AEMC.V · 2022-02-13 12:00:00

Millrock Announces the Nikolai Nickel– Copper–chromium–cobalt–platinum Group Element Project, Delta Mining District, Alaska

Corporate Updates

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

NR: 22-02

MILLROCK ANNOUNCES THE NIKOLAI NICKEL–

COPPER–CHROMIUM–COBALT–PLATINUM GROUP

ELEMENT PROJECT, DELTA MINING DISTRICT,

ALASKA

Key Highlights:

• Eureka Zone, where disseminated, magmatic sulfide minerals contain potentially

economically recoverable nickel – copper – chromium – cobalt – platinum group

elements over broad core lengths reported from historical drilling. The mineralization can

be intermittently traced over a fifteen-kilometer-long strike length, and the historical

intersections are up to 319.7 meters wide. If continuity can be proven, a very large

tonnage deposit with high contained metal could result.

• Canwell Zone, where very high grades of nickel, copper, and platinum group elements,

including the rarer metals osmium, iridium, ruthenium, and rhodium are known from

historical surface rock sampling and drilling.

VANCOUVER, BRITISH COLUMBIA, February 13, 2022 – Millrock Resources Inc. (TSX-V:

MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports that it has assembled (by staking

and an option agreement) an extensive land package in the Delta River Mining District in

Alaska. The Nikolai Project (previously known by some as the MAN project) hosts nickel (Ni) –

copper (Cu) – chromium (Cr) – cobalt (Co) – platinum group element (PGE) prospects. The

claims show potential for delineation and development of a large tonnage deposit rich in Ni and

other critical and strategic metals.

Millrock President and CEO Gregory Beischer commented: “Millrock is very pleased to have

generated this nickel-dominant project which also has a variety of accompanying critical and

strategic metals. Other companies such as Canada Nickel (TSX-V:CNC; current share price

~$2.33) and Group Ten Metals (TSX-V: PGE; current share price ~$0.36) have had strong

market success by working on the development of geologically similar metal accumulations.

Millrock aims to have similar success with the Nikolai project.”

One of the claim blocks covers the highly prospective and underexplored Eureka zone. At this

location, a zone of disseminated Ni-Cu-Cr-Co-PGE mineralization was initially discovered by a

subsidiary of Inco, and further expanded by Pure Nickel Inc. (TSX-V: NIC; now Galleon Gold

Corp. TSX-V: GGO) as reported in their press releases issued between 2007 and 2014. The

claims had become open for staking and Millrock re-staked the land position.

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

Millrock Announces The Nikolai Project

Page 2

Additionally, Millrock has entered into an option agreement on the Canwell claims where very

high grades of nickel, copper and platinum group elements, including the rare platinum group

metals osmium, iridium, ruthenium, and rhodium are known from historical surface rock

sampling and drilling.

In total, Millrock’s Nikolai Project now consists of 146 State of Alaska Mining Claims covering

9,454 hectares in a highly prospective, underexplored ultramafic Ni-Cu-PGE mineralized belt

(Figure 1). The claims are proximal to paved highways, and a network of gravel roads and trails

afford ready access to the Canwell claim block. The City of Fairbanks lies approximately 200

kilometers to the northwest. The city of Delta Junction lies 130 km to the north of the project and

has many services and amenities that support the Alaska mining community. The main Alaska

power line and railway lie 150 kilometers to the west along the Denali Highway.

Figure 1. Overview and Claims – Nikolai Project

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

Millrock Announces The Nikolai Project

Page 3

Several deposit types are possible at the Nikolai project, including:

1. Disseminated Ni-Cu-Co-Cr-PGE mineralization in serpentinized ultramafic rocks

(analogy = Crawford deposit, Canada)

2. Massive sulfide Ni-Cu-PGE mineralization (analogy = Norilsk Mine, Russia)

3. Remobilized high-grade Ni-Cu-PGE mineralization (typical in large Ni camps)

4. Volcanogenic Massive Sulfide (VMS – Besshi style) Cu (Zn-Pb) Au, Ag (analogy =

Windy Craggy deposit, Canada)

Geologically, the project is located within the underexplored Wrangellia Terrane of Central

Alaska. A characteristic component of this terrane is the Nikolai Greenstone, an extensive

sequence of Late Triassic flood basalt rocks. Mafic and ultramafic intrusions, the source for the

Nikolai Greenstone, along with Permian and Cretaceous felsic plutons, intruded Permian

volcanic and volcaniclastic rocks. Wrangellia holds high potential for the discovery of economic

magmatic sulfide deposits containing nickel, copper, cobalt, platinum, palladium, iridium,

rhodium, osmium, ruthenium, gold, silver, lead, and zinc. Past producing mines and known

deposits within the Wrangellia include Kennecott Copper Mines, Windy Craggy, Wellgreen-

Nickel Shaw, and White River.

At the Eureka claim block, 104 State of Alaska mining claims were staked and are 100%

owned by Millrock. Previously discovered Ni-Cu-PGE prospects form a northwest trend of soil

and rock anomalies that contain elevated nickel, copper, platinum, palladium, and gold. After an

initial discovery by Inco Ltd. in 1997, drilling by Pure Nickel Inc. and ITOCHU Corporation

between 2008 and 2013 resulted in the discovery of a mineralized corridor called the Eureka

Zone. More than fifteen kilometers in length, the disseminated Ni-Cu-PGE mineralization is

associated with serpentinized mafic and ultramafic rocks (Table 1, Pure Nickel Inc., News

Release, October 29th, 2013).

Based on these historical drill hole results, Millrock has identified a zone of mineralization

(1,700m x 600m x 300m) that contains potentially economic concentrations of nickel, copper,

cobalt, platinum, palladium, and gold. Additionally, Millrock postulates that higher grade

mineralization may occur in embayment features at the base of the Eureka Zone, where heavy

metals may accumulate during fractionation and crystallization of the ultramafic intrusion.

Further drilling is warranted to confirm this hypothesis, along with in-fill drilling on the identified

zone of mineralization, with the goal of defining a NI 43-101/JORC compliant resource. The

company cautions they have not yet done sufficient exploration to test these hypotheses and

there is no certainty that exploration will be successful in confirming these hypotheses.

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

Millrock Announces The Nikolai Project

Page 4

Table 1. Historical Eureka Zone drillhole intersections reported by Pure Nickel

(Press Release, October 29th, 2013)

Drill Hole From

(m) To (m)

Estimated

True Width

(m)2

Ni (%) Cu

(%)

(ppb)

(ppb) Ag (g/t)

MAN05-01A1,3 35.0 136.8 99.9 0.25 0.08 0.017 79 49 23 N/A

PNI-07-0021 100.6 388.0 246.4 0.21 0.02 0.016 54 37 11 0.20

FL-0041,3 108.8 242.6 114.7 0.20 0.05 0.015 52 35 24 0.00

PNI-10-028 201.0 488.4 226.4 0.21 0.07 0.016 38 82 10 0.41

PNI-10-029 172.1 399.0 211.8 0.21 0.04 0.015 34 77 6 0.36

PNI-10-030 377.7 729.5 284.6 0.20 0.06 0.016 39 74 11 0.44

PNI-10-0331 210.2 496.0 231.2 0.21 0.05 0.017 36 62 20 0.37

PNI-10-0351 192.4 471.0 224.6 0.23 0.06 0.017 39 81 8 0.40

PNI-12-0631 146.6 241.7 94.8 0.24 0.15 0.018 97 156 31 1.11

PNI-07-0011 397.5 659.1 211.6 0.24 0.08 0.018 50 114 10 0.56

PNI-10-0361 163.2 559.9 319.7 0.25 0.09 0.018 54 121 13 0.59

FL-0061,3 185.0 382.8 160.0 0.24 0.09 0.019 57 115 14 N/A

FL-0031,3 60.2 393.2 269.4 0.21 0.08 0.017 54 117 12 N/A

PNI-09-201,3 192.5 394.0 200.4 0.24 0.02 0.014 N/A N/A 7 0.11

PNI-13-0691 160.3 373.7 205.2 0.24 0.09 0.017 61 122 19 0.72

PNI-13-071 99.4 247.0 146.8 0.17 0.08 0.015 46 76 14 0.57

And 328.0 342.7 14.6 0.19 0.16 0.016 64 127 21 1.19

PNI-13-072 217.0 432.5 162.6 0.20 0.08 0.017 49 104 13 0.45

PNI-13-0731 245.5 376.7 130.5 0.22 0.07 0.016 52 118 16 0.36

PNI-13-0741 198.0 453.2 253.9 0.20 0.06 0.016 38 91 11 0.34

PNI-13-0751 73.0 116.7 43.4 0.23 0.06 0.016 46 105 11 0.34

And 254.0 377.0 122.4 0.17 0.05 0.015 33 80 11 0.18

1 Incomplete intersection of the Eureka Zone

2 True widths estimated from hole angle and average dip of mineralization (46˚)

3 Not Continuously Sampled

N/A No Assays Reported

m = meters, ppb = parts per billion, g/t = grams per tonne

Note: The Millrock Qualified Person (QP) does not have access to all the drill logs and assay results and has no way to verify

the results that were published by Pure Nickel. The Millrock QP was responsible for the team that drilled holes beginning with

the “FL” prefix in his prior role as Exploration Manager for Inco Ltd. subsidiary company American Copper & Nickel Company.

The Millrock QP has access to the drill logs and original assay certificates for these holes.

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

Millrock Announces The Nikolai Project

Page 5

At the Canwell claim block, Millrock has entered into an agreement under which it has been

granted the option to purchase the Canwell Ni-Cu-PGE project from property owner David

Johnson. The property covers 42 State of Alaska mining claims (2,720 hectares). Millrock may

purchase a 100% interest in the property by performing exploration work totaling US$5.0 million

in value, making cash payments of US$500,000 and incremental payments of Millrock shares

(5.0 million in total), and granting a buyable royalty. Millrock is making an initial share issuance

of 1,000,000 Millrock shares and US$25,000 as the signing payment. The agreement with the

owner is subject to approval by the TSX Venture Exchange.

Ni-Cu-PGE mineralization is associated with mafic and ultramafic dikes/sills at Canwell and are

hypothesized as deep-rooted feeders to the same ultramafic sills located at Eureka. Felsic

intrusions on the Canwell property have the potential to upgrade the Ni-Cu-PGE mineralization

through remobilization processes. Ni-Cu-PGE prospects located by previous explorers include

Emerick, Forbes, Odie, and Canwell Ridge. Millrock due diligence samples collected in 2020

and 2021 from the Forbes prospect returned results ranging from 0.36% to 4.05% copper,

0.14% to 2.87% nickel, 44 to 716.4 ppm cobalt, 0.051 to 0.114 ppm gold, 3.774 to 7.745

ppm silver, 0.471 to 0.848 ppm palladium, 0.179 to 0.373 ppm platinum, 0.023 to 0.074

ppm iridium, 0.010 to 0.060 ppm osmium, 0.017 to 0.054 ppm rhodium and below

detection to 0.110 ppm ruthenium (Table 2).

Table 2. 2020-2021 Due diligence sample assay results from the Forbes prospect

Sample Prospect Ni

(%)

(ppm)

(ppb)

701325 Forbes 2.87 4.05 716.4 373 848 51.8 7745 23 10 17 <50

701326 Forbes 0.14 0.36 44 179 471 114.5 3774 74 60 54 110

The potential for Besshi-type Volcanic Massive Sulfides (VMS) also occurs on the property in

the Permian volcanic and volcaniclastic rocks adjacent to the mafic and ultramafic sequence.

VMS prospects located by previous explorers include Silver, Red Knob, Plateau, Canyon,

Verona Pick, and Woody. Millrock due diligence samples collected in 2020 and 2021 on the

Plateau and Woody prospects returned results ranging from 0.01 to 10.74% copper, 1.51 to

5450.48 ppm lead, 20.1 to 3989.8 ppm zinc, below detection to 11.856 ppm gold, 0.116 to

189 ppm silver, and below detection to 0.177 ppm palladium (Table 3).

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

Millrock Announces The Nikolai Project

Page 6

Table 3. 2020-2021 Due diligence sample assay results from the Plateau and Woody prospects

Sample Prospect Cu (%) Pb (ppm) Zn (ppm) Au (ppb) Ag (ppb) Pd (ppb)

701333 Plateau 0.01 1376.18 675.0 10.5 919 24

701334 Plateau 10.74 37.02 95.3 561.3 82933 <10

701335 Plateau 4.12 22.16 190.9 14.7 16978 <10

701320 Woody 0.01 53.23 146.0 2.7 283 <10

701321 Woody 5.37 5450.48 3989.8 11855.8 53916 177

701322 Woody 3.56 596.68 971.6 332.4 189000 32

701323 Woody 4.85 2456.93 758.6 2317.3 37418 46

701410 Woody 0.01 4.30 65.1 16.7 241 <10

967701 Woody 0.01 2.64 20.1 1.3 116 <10

967702 Woody 0.08 1.51 44.4 <0.2 178 14

967703 Woody 0.02 6.70 83.8 2.7 337 <10

The assay results reported in Table 2 and 3 were collected by the Millrock QP and analyzed in

2021. The samples were analyzed at the Bureau Veritas Laboratory in Vancouver and Ontario,

Canada using methods AQ252, MA404, and NA-PGE-S. The assay results confirm similar

grades to those reported by historical workers.

Millrock has reviewed existing data and built a comprehensive exploration plan. The Company

will seek joint venture partners to fund exploration and thereby earn an interest in the project.

Quality Control – Quality Assurance

Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Rock

samples are kept in a secure location at all times. Rock samples are assayed at the Bureau

Veritas laboratory in Vancouver, Canada. 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 AQ252-EXT (Aqua Regia –

ICP-ES/MS) for all samples, MA404 (Aqua Regia and Multi-Acid – AAS) for overlimit samples

(>10,000 ppm Cu, >10,000 ppm Ni & >100,000 ppb Ag), and NA-PGE-S for rare PGE’s. For

every 20 rock samples, a standard sample (Certified Reference Materials) of known copper

concentration was analyzed. The Qualified Person is of the opinion that the results reported in

this press release 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.

MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8

Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com

Millrock Announces The Nikolai Project

Page 7

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 recognized as the premier generative explorer in Alaska, holds

royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant

shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in

Resolution Minerals Limited. 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, Coeur Explorations, Centerra Gold, First

Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution,

Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD

“Gregory Beischer”

Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:

Melanee Henderson, Investor Relations

Toll-Free: 877-217-8978 | Local: 604-638-3164

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Some statements in this news release may contain forward-looking information (within the

meaning of Canadian securities legislation) including without limitation the intention to form joint

ventures and to perform further exploration. 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.

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