Millrock Reports on Exploration Results, Return of Property, Apex Gold Project, Southeast Alaska
09 März 2022 - 2:30PM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) reports that positive assay results from a sampling
and mapping program carried out in August 2021 have been received
and compiled. The soil sampling results indicate that known
mineralization at the former-producing Apex Mine likely extends
1,000 meters to the northeast.
Millrock President & CEO commented: “These are excellent
results that show the gold-bearing quartz vein structure known from
historic mining has significant strike continuity. Some of the soil
sample numbers are of exceptional tenor.”
The exploration work was completed during August 2021 and
consisted of a soil geochemical survey (439 samples), rock sampling
(39 samples), and geologic mapping. Soil samples were collected
along a 20 meter by 40 meter spaced grid. The survey was designed
to test the presence and extent of gold-bearing quartz veins along
strike and down-valley from known gold mineralization at the
historic Apex and El Nido Mines located within the Cann Creek
drainage.
Figure 1. Project Location Map
is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/9cbfaf28-0aa9-452b-b688-e765553b6481
Figure 2. Soil sample locations
and results for gold assays, Apex project is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/94bb9851-3fb9-4d5d-b5f6-ed3ab84dae08
All assay results have been received from the
exploration work. A broad gold in soil anomaly was identified by
the geochemical survey in the lower cirque valley of Cann Creek.
Assays of soil samples returned values ranging from below detection
to a maximum of 33,900 parts per billion gold (1.09 ounces per ton)
and 34,400 parts per billion silver (1.10 ounces per ton). One
hundred and seven of the 439 samples collected returned highly
anomalous values exceeding 80 parts per billion gold. The anomaly
occurs at approximately 300 meters elevation below outcropping vein
exposures that host the Apex Mine and extends over one kilometer
down valley from the historic workings, along strike of the vein
swarm. The anomaly is also underlain by the same rock units
(diorite and amphibolite) that hosts the Apex vein.
On August 12, 2021, Millrock announced that it had entered into
an agreement with Coeur Explorations, Inc., a wholly-owned
subsidiary of Coeur Mining, Inc. (“Coeur”), concerning the Apex
gold project in Southeast Alaska. Under the agreement, Coeur agreed
to fund approximately $200,000 worth of exploration work. Coeur has
met its obligations by funding the work, but has elected to
terminate the option agreement. Millrock is free to further explore
the project on its own or find another earn-in partner.
Millrock President & CEO Gregory Beischer commented: “We
enjoyed working with the Coeur Explorations team and thank Coeur
for advancing the project. The soil anomaly presents a compelling
target for drilling and significantly expands the strike potential
of the small, historic underground mine”.
Quality Control – Quality AssuranceMillrock
adheres to stringent Quality Assurance – Quality Control (“QA/QC”)
standards. In this case, the assay work was done under an agreement
between Coeur and the assay laboratory. Samples are kept in a
secure location at all times. Samples were assayed at the Bureau
Veritas laboratory in Vancouver, Canada. Preparation and analysis
methods are described in further detail here. The sample
preparation method codes utilized for the program were SS80 for
Soils and PRP70-250 for Rocks. Analytical methods used were FA430
(lead collection fire-assay fusion-AAS finish) and MA250 (4 acid
digestion Ultratrace ICP-MS) for all samples. A 10% QA/QC sample
insertion rate was used for all samples: 5% CRM (Certified
Reference Materials) of known gold concentration and 5% blank
material. The Qualified Person is of the opinion that the results
reported in this press release are reliable.
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 each of Resolution Minerals
Limited and Felix Gold 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, Coeur
Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale,
Inmet, and Altius, as well as junior explorers Resolution,
Riverside, PolarX, Felix Gold and Tocvan.
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 form earn-in joint
venture agreements and to perform further exploration. 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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