Millrock Provides Exploration Update For Alaska Gold Projects
06 August 2021 - 1:49AM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) is pleased to provide an update on its exploration
activities at its Goodpaster and Fairbanks gold district projects
(Figure 1).
Figure 1. Millrock gold project
locations within the Tintina Gold Province, Alaska is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b5fb4cc-149c-41a4-93db-7cf98565e411.
Goodpaster District ProjectsMillrock owns a 70%
interest in a very large claim block surrounding the Pogo Mine in
Alaska. Pogo is a high-grade gold mine operated by Northern Star
Resources Ltd. The 64North claims, which are subdivided into eight
different blocks, are the subject of an option agreement with
Resolution Minerals Ltd (“Resolution”). Recently, a 30% interest
was earned by Resolution by virtue of exploration expenditures plus
cash and share payments made to Millrock in the first year of the
project.
64North Gold Project – East Pogo block:
Millrock partner Resolution has recently completed a drilling
program at gold prospects located on the East Pogo block (Figure
2). A reverse circulation drill was used to test shallow,
gently-dipping conductive zones detected in 2020 by ZTEM and CSAMT
geophysical surveys. A total of 1,663 meters was drilled over 12
holes. Gently-dipping altered, graphitic zones with quartz and
sulfides were reported in several holes. Assay results indicate
only anomalous gold values. However, gold pathfinder elements
detected indicate possible proximity to a gold-bearing vein system.
At the nearby Pogo Mine, rocks close to the gold-bearing veins are
enriched in the pathfinder elements bismuth, tellurium, sulfur, and
arsenic. From the recent drilling at East Pogo, Resolution has
identified a target area measuring 1,600 meters by 2,000 meters for
follow-up, with a CSAMT conductive zone beneath. Drill hole 21EP008
intersected sericite and biotite alteration including minor quartz
veining with strongly elevated geochemical pathfinder elements. The
hole had a trend of increasing gold and alteration intensity over
the last 50 meters drilled with sericite alteration present in the
last few meters. This signifies potential for gold mineralization
at greater depth, perhaps at the level of the CSAMT conductor. The
hole unfortunately had to be terminated prior to reaching target
depth. Resolution indicates it is considering drilling deeper with
a core rig to test the CSAMT target below the geochemical anomaly
detected through the shallow reverse circulation drilling program
(Figure 3).
Figure 2. Reverse circulation
drill rig in operation on the East Pogo block, 64North Gold
Project, Goodpaster District, Alaska is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba0e9725-565f-42eb-a88a-37e1ebaa28f5.
Figure 3. CSAMT Line 2 Cross
Section on the East Pogo block, 64North Gold Project, Goodpaster
District, Alaska is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/87dc5d06-21ea-4d01-82fa-37a7ddcd0e80.
Fairbanks Gold District
ProjectsMillrock is in a strategic alliance agreement with
Felix Gold Ltd. (“Felix Gold”), a private Australian company that
intends to become a public company listed on the Australia Stock
Exchange (“ASX”). Millrock is assigning its existing mineral rights
in return for Felix Gold shares and royalty interests. Felix Gold
is funding exploration work and paying the costs of acquiring
claims by staking and by agreements with claim holders. All new
properties within the strategic alliance Area of Interest become
subject to royalties in favor of Millrock (Figure 4).
Figure 4. Blue shading indicates
Millrock / Felix Gold mineral land holdings in the Fairbanks Gold
District, Alaska is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c2f7c64-0f82-4201-ace9-af5c7736a207.
A major soil sampling program is well underway. To date, 2,000
soil samples have been collected across the claim holdings. The
planned work will be completed at the end of August. Samples are
being collected using a small auger Figure 5). The goal is to get
uniform, modern soil sample coverage across the claims. Once the
soil data is merged with all historic data which has been compiled
in a database, drill targeting will be done.
Figure 5. Soil sampling team in
action, Fairbanks Gold District, Alaska is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7c150b2e-cb92-4eb2-8111-3843e1621c99.
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, 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. 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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