Millrock Provides Update on 64North Gold Project
24 Februar 2023 - 2:30PM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) reports on advancements at the 64North gold
exploration project. The project is the subject of an earn-in
agreement whereby Resolution Minerals Limited (ASX: RML)
(“Resolution”) has been earning a joint venture interest from
Millrock.
Earned Interest:Resolution has completed the
requirements to earn a 51% interest in the project, and this
interest has been recorded. Resolution has exceeded the Year 3
exploration expenditure requirement of US$2.5 million and has spent
a total exceeding US$9.0 million on exploration. Resolution has
recently paid Millrock US$100,000, and issued a further share
payment of 10 million RML shares to Millrock. Millrock now owns 33
million Resolution shares. Resolution has indicated it does not
intend to exercise its option to continue sole-funding exploration
on the project to further increase its ownership interest. A 51%
Resolution – 49% Millrock joint venture is to be formed. The terms
of the December 2019 agreement can be viewed at this link:
Definitive Exploration Agreement.
New East Pogo Drill Targets Identified:As a
result of the 2022 regional work, new compelling drill targets have
been identified at the Miranda and Boundary prospects in the East
Pogo block of the project area. Four ELF (Extremely Low Frequency)
electromagnetic geophysical survey lines and a surface soil
geochemical grid were completed during the 2022 season in order to
refine the model for the mineralized system in the area. The
updated model suggests the source of mineralizing fluid is related
to discrete magnetic intrusions at depth. Multiple intrusions occur
within the dilatational zone associated with the previously
identified shear package. The new model indicates previous drilling
in the area did not achieve depths needed to test the prospective
shear. Deeper drilling will be required to test the full thickness
of the shear rock package. However, a shallower, undrilled target
has also been outlined. Resolution has reported further details in
their February 23, 2023 press release.
Figure 1. Schematic geological
cross section through the Miranda and Boundary Prospects, East Pogo
with subsurface geology including prospective shear zone (altered
paragneiss) interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM
and 3D magnetic modeling shells.
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, 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:Gregory
A. Beischer, President & CEOToll-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 formation of a joint venture between
Millrock and Resolution and the possibility of further drilling at
the East Pogo prospect. 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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