2019

Millrock Stakes Additional Claims In The Goodpaster Gold District, Alaska

Key Highlights:

  • 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.

Figure 1: Soil & Stream Sediments in the Goodpaster District

Figure 1: Soil & Stream Sediments in the Goodpaster District

VANCOUVER, BRITISH COLUMBIA, May 22, 2019 - 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 announced here on 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 announced here. 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 in Millrock’s press release dated April 24, 2019.

Cautionary Statement
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. 

Qualified Person
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”
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 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.

Millrock Announces Private Placement Closed

VANCOUVER, BRITISH COLUMBIA, April 25, 2019 - Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ("Millrock" or the “Company”) reports it has closed the private placement with EMX Royalty Corporation announced on April 24, 2019.  A total of 7,142,857 units at a price of $0.14 per unit have been issued for gross proceeds of $1,000,000.  Each unit consisted of one common share of Millrock (a “Unit Share”) and one share purchase warrant (a “Warrant”). 

Each Warrant entitles the holder to purchase one additional common share of Millrock until December 14, 2021 at an escalating exercise price ($0.14 until December 14, 2019; $0.17 from December 15, 2019 until December 14, 2020; and $0.20 from December 15, 2020 until December 14, 2021). The Warrants also contain an accelerated exercise provision. If Millrock’s shares have traded at or above $0.20 per share for 20 consecutive trading days, Millrock may give notice that the Warrants will expire if not exercised within 30 days of receipt of such notice by EMX.

The common shares issued under the Private Placement and any common shares issued pursuant to exercise of Warrants are subject to a hold period and may not be traded until August 26, 2019. The Private Placement includes a further restriction on resale on half of the Unit Shares until the first anniversary of the investment, and an anti-dilution clause entitling EMX to subscribe for additional shares in any future financings to maintain its existing percentage ownership of Millrock. 

A portion of the proceeds from the Private Placement will be used for land acquisition and exploration in the Goodpaster Mining District, Alaska, and another portion will be used for general corporate purposes.

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”
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 contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, management’s expectation that it will acquire further mineral rights and advance exploration in the Goodpaster Mining District and that it is expected that further gold deposits will be discovered in the Goodpaster Mining District. 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, the results of further exploration and development of the Goodpaster Mining District projects and customary risks of the resource industry.

Millrock Announces Strategic Investment By EMX Royalty Corporation – Goodpaster Gold District, Alaska

Millrock Resources Inc. reports that EMX Royalty Corporation has agreed to make a $1,000,000 equity investment in Millrock through a private placement financing. The subscription price represents a significant premium to Millrock’s current market price. In return for the premium financing, Millrock has agreed to grant certain royalty interests to EMX.

Millrock Announces Drilling Results From La Navidad Gold Project, Sonora State, Mexico And Corporate Developments

VANCOUVER, BRITISH COLUMBIA, January 29, 2019 - Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) ("Millrock" or the “Company”) reports that results from a drilling program completed at the La Navidad gold project in Sonora State, Mexico have been received. The program focused on the northwestern portion of the project. Four holes were drilled at El Tigre prospect, where gold had been detected by soil sampling in the vicinity of historic mine workings. The drill holes tested induced polarization geophysical anomalies and northwest-trending high-angle structures that appear to control mineralization observed at surface. Four further holes tested El Chupadero prospect where alteration (decalcification and jasperoid replacement of limestone) pointed to the possibility of an intrusion-related gold deposit. In total, eight holes totaling 1,844 meters were drilled in the program. The exploration work was funded under an option to joint venture agreement by Centerra Gold Inc. (“Centerra”).

The drilling results were generally disappointing. Only a few weakly anomalous gold values were returned. The alteration and mineralization observed at surface appear to weaken in the subsurface. It does not appear that further exploration work on these prospects is warranted.

Millrock has received notification from Centerra that it is terminating the option to joint venture agreements on both La Navidad and El Picacho gold projects.

Millrock President & CEO Gregory Beischer stated “Millrock thanks Centerra for the investment they made in advancing these projects. While Centerra has elected to leave, we strongly believe the projects have excellent technical merit. We think they will be attractive to mid-tier or smaller mining companies. Our intention is to seek out new funding partners, but at the same time we will have to balance the cost to hold to La Navidad and El Picacho concessions in the face of Millrock’s currently limited cash position.” 

Corporate Developments: PolarX Shares and Cash Position
Millrock recently sold 10 million PolarX shares for A$475,000. While Millrock continues to be a strong believer in the Alaska Range Project, given Millrock’s relatively weak cash position it made sense to sell the shares. Millrock continues to be entitled to a production royalty, an advanced minimum royalty, and certain milestone payments.

Gregory Beischer, Millrock President and CEO stated, “Equity markets continue to be very tight. Millrock has to be extremely careful with its remaining funds. Management is cutting costs in all ways possible while the technical team works diligently to secure new funding partners. It is management’s view that securing new partnerships will be the best way for the Company to reduce overhead costs. The Company has an excellent portfolio of gold and copper projects but there is a cost to hold un-partnered projects until new partners are secured. Given the continued weakness of Millrock’s cash position (approximately C$790,000, as of today’s date, net of near-term accounts receivable and payable), the Company is considering all possible alternatives to move forward, including divestiture of Mexico projects and other assets.”

Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. For the La Navidad drill program drill core samples were kept in a secure location at all times. Rock samples were assayed at the Bureau Veritas laboratory in Hermosillo, Mexico. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current rock sampling program was PRP70-250. Analysis methods used include FA430 (30 gr/Fire Assay/ICP) and AQ-200 (Aqua Regia – ICP/MS). For every 20 rock samples a blank sample known to contain less than 3 parts per billion gold or a standard sample (Certified Reference Materials) of known gold concentration, or a duplicate sample was also analyzed. The qualified person is of the opinion that the results received from the laboratory for the samples in collected in this drill program are reliable.

Qualified Person
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: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorer Sojourn Exploration Inc.

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 contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement that is management’s view that securing new partnerships will be the best way for the Company to reduce overhead costs. 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, the ability of Millrock to negotiate agreements with third parties to fund exploration programs on terms beneficial to the Company.