Millrock Provides Exploration Drilling Update on 64North and Fairbanks Gold District Projects, Alaska
Highlights:
- 64North Tourmaline Ridge gold prospect drill results: Multiple gold-bearing veins were intersected with grades up to 6.7 grams per tonne gold.
- 64North Earn-in Agreement: Resolution Minerals indicates it intends to pay Millrock 10 million shares and US$100,000 to vest with a 51% interest in the 64North project.
- Treasure Creek project Eastgate–Scrafford prospect drill results: 32.0 m @ 0.50 g/t Au from 114.3 m down hole.
VANCOUVER, British Columbia, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) is pleased to provide an update on drilling at the 64North gold project (funded and executed by Resolution Minerals Limited (ASX: RML, “Resolution”) and on the Treasure Creek gold exploration project in the Fairbanks Gold District (being carried out by Felix Gold Limited (ASX: FXG, “Felix Gold” or “Felix”) in Alaska.
At the 64North gold project five diamond core holes were drilled in Summer 2022. Assay results from the program have been reported by Resolution in a press release dated December 12, 2022.
The best intervals include:
| Hole ID 22TR005: | 1.0 meters (m) @ 6.7 grams per tonne (g/t) Au from 93 m |
| Hole ID 22TR003: | 0.4 m @ 4.6 g/t Au from 414 m |
| Hole ID 22TR002: | 7.0 m @ 1.1 g/t Au from 169 m; and |
| 0.9 m @ 1.2 g/t Au from 403 m; and | |
| 0.6 m @ 2.8 g/t Au from 537 m; and | |
| 2.1 m @ 1.7 g/t Au from 551 m |
Millrock owns 23,100,000 shares of Resolution, which has been sole-funding exploration at the 64North gold project over the past three years to earn a joint venture interest. Resolution has now expended in excess of US$9 million, thereby earning the right to increase its interest to 51%. Resolution indicates it intends to pay Millrock 10 million shares and US$100,000 as the final steps needed to vest with a 51% interest in the project.
Felix Gold has recently reported the following significant near-surface gold intercepts from drilling done on the Scrafford Shear prospect on the Treasure Creek gold project. The Scrafford Shear is part of a +5 kilometer long structural corridor which is thrusted and repeated three times, delivering +15 kilometer equivalent strike potential.
Key intercepts reported by Felix Gold in their December 9, 2022 press release include:
| Hole ID 22TCRC039: | 32.0 m @ 0.50 g/t Au from 114.3 m including 9.1 m @ 1.17 g/t Au from 114.3m and 18.3 m @ 0.57 g/t Au from 150.9 m |
| Hole ID 22TCRC049: | 15.2 m @ 0.46 g/t Au from 33.5 m including 3.0 m @ 1.35 g/t Au from 41.1 m |
| Hole ID 22TCRC032: | 3.1 m @ 1.71 g/t Au from 18.3 m |
Millrock owns 9,957,157 shares of Felix Gold and holds royalties ranging from 1.0% to 2.0% Net Smelter Returns (“NSR”) on all claims currently held by Felix in the Fairbanks District. The claims cover close to 400 square kilometers of prospective lands.
Qualified Person
The 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. Note: Mr. Beischer has not independently verified the assay results reported by Felix Gold or Resolution Minerals. However, Mr. Beischer inspected several drill sites and sample processing operations during summer 2022s, and can confirm that the assay work was done by a qualified laboratory with stringent quality controls in place at the laboratory and at Felix Gold and Resolution operations. The quality assurance and quality control protocols of Felix Gold and Resolution are as stringent as Millrock would use in its own exploration work.
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 & CEO
Toll-Free: 877-217-8978 | Local: 604-638-3164
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Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation receipt of further drill results. 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.
