Millrock Stakes Large Tract of Claims Goodpaster Gold District, Alaska
Key Highlights:
- Millrock stakes 892 claims covering 51,134 hectares of high-potential mineral rights in the Tintina Gold Province – Goodpaster Mining District, Alaska.
- Claims cover prospects, stream sediment, soil and rock anomalies derived from Millrock’s proprietary database.
- Funding for staking provided by EMX Royalty Corporation.
- Millrock to grant royalties to EMX.
VANCOUVER, British Columbia, April 24, 2019 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ("Millrock" or the “Company”) reports that it has staked a large, contiguous block of claims in the Goodpaster Mining District in Alaska. The claims are adjacent to mineral lands owned by Northern Star Resources (“Northern Star”), operator of the Pogo Gold Mine. The claims cover prospects east of the Pogo Gold Mine property (the East Pogo project) and add to Millrock’s existing land position west of the Pogo Gold Mine (the West Pogo project). The combined East and West Pogo projects cover 43 kilometers along the Pogo Trend of gold occurrences. Additionally, Millrock has also staked claims covering a 30-kilometer strike extent along the Shaw-LMS Trend. These claims cover stream sediment and soil anomalies, as well as gold prospects, that are situated on splays of the Shaw Creek fault. In total, 892 claims were staked covering 51,134 hectares, as shown in pale blue in Figure 2.
Gregory Beischer, President & CEO of Millrock commented, “We believe that the Goodpaster District will ultimately prove to be a gold mining camp of significant stature. The area has seen very little exploration despite the obvious potential and proximity to infrastructure. We have amassed a dominant land position and intend to do our best to discover one or more gold deposits on the claims we have staked.”
At the West Pogo project, 221 claims were staked, adding on to 141 claims that Millrock already owned, or upon which Millrock already has an option to purchase a 100% interest. The project now consists of 362 claims covering 17,591 hectares. Previous workers developed the Tourmaline Ridge (“TR”), Half-Ounce Gulch (“HOG”), and ER prospects. These three prospects contain elevated gold, arsenic, and bismuth surface soil and rock sample anomaly clusters related to northeast and northwest-trending high-angle faults. Drilling by prior operators returned gold-bearing intercepts in high-angle veins. Millrock postulates that the steep veins intersected by prior workers at West Pogo may lead to thicker, higher-grade, shallow-dipping gold veins. The schematic diagram shown below (after Twelker, 2017) illustrates that gold-mineralized high-angle veins can lead to thicker gold-bearing quartz veins within a low-angle shear zone. This is the exploration model that has been successfully applied at the Pogo Gold Mine. The Company cautions, however, that this is an exploration model used to help guide exploration. Millrock has not yet done sufficient exploration to test this model on its claims and there is no certainty that exploration will be successful in confirming this model.
Low-angle structures and Cretaceous granitic-dioritic intrusions are mapped at West Pogo, and the prospects show strikingly similar geological and geochemical attributes to the nearby Pogo Gold Mine. Geophysical surveys and drilling will be needed to determine if the high-angle veins present on Millrock’s West Pogo property lead to thicker, shallow-dipping gold-bearing vein systems.
A new discovery reported by the prior owners of the Pogo Gold Mine (the Goodpaster prospect – see “GP” on Figure 1 and 2) may trend onto Millrock’s West Pogo project. Approved permit applications filed by Northern Star indicate their plans to drill very close to the shared Pogo Mine / Millrock West Pogo claim boundary.
At the East Pogo project, 403 claims covering 21,991 hectares were staked over several known prospects: Scott, Boundary, and Cal-Surf. These three prospects contain elevated gold, arsenic, and bismuth surface sample anomaly clusters related to northeast and northwest-oriented high-angle faults. Drilling conducted on the Boundary (“BD”) and Cal Surf (“CS”) prospects by previous operators intersected gold-bearing veins.
At the Shaw – Eagle – LMS trend, 268 claims were staked covering 17,231 hectares. The claims cover stream sediment, soil, and rock samples containing elevated gold, arsenic, and bismuth geochemical anomalies that appear to be associated with intrusive rocks near splays off the Shaw Creek fault.
In this campaign, the claims were staked with funding provided to Millrock from EMX Royalty Corporation (TSX-V: EMX, NYSE – American: EMX) (“EMX”) pursuant to a strategic investment. Millrock will grant certain royalty rights to EMX on the staked claims and some of the pre-existing Millrock claims as described in Millrock’s press release, dated April 24, 2019.
Cautionary Statement
The Company cautions that the mineralization at the Pogo Mine is not necessarily indicative of the mineralization that may be identified on the property, and there is no certainty that significant mineralization similar to that found at the Pogo Mine will be identified on the property.
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 active in Alaska, the southwest USA, and Sonora State, Mexico. 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, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorer ArcWest Exploration Inc. and holds a portfolio of exploration project royalty interests.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(604) 638-3164
(877) 217-8978 (toll-free)
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, management’s expectation of exploring on the claims staked in the Goodpaster Mining District and that other valuable, high-grade gold discoveries like the Pogo Gold Mine should be present. 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. Such factors include, without limitation, Millrock’s ability to raise funds needed to perform additional exploration on the claims staked and customary risks of the resource industry.
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/f308e941-a406-4e2c-9a26-953039c07aef
http://www.globenewswire.com/NewsRoom/AttachmentNg/6635692f-0bfc-4b50-8ddb-05e050b7d903
http://www.globenewswire.com/NewsRoom/AttachmentNg/862f0d52-5a94-4f99-a582-4bd25ab74e57
Figure 1: Goodpaster Area of Interest
Figure 1: Goodpaster Area of Interest
Figure 2: Overview and Claims – Pogo Trend & Shaw-LMS Trend
Figure 2: Overview and Claims – Pogo Trend & Shaw-LMS Trend
Figure 3: Gold Mineralization Model Pogo Gold Mine Goodpaster Mining District (Twelker, 2017)
