Millrock Purchases Willoughby Gold Prospect, Stewart Golden Triangle District, British Columbia, Canada
VANCOUVER, BC--(Marketwired - June 10, 2016) - Millrock Resources Inc. (
High grade gold-silver drill intercepts have been reported by prior explorers. Historical intersections that have been reported include:
|Hole #||From (m)||To (m)||Core length (m)||Gold (g/t)||Silver (g/t)|
Note: The Qualified Person ("QP") has not inspected the drill cores. No check assays have been performed.The QP does not have inadequate information to determine whether the reported intersections represent true widths. The results presented are historical in nature and cannot necessarily be relied upon as accurate. The drill hole information was sourced from the following assessment reports, which are in the public domain.
|1||Assessment Report #19,474, 1989 Drill Report, Andreas H. Vogt, Bond Gold Canada Inc.|
|2||Assessment Report # 23,674, 1995 Drill Report, David A Visagie, P.Geo., Camnor Resources Ltd.|
|3||Assessment Report # 24,169, 1994 Drill Report, David A Visagie, P.Geo., Camnor Resources Ltd.|
Millrock has purchased a 100% interest in the project for the sum of $40,000 and 300,000 Millrock shares. All currency referenced herein are Canadian dollars. Millrock will also make other payments in the event the following milestones are met:
- In the event that 2,500 meters of drilling is completed, $40,000 or 200,000 Millrock shares at the option of the vendor; and
- If a Preliminary Economic Assessment ("PEA") is completed, Millrock will pay 50 cents per ounce of gold contained on the property in an Inferred Resource (Canadian Institute of Mining definition) to a maximum of $2 million; and
- If a Decision to Mine is made, Millrock will pay $1.00 per ounce of gold contained on Reserves and Resources in all categories delineated at the time, less any amount paid at the time of the PEA, to a maximum of $5 million.
Mine production, if it occurs, will be subject to a 3% Net Smelter Returns royalty. The royalty may be purchased in its entirety for the sum of $3 million at any time prior to the commencement of commercial production.
The purchase and sale agreement is subject to approval by the TSX Venture Exchange.
Gregory A. Beischer, Millrock President stated: "The prospect is in steep mountainous terrain on the eastern edge of the Cambria Icefield. The terrain will present challenges, but also opportunities. Glaciers have been rapidly receding over the years since the last exploration drilling work was done in 1995. Much more may now be visible and accessible. The gold grades intersected by previous explorers are quite high. We look forward to following up on the discoveries made previously."
Eleven different zones of mineralization have been identified on the property. The host rocks are Jurassic in age and are geologically assigned to the lower portions of the Hazelton Group. The high grade gold zones are associated with vein structures and sulfide minerals.
For a complete overview of all of Millrock's Golden Triangle projects, click here.
The technical information within this document has been 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, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects primarily comes from 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 and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information. 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 completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
"NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."
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