Bering Straits Native Corporation Lands
General: Millrock has made an exploration agreement with Bering Straits Native Corporation (BSNC) on three discrete blocks of land on the south side of the Seward Peninsula in Alaska. The land blocks are named Bluff, Council and Ungalik. The land area totals 395 square kilometers, and covers the source rocks for placer deposits that have been mined since the early 1900's. These placers have produced in excess of one million ounces of gold that has been derived from lode source on the Native land. A gold resource exceeding several hundred thousand ounces has been previously outlined by BHP at Bluff. The Council and Ungalik blocks are virtually unexplored.
Millrock has entered into an Option to Joint Venture agreement with Valdez Gold, Inc. on the Bluff project, as well as an exploration agreement with Kinross on the Council project.
Property and Agreement: The BSNC agreement covers all three properties and is an Option to Lease with a five year term. The agreement terms include:
- US$4 million work commitment; $700,000 in 2010
- US$550,000 in option payments; $70,000 in 2010
- Scholarship donation, US$40,000; $10,000 in 2010
- 1.0 million MRO shares; 200,000 in 2010
- NSR 2.5% to 5.0% sliding scale tied to gold
- BSNC can participate up to 10% at their option at feasibility
Most of the lands are split estate. The Bering Straits Native Corporation owns the subsurface while a village corporation owns the surface. Millrock is presently negotiating agreements with the villages.
Bering Straits Figure 1: Millrock and Golden Glacier (Bering Straits Native Corporation) Presidents Signing Exploration Agreement April 18, 2008. (Enlarge)
Bering Straits Figure 2: Bluff Geology and Gold Mineralization. (Enlarge)
Bering Straits Figure 3: Bluff Soil Geochemical Anomalies. (Enlarge)
Bering Straits Figure 4: Strata at Bluff. (Enlarge)
Bering Straits Figure 5: Ungalik Geology and Gold Mineralization. (Enlarge)
Related News Releases:
January 22, 2010
Millrock Stakes the Revelation Project in the Kahiltna Terrane, Alaska
December 22, 2009
Millrock and Valdez Gold Sign Letter of Intent to Enter into an Option To Joint Venture Agreement on Bluff Project, Alaska
December 15, 2009
Millrock Announces Exploration Agreement with Kinross for Council Mining District Properties, Alaska
June 23, 2008
Millrock Seeks to Expand Historical Gold Resource at the Bluff Prospect, Seward Peninsula, Alaska
April 23, 2008
Millrock Announces Exploration Agreement With Bering Straits Native Corporation, Seward Peninsula, Alaska
|
