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Millrock stakes an additional 143 claims covering 9,235 hectares in the Goodpaster Mining District within the Tintina Gold Province in Alaska; the Goodpaster Project now encompasses 1,176 claims covering 66,050 hectares (66 square kilometers). North Pogo claims cover favourable structures and stratigraphy on the north side of the Goodpaster Batholith, similar to those at the Pogo Gold Mine, on the south side of the batholith. Divide claim block covers gold occurrences and geochemically anomalous zones along the Black Mountain structural corridor. Funding for staking provided by EMX Royalty Corporation; Millrock to grant royalties to EMX.
VANCOUVER, British Columbia, May22, 2019(GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ("Millrock" or the 'Company') reports that it has staked two more blocks of claims in the Goodpaster Mining District in Alaska. These claims are in addition to a very large block of claims staked by the company, as announcedhereon April 24, 2019. Millrock's claim holdings in the Goodpaster Mining District, home of the Pogo Gold Mine operated by Northern Star Resources ('Northern Star' ASX:NST), now includes 1,176 claims covering 66,050 hectares in three discrete tracts. The new blocks are named North Pogo and Divide.
Christopher Van Treeck, Millrock's Senior Project Geologist commented, 'It is surprising that there has been so little exploration conducted over what we now call the North Pogo project. If Goodpaster Batholith related plutons can produce the gold deposit currently being mined at Pogo on the batholith's south side, there is equal potential to form gold deposits on the north side. We see great structural preparation of the rocks at North Pogo. The Alaska Division of Geological and Geophysical Surveys has mapped low-angle faults within the Millrock claim block and the Pogo Gold Mine is hosted in a similar, regional, low-angle structure.'
At the Divide block, 67 claims were staked to cover gold occurrences and pathfinder element soil and stream sediment anomalies. This data was obtained by Millrock when it purchased claims and information from Corvus Gold in 2015, as announcedhere . The Divide claim block is adjacent to the Tibbs property being explored by Tectonic Metals, a private Vancouver-based junior company. The team at Tectonic Metals have had success at the Coffee Project in a similar belt of rocks in nearby Yukon. The claims are also close to Newmont's Healy claim block, which is currently under option to, and being explored by, Kenorland Minerals, a private Vancouver-based junior company that has Yukon ties.
Millrock President & CEO Gregory Beischer commented: 'It is good to see that the successful Yukon explorers are now recognizing there is great potential on the Alaska side of the Tintina Gold Province, and the Goodpaster Mining District in particular. We welcome the competition. With increased exploration activity gold deposit discoveries are more likely, and this will benefit all of Alaska, as well as Millrock shareholders.
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 recently staked claims which are in addition to the royalties being granted to EMX on other recently staked claims and some of the pre-existing Millrock claims as described inMillrock's press releasedated April 24, 2019.
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.
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, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(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.
A photo accompanying this announcement is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/466e3d88-5fef-4ffc-b4e1-53869e29ee04