Millrock Receives Cash and Share Payments; Resolution Minerals Earns 30% Interest in Millrock’s 64North Gold Project, Alaska
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VANCOUVER, British Columbia, Jan. 27, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the "Company") announced today that Resolution Minerals Ltd ("Resolution” or “RML”) has completed the requirements to earn an initial 30% interest in the 64North Gold Project located in the Goodpaster Mining District of interior Alaska.
Resolution has exceeded the Year 1 exploration expenditure requirement of US$5.0 million, has paid Millrock US$50,000, and issued a further share payment of 10 million RML shares to Millrock. Resolution can earn up to a 60% interest in the project. The terms of the December 2019 agreement can be viewed at this link: Definitive Exploration Agreement.
Resolution has indicated that it intends to continue sole-funding exploration on the project to increase its ownership interest and will operate exploration in 2021. Based on work completed in 2020, drilling is being planned at the Sunrise and Boundary prospects this year.
Qualified PersonThe 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 recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, and is a significant shareholder of junior explorer ArcWest Exploration Inc. as well as a shareholding in Resolution Minerals Limited. 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 and, Altius as well as junior explorers Resolution, Riverside, PolarX, and Felix Gold.
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 may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to mount further exploration including drilling in 2021. 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.
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