Alaska Range Project (formerly Stellar)
Sold in 2017 to PolarX Ltd for shares. Millrock is exploration operator and is entitled to milestone payments and a royalty.
Millrock considers the Alaska Range Project Project to be a highly prospective property with excellent exploration potential for the discovery of significant, bulk-mineable copper/gold deposits including porphyry Cu/Au, skarn and intrusive-related gold.
Location and Setting
The Alaska Range Project is located in the Valdez Creek Mining District in the Central Alaska Range about 300 km (186 mi) north of Anchorage. The terrain is mountainous to hilly and development logistics are excellent. The Denali Highway is located approximately 13 km (8 mi) to the south and the Richardson Highway is located less than 45 km (28 mi) to the east.
Royalty and Milestone Payments
Millrock sold the Alaska Range Project in 2017 to PolarX Ltd for shares.
Below are the following Royalty and Milestone Payments:
Production Royalty (all figures in USD):
Advanced Minimum Royalty Payment (AMR) Payment Schedule:
$20,000 March 31, 2019
$25,000 March 31, 2020
$30,000 March 31, 2021
And continued annually, increased by $5,000 each year until the 5th anniversary of the commencement of commercial production.
Milestone Payment (all figures in USD):
Gold: If Payor or its successors or assigns establishes an Indicated Resource of one million ounces of gold within the Property at any time on or before December 31, 2032, Payor will pay to the order of Payee the sum of $1,000,000.
Copper or Copper Equivalent: If Payor or its successors or assigns establishes an Indicated Resource of one million tonnes of contained copper or copper equivalent within the Property at any time on or before December 31, 2032, Payor will pay to the order of Payee the sum of $2,000,000.