CORRECTING AND REPLACING -- Millrock Acquires Property Interests and Provides Exploration Update on Fairbanks, Alaska Gold Projects
VANCOUVER, British Columbia, April 13, 2021 (GLOBE NEWSWIRE) -- In a news release issued earlier today by Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF), we are advised by the company that their forward-looking statement paragraph was not included in the release. Complete corrected text follows.
- Millrock has signed an option to purchase a 100% interest in the former producing Grant Mine near Fairbanks, Alaska. The Grant Mine is a high-grade vein deposit with expansion potential. Indicated and Inferred Resources have been estimated at 340,800 ounces of gold. Strategic partner Felix Gold may elect to assume the option in exchange for a royalty interest in favour of Millrock.
- Millrock signed a letter of intent to enter a lease agreement with option to purchase a 100% interest concerning the GST claim blocks with Fairbanks Exploration, Inc. The claims cover favourable geological structures adjacent to Freegold’s Golden Summit project northeast of Fairbanks, near Kinross’ Fort Knox gold mine. Felix Gold may be assigned the lease and purchase option in exchange for a royalty interest.
- Partner Felix Gold has appointed David Larimer as Vice-President of Exploration. Mr Larimer will head a joint Felix Gold – Millrock exploration team. Mr. Larimer was formerly Chief Geologist at the Pogo Mine, Principal Geologist for Teck Resources Ltd., and is a University of Alaska, Fairbanks alumnus.
- Millrock and Felix Gold have amended the Strategic Alliance agreement between the two companies announced on January 12, 2021. The amendment provides a framework for share payments to Millrock in the event that Felix Gold does not become a publicly traded company in the next 18 months.
- Landholdings in the Fairbanks Gold District now cover approximately 24,000 hectares of high potential ground covering numerous prospects.
- Exploration plans for the 2021 field season are being finalized. Drilling is being planned with an initial focus on extensions of the Grant Mine and the Northwest Array prospect on the Treasure Creek project.
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) is providing an update on its partner-funded activities in the Fairbanks Mining District, Alaska with partner Felix Gold (a private Australian company).