production.”
Under the terms of the agreement, in addition to the equity
stake in Felix Gold, Millrock will be entitled to cash payments in
the form of Advanced Minimum Royalty (“AMR”) payments that can
later be deducted from Net Smelter Return (“NSR”) production
royalties, if a mine is developed. Any claims released from the
agreement by Felix Gold will be returned to Millrock.
Felix Gold and Millrock are building an outstanding team of
practical exploration geoscientists with local and global
expertise. The teams will work in a collaborative manner to assess
the entire Fairbanks area. The group intends to aggressively
explore the Fairbanks area and make new gold discoveries. The
claims are in close proximity to Kinross’ Fort Knox gold mine which
has produced more than 8 million ounces of gold and has substantial
resources for future production (source: Kinross Gold Corporation
website). The Treasure Creek project and other recently staked
claims are also in close proximity to the Golden Summit project,
which is operated by Freegold Ventures Limited (“Freegold”).
Freegold announced excellent drill results in 2020 that resulted in
substantial share price appreciation.
Figure 1: Project Location
Map is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/91aaf76b-89da-4d13-a70c-87be61d41236.
The projects are situated close to the mining and transportation
hub of the City of Fairbanks in the Fairbanks Northstar
Borough.
Figure 2: Fairbanks Gold
District Claim Map is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7d0ac1c2-0d66-4601-bd62-3ff8e309b33d.
Claims staked by Millrock and now controlled by Felix Gold are
shown in blue. The claims cover in excess of 20,200 hectares of
mineral rights that contain numerous gold prospects.
Exploration in the Fairbanks Gold District is already underway.
With funding from Felix Gold, an airborne magnetic survey was
completed in December on the Treasure Creek project. Results have
been received and are being reviewed into the historic proprietary
and public geological database that has been assembled. Strong
drill targets are emerging and plans are being made to begin
drilling at the earliest opportunity. An initial test with rotary
drilling followed by deeper reverse circulation drilling is
envisioned.
Figure 3: Airborne magnetic map
from recently completed survey is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ac8628ff-dc4b-4770-8d66-7f27d11b5c7c.
The magnetic map indicates areas of intrusive rocks and structures
that assist in tracing gold mineralization. Historic prospect
locations are shown.
Millrock President & CEO Gregory Beischer commented, “We are
building a great exploration team that will be dedicated to
responsibly and effectively exploring the Fairbanks District for
gold deposits. While there is a lot of advance work to do, such as
the recently completed airborne geophysical survey, discoveries are
made with the drill bit. We look forward to getting started on our
drilling programs as soon as possible, and Treasure Creek is a
great place to start. The prospects we will drill are literally
within sight of the great Fort Knox gold mine and we have great
indications of gold beneath the Treasure Creek claims.”
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. Mr. Beischer has reviewed drill
core and assay results from the historic drilling and is satisfied
that the results reported are accurate. 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.
as well as 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, PolarX, and Felix Gold.
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 mount further
exploration including drilling in 2021. 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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