Highlights:
- Millrock has signed an option to purchase a 100% interest in the former producing
Grant Mine nearFairbanks, 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 partnerFelix 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’sGolden Summit project northeast ofFairbanks , 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 appointedDavid Larimer as Vice-President of Exploration.Mr Larimer will head a jointFelix Gold – Millrock exploration team.Mr. Larimer was formerly Chief Geologist at thePogo Mine , Principal Geologist for Teck Resources Ltd., and is aUniversity of Alaska, Fairbanks alumnus. - Millrock and
Felix Gold have amended theStrategic Alliance agreement between the two companies announced onJanuary 12, 2021 . The amendment provides a framework for share payments to Millrock in the event thatFelix 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 theTreasure Creek project.
Figure 1:
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Grant Mine Option To Purchase Agreement
Millrock has entered an option to purchase agreement concerning the
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
Figure 2: Photo of the decommissioned
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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.
No exploration work has been carried out since the 1990s. Millrock has not independently verified the drill intersections indicated on Figure 3.
Figure 3: Longitudinal section illustrating drill intersections from ACNC and Silverado exploration drilling in the 1990s. Millrock has not independently verified the historic drill intersections reported on this figure which is taken from Bundtzen 2008.
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Figure 4: Claims owned and controlled by Millrock that have been assigned to
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Fairbanks District Exploration Team
Millrock President & CEO
Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by
About
ON BEHALF OF THE BOARD
“Gregory Beischer”
FOR FURTHER INFORMATION, PLEASE CONTACT:
Toll-Free: 877-217-8978 | Local: 604-638-3164
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Figure 1
Tintina Gold Province in yellow shading. Millrock projects subject to agreement with Felix Gold are shown in red text.
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.
Figure 3
Longitudinal section illustrating drill intersections from ACNC and Silverado exploration drilling in the 1990s. Millrock has not independently verified the historic drill intersections reported on this figure which is taken from Bundtzen 2008.
Figure 4
Claims owned and controlled by Millrock that have been assigned to Felix Gold in exchange for equity and royalty interests are shown in blue. Note the location of Kinross’ Fort Knox mine and Freegold’s Golden Summit project.
2021 GlobeNewswire, Inc., source