Millrock Announces Agreement Change at Red Basin Uranium Project, New Mexico, USA
MILLROCK RESOURCES INC. | Suite 2300 – 1177 West Hastings St. | Vancouver, BC V6E 2K3
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
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MILLROCK ANNOUNCES AGREEMENT CHANGE AT RED
BASIN URANIUM PROJECT, NEW MEXICO, USA
VANCOUVER, BRITISH COLUMBIA, July 12, 2018 - Millrock Resources Inc. (TSX-V: MRO,
OTCQX: MLRKF) ("Millrock") is pleased to report that it has reconfigured an option agreement
and consolidated a land position at the Red Basin uranium project located in the state of New
Mexico.
Previously, in an agreement announced in 2014, Millrock made an option agreement to acquire
certain claims thought to cover uranium deposits, and staked claims covering areas with
exploration potential. Recently, Millrock made an alternate agreement with the owner of the
optioned claims. The option agreement was cancelled, and in its place a finder’s agreement was
executed. Under the new agreement the finder will be paid a percentage of exploration
expenditures in the event that a third party funds exploration programs on the claims or in a
surrounding area of interest. The finder would be paid 2.5% of exploration expenditures with an
annual US$25,000 minimum, and the finder’s fee would be capped at US$250,000. The
previously optioned claims are being transferred to Millrock ownership and going forward the
only holding cost will be the annual federal claim rental payments.
Millrock President & CEO Gregory Beischer commented: “We acquired these claims as a target
of opportunity in 2014, thinking at the time that a surge in uranium prices was imminent. That
has not proven to be the case, but we have retained the project, knowing one day prices will
improve and that this uranium exploration project will be attractive to uranium explorers. The
reconfiguration of this agreement allows us to retain the claims at a very low cost.”
The claims are thought to be underlain by at least three uranium deposits that may be
conducive for In-situ Recovery (ISR) mining. Millrock has unconfirmed reports that the deposits
were discovered and drilled by Gulf Minerals in the 1970s. The project is located in Catron
County, New Mexico, west of the town of Sorroco and 18 km north of the village of Datil, which
is situated on Highway 60.
Roll-front type uranium mineralization is known in the Red Basin – Pietown District within which
the property is situated. Minor historic past production has been reported from small mines off
the claim block dating back to the 1950s. The uranium mineralization in the basin occurs
primarily at the lower contact of the Baca Formation sandstone in association with redox
boundaries and organic material. The favourable lower Baca Formation traverses the new
Millrock property. Millrock has documented the location of approximately 239 drill hole
MILLROCK RESOURCES INC. | Suite 2300 – 1177 West Hastings St. | Vancouver, BC V6E 2K3
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
Millrock Reconfigures Agreement
Red Basin Uranium Project
Page 2
monuments that are situated on the present Red Basin claim group. Most of the holes were
drilled by Gulf Minerals in the 1970s. Based on the approximate 30m drilling pattern in three
particular areas and from discussion with geologists familiar with the area, it is thought that
uranium deposits underlie these densely drilled areas. Millrock Chief Exploration Officer Philip
St. George has observed drill logs from the historic drill holes, but Millrock does not presently
have access to them.
The property now consists of 103 claims in which Millrock holds a 100% interest with no
underlying royalty. The federal mining claims on the lands are administered by the US Forest
Service. Millrock has secured exploration drilling permits.
Millrock sees potential to quickly define a uranium resource and expand upon it. If uranium
deposits are present, they potentially could be mined by low-cost ISR mining methods.
However, Millrock cautions readers that there is no certainty the proposed exploration will lead
to the discovery of a uranium deposit or that if discovered, a deposit could be profitably
extracted.
Millrock is currently seeking a joint venture partner. Additional information on the Red Basin
project, as well as all of Millrock’s available properties is available on the Millrock Resources
website.
The technical information within this document has been reviewed and approved by
Gregory A. Beischer, President & CEO of Millrock Resources Inc. Mr. Beischer is a
qualified person (QP) as defined in NI 43 -101. The QP has inspected the property and
observed drill hole monuments but has not verified drill hole logs.
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 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 explorers PolarX Limited. and Sojourn
Exploration Inc.
MILLROCK RESOURCES INC. | Suite 2300 – 1177 West Hastings St. | Vancouver, BC V6E 2K3
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
NR: 18-12
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. 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.