Millrock Acquires Gold Exploration Projects in Fairbanks District and Reports Royalty Agreement, Alaska

Highlights:

• Millrock has secured the exclusive right to enter option agreements on two different gold projects in the Fairbanks gold mining district, in the Tintina Gold Province, Alaska; the Treasure Creek project and the Ester Dome project.
• Treasure Creek is situated 30 kilometers west of the Fort Knox Gold Mine, which is operated by Kinross Gold Corporation (“Kinross”), and is underlain by similar geology. Gold mineralization is known from historic trenching and shallow drilling.
• Ester Dome is located on the western margin of the City of Fairbanks, and 60 kilometers southwest of Fort Knox. Gold mineralization is known from surface sampling and diamond drilling.
• Numerous placer gold deposits have been mined in valleys draining both the Treasure Creek and Ester Dome project areas, and several placer mining operations operated by other companies presently persist.
• Millrock will issue 500,000 Millrock shares to Capstone Mining Corp. as consideration for the relinquishment of a royalty that had applied to certain claim blocks comprising portions of Millrock’s 64North Gold Project, reducing the royalty burden on the property.

VANCOUVER, British Columbia, July 29, 2020 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports that it has secured exclusive rights to two gold exploration projects in the Fairbanks gold mining district in Alaska. These Fairbanks Gold District claim blocks add to Millrock’s existing project portfolio in the Tintina Gold Province, the most prominent of which is the 64North gold project in the Goodpaster District.

Millrock President & CEO commented: “We are pleased to secure these mineral lands near Fairbanks. There is known gold mineralization on both claim blocks and the geology is similar to that present at the nearby Fort Knox gold mine operated by Kinross. The abundance of placer gold mined at surface underscores the potential we see to discover a large intrusion-related gold deposit of similar scale to Fort Knox. High-grade vein deposits are also a possibility. A recent drill intersection by Freegold Ventures Limited at the nearby Golden Summit project has reinvigorated interest in this great gold mining camp. We will advance the two new projects with some surface exploration in the near term and look to bring in a partner as drill targets are firmed up.”