In a news release issued earlier today by Millrock Resources Inc.
(TSX-V: MRO, OTCQB: MLRKF), we are advised by the company that
their forward-looking statement paragraph was not included in the
release. Complete corrected text follows.
Highlights:
- Millrock has signed an option to purchase a 100% interest in
the former producing Grant Mine near Fairbanks, Alaska. The Grant
Mine is a high-grade vein deposit with expansion potential.
Indicated and Inferred Resources have been estimated at 340,800
ounces of gold. Strategic partner Felix Gold may elect to assume
the option in exchange for a royalty interest in favour of
Millrock.
- Millrock signed a letter of intent to enter a lease agreement
with option to purchase a 100% interest concerning the GST claim
blocks with Fairbanks Exploration, Inc. The claims cover favourable
geological structures adjacent to Freegold’s Golden Summit project
northeast of Fairbanks, near Kinross’ Fort Knox gold mine. Felix
Gold may be assigned the lease and purchase option in exchange for
a royalty interest.
- Partner Felix Gold has appointed David Larimer as
Vice-President of Exploration. Mr Larimer will head a joint Felix
Gold – Millrock exploration team. Mr. Larimer was formerly Chief
Geologist at the Pogo Mine, Principal Geologist for Teck Resources
Ltd., and is a University of Alaska, Fairbanks alumnus.
- Millrock and Felix Gold have amended the Strategic Alliance
agreement between the two companies announced on January 12, 2021.
The amendment provides a framework for share payments to Millrock
in the event that Felix Gold does not become a publicly traded
company in the next 18 months.
- Landholdings in the Fairbanks Gold District now cover
approximately 24,000 hectares of high potential ground covering
numerous prospects.
- Exploration plans for the 2021 field season are being
finalized. Drilling is being planned with an initial focus on
extensions of the Grant Mine and the Northwest Array prospect on
the Treasure Creek project.
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock"
or the “Company”) is providing an update on its partner-funded
activities in the Fairbanks Mining District, Alaska with partner
Felix Gold (a private Australian company).
Figure 1: Tintina Gold Province in
yellow shading. Millrock projects subject to agreement with Felix
Gold are shown in red
text.https://www.globenewswire.com/NewsRoom/AttachmentNg/9e882946-9446-4e09-9bd3-2a10d4d5a63b
Grant Mine Option To Purchase Agreement
Millrock has entered an option to purchase agreement concerning
the Grant Mine with owner Roger Burggraf. Consideration is US$2.0
million to be paid over a six-year period. The new property will
form part of the larger Ester Dome exploration project, which is
subject to an agreement between Millrock and partner Felix Gold.
Felix has paid the costs to secure the Grant Mine claims and can,
at any time in the next twelve months, elect to assume the option
agreement rights. In the event that Felix Gold assumes the option
rights and proceeds to make the purchase of the Grant Mine,
Millrock will vest with a 1.5% Net Smelter Return royalty on gold
production with an advanced minimum royalty provision. The Grant
Mine is a former-producing gold mine reported to have produced
approximately 25,000 ounces of gold. Production reports and
estimates of unmined gold resources have been made by a third-party
independent geologist in a Ni43-101 report (Bundtzen T.K., 2008,
Ester Dome Mineral Resource Estimation and Eagle Creek Exploration
Results, Fairbanks Mining District, Alaska, July 31st, 2008, 117
pages).
Table 17.1 of the aforementioned report is presented below and
shows combined Indicated and Inferred resources of 340,800 ounces
of gold.
Category |
Cut-off grade(oz/ton Au) |
Quantity(ton) |
Grade(oz/ton Au) |
Metal(oz Au) |
Indicated |
0.08 |
613,600 |
0.21 |
126,700 |
Inferred |
0.04 |
2,553,400 |
0.08 |
214,100 |
Table 17.1: Bundtzen 2008 NI43-101
report prepared for Silverado Gold Mines Ltd.
Figure
2: Photo of the decommissioned Grant Mine headframe (left)
and core storage warehouse at Grant Mine (right). Drill core from
Grant Mine, other parts of the Ester Dome project, and the Treasure
Creek project have all been preserved
here.https://www.globenewswire.com/NewsRoom/AttachmentNg/f933217f-8cb9-4cc1-ba98-2e8317d4f656
Plans are being made to do an initial round of
drilling in Summer 2021. The longitudinal section presented in
Figure 3 illustrates the historic mine workings and drill
intersections obtained in the 1990s by operators American Copper
& Nickel (“ACNC”) and Silverado Gold Mines.
No exploration work has been carried out since the
1990s. Millrock has not independently verified the drill
intersections indicated on Figure 3.
Figure 3: Longitudinal section
illustrating drill intersections from ACNC and Silverado
exploration drilling in the 1990s. Millrock has not independently
verified the historic drill intersections reported on this figure
which is taken from Bundtzen
2008.https://www.globenewswire.com/NewsRoom/AttachmentNg/394d40de-a24b-4b22-bf4b-45a15ee99c2d
Figure 4: Claims owned and
controlled by Millrock that have been assigned to Felix Gold in
exchange for equity and royalty interests are shown in blue. Note
the location of Kinross’ Fort Knox mine and Freegold’s Golden
Summit
project.https://www.globenewswire.com/NewsRoom/AttachmentNg/2da0f65e-b931-4e16-bf9d-1a60de9e6df4
Fairbanks District Exploration Team
Felix Gold and Millrock are building an outstanding exploration
team that is mandated to aggressively explore the Fairbanks Mining
District and make new gold deposit discoveries. Felix Gold has
appointed David Larimer to Vice-President of Exploration. Mr.
Larimer will lead a team of Millrock geologists and technical
staff, as well as coordinate amongst local and global experts to
maximize the chances of discovery success. Prior to joining Felix
Gold, Mr. Larimer was Principal Geologist in charge of exploration
for Teck’s Red Dog zinc mine in northwestern Alaska, and Chief
Geologist for the Pogo Mine during the time it was owned by
Sumitomo Metal Mining. Mr. Larimer is a graduate of the University
of Alaska Fairbanks and is very knowledgeable on gold deposit
genesis and exploration in the Tintina Gold Province.
Millrock President & CEO Gregory Beischer commented: “We
have known of Dave Larimer for many years and watched his career
progress. Previously, Dave was very helpful in developing
Millrock’s understanding of gold mineralization in the Goodpaster
Mining District, south of Fairbanks. We think that Dave Larimer
will be able to build an outstanding team of exploration geologists
composed of Millrock staff, local Fairbanks experts, Felix Gold
personnel, and global experts. As major shareholders of Felix Gold,
our company will be very supportive and help unravel the geological
puzzle presented for gold mineralization in the Fairbanks
District.”
Fairbanks District Land Holdings and Agreement
Structure
Felix Gold, the private Australian company with which Millrock
has made a strategic alliance with, has decided to defer a
go-public decision while waiting for the gold market to further
strengthen. A further capital raise as a private company is planned
by Felix Gold to fund 2021 summer exploration. The amendment
assures that Millrock will receive the agreed 10% share of the
private company Felix Gold in the event that it does not go public.
Royalty provisions of the original agreement remain unchanged. The
original agreement between Millrock and Felix Gold was documented
in a January 12, 2020 Millrock press release.
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 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, and Felix
Gold.
ON BEHALF OF THE BOARD“Gregory Beischer”Gregory
Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:Melanee
Henderson, Investor RelationsToll-Free: 877-217-8978 | Local:
604-638-3164Twitter | 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 mount further
exploration including drilling in 2021, and the intention to enter
a lease agreement with Fairbanks Exploration, Inc. 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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