Millrock Provides Update on 64North Gold Project
Highlights:
- Millrock received payment of US$100,000 and 10 million Resolution Minerals shares. Having spent more than US$9 million and met all other necessary conditions, Resolution has earned a 51% interest in the project. A joint venture is to be formed.
- Excellent drill targets have been identified at East Pogo.
VANCOUVER, British Columbia, Feb. 24, 2023 (GLOBE NEWSWIRE) -- 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 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
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 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.
Figure 1
