CORRECTING AND REPLACING -- Millrock Acquires Property Interests and Provides Exploration Update on Fairbanks, Alaska Gold Projects - Seite 2

Figure 1: Tintina Gold Province in yellow shading. Millrock projects subject to agreement with Felix Gold are shown in red text.
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Grant Mine Option To Purchase Agreement

Millrock has entered an option to purchase agreement concerning the Grant Mine with owner Roger Burggraf. Consideration is US$2.0 million to be paid over a six-year period. The new property will form part of the larger Ester Dome exploration project, which is subject to an agreement between Millrock and partner Felix Gold. Felix has paid the costs to secure the Grant Mine claims and can, at any time in the next twelve months, elect to assume the option agreement rights. In the event that Felix Gold assumes the option rights and proceeds to make the purchase of the Grant Mine, Millrock will vest with a 1.5% Net Smelter Return royalty on gold production with an advanced minimum royalty provision. The Grant Mine is a former-producing gold mine reported to have produced approximately 25,000 ounces of gold. Production reports and estimates of unmined gold resources have been made by a third-party independent geologist in a Ni43-101 report (Bundtzen T.K., 2008, Ester Dome Mineral Resource Estimation and Eagle Creek Exploration Results, Fairbanks Mining District, Alaska, July 31st, 2008, 117 pages).

Table 17.1 of the aforementioned report is presented below and shows combined Indicated and Inferred resources of 340,800 ounces of gold.

Category	Cut-off grade (oz/ton Au)	Quantity (ton)	Grade (oz/ton Au)	Metal (oz Au)
Indicated	0.08	613,600	0.21	126,700
Inferred	0.04	2,553,400	0.08	214,100

Table 17.1: Bundtzen 2008 NI43-101 report prepared for Silverado Gold Mines Ltd.

        
Figure 2: Photo of the decommissioned Grant Mine headframe (left) and core storage warehouse at Grant Mine (right). Drill core from Grant Mine, other parts of the Ester Dome project, and the Treasure Creek project have all been preserved here.
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Plans are being made to do an initial round of drilling in Summer 2021. The longitudinal section presented in Figure 3 illustrates the historic mine workings and drill intersections obtained in the 1990s by operators American Copper & Nickel (“ACNC”) and Silverado Gold Mines.