Millrock Updates on 64North Gold Project Exploration, Goodpaster Mining District, Alaska
11 Mai 2022 - 2:30PM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) reports on advancements at the 64North gold
exploration project, including an imminent drilling program. The
project is the subject of an earn-in agreement whereby Resolution
Minerals Limited (ASX: RML) (“Resolution”) is earning a joint
venture interest from Millrock.
Drilling Program: The Resolution–Millrock
technical team has developed a strong drill target area at the
Tourmaline Ridge prospect, located on the West Pogo block. The
target area was developed through analysis of all historic data, in
addition to work that has been funded by Resolution over the past
thirty months. Resolution plans to execute a drilling program of
approximately 2,200 meters in five boreholes that will commence in
late June 2022.
Figure 1. A Fall 2021 photograph
showing the Tourmaline Ridge prospect area in the foreground with
an excavator digging trenches through shallow overburden to expose
bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is
visible in the distance five to six kilometers to the
east.https://www.globenewswire.com/NewsRoom/AttachmentNg/f90d17bf-5651-489c-905c-27163607e3d5
Earned Interest: Resolution has
earned a 42% interest in the project by making cash payments
(US$150,000), share payments (30,000,000 shares), and expending at
least US$7.0 million on exploration (US$7.87 million spent as at
January 31, 2022). Additionally, Resolution has elected to continue
sole-funding exploration to earn a 51% interest by making further
expenditures in 2022 and making further share and cash payments to
Millrock.
Millrock President & CEO Gregory Beischer commented: “There
is an abundance of geologic evidence pointing to a possible gold
deposit at Tourmaline Ridge. We wish Resolution the best of luck as
they move the project forward, and we are hopeful for a new gold
discovery.”
A large soil geochemical anomaly measuring 1,800 by 750 meters
occurs on the Tourmaline Ridge prospect. Recently Resolution
reported that it had received rock sample assay results from
trenches excavated at Tourmaline Ridge in fall of 2021. Numerous
narrow, gold-bearing veins were detected. These steep-dipping veins
are interpreted to be “antithetic veins”, which commonly occur in
the hanging wall above gold ore bodies at the nearby Pogo mine.
Prior historical drilling intersected these veins along with
characteristic rock alteration and pathfinder minerals. From
geophysical surveys, a moderately northwest dipping structure is
interpreted to lie beneath the soil anomaly and historic drill
holes. Resolution and Millrock interpret this structure to be the
“Pogo Trend”, which appears to be traced from the Goodpaster
deposit on the adjacent Pogo Mine property operated by Northern
Star Mines Ltd. (“Northern Star”).
Northern Star recently announced a maiden inferred resource
estimate of 1.1 million ounces of gold in 3.2 million tonnes of
rock, averaging 10.3 grams per ton gold for the Goodpaster
deposit.
As of March 31, Pogo is reported by Northern Star to host 6.59
million metric tonnes of proven and probable reserves, averaging
8.5 grams per metric tonne (1.8 million ounces) gold. (Northern
Star ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT, May 5,
2022). More than 4 million ounces of gold has been mined at
Pogo.
Note: Millrock has not independently verified the information
reported by Northern Star. Also, Millrock cannot assure that the
structures that host gold ore bodies at Pogo continue onto ground
controlled by Millrock and that gold deposits of similar magnitude
and concentration will be discovered.
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 perform further
exploration on the 64North project. 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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