Millrock Enters a Binding Letter Agreement Concerning the Dragonslayer Copper-GOLD Project, Alaska
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: 19-13
MILLROCK ENTERS A BINDING LETTER AGREEMENT
CONCERNING THE DRAGONSLAYER COPPER-GOLD
PROJECT, ALASKA
VANCOUVER, BRITISH COLUMBIA, September 23, 2019 - Millrock Resources Inc. (TSX-V:
MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports it has signed a binding letter
agreement whereby First Quantum Minerals Limited (“FQML”) has been granted the exclusive
right to enter an option agreement on Millrock’s Dragonslayer porphyry copper-gold project in
eastern Alaska. To earn the right FQML is funding geochemical surveys, mapping, and
prospecting to a value of US$100,000. Results are anticipated in October. The work is focused
on a geophysical anomaly located in a belt of Cretaceous-aged rocks that have demonstrated
potential for copper porphyry deposits. The geophysical anomaly consists of a conductive zone
surrounding a magnetic high in a low-lying area with little outcrop exposure. The target was
detected using an airborne ZTEM and magnetic susceptibility survey. Upon receipt of the
current exploration survey results, FQML will have until December 31, 2019 to exercise its
exclusive right to enter an option to joint venture agreement with the following business terms:
To exercise the first option to earn a 51% interest, FQML must make exploration expenditures
and cash payments as listed in the table below:
Expenditure Cash Payment
Year 1 $500,000 $50,000
Year 2 $1,000,000 $100,000
Year 3 $2,000,000 $250,000
Year 4 $2,500,000 $300,000
Total $6,000,000 $700,000
After the initial earn-in, FQML can increase its interest to 70% by defining a NI 43-101 compliant
Inferred Resource of at least 1 million tonnes of contained copper equivalent (a “Resource”) and
filing a qualifying report on SEDAR documenting that Resource, provided it continues to sole-
finance the project until a Resource has been filed on SEDAR.
After vesting with a 70% interest, FQML may elect to exercise a third option to earn another
10% interest in the project, bringing their total interest to 80%. To complete the third option,
FQML will sole-fund the project through permitting and construction until commercial production
is achieved, including funding Millrock’s proportionate share of funding on behalf of Millrock. All
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 Enters Binding Letter Agreement
Concerning The Dragonslayer Project
Page 2
funding advanced by FQML on behalf of Millrock’s proportionate share of funding will be
repayable by Millrock from proceeds from production. If FQML does not exercise the third earn-
in, then Millrock must co-contribute its proportional share of expenditures to maintain its 30%
interest in the Property.
The Dragonslayer project consists of 60 State of Alaska mining claims recently staked by
Millrock. The mineral rights cover an area of 3,885 ha.
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 recognized as the premier generative explorer in Alaska, holds
royalty interests in British Columbia, Canada and Sonora State, Mexico and is a significant
shareholder of junior explorer ArcWest Exploration Inc. 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.
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
executing a definitive agreement for the sale of certain assets in Mexico to Riverside and future
exploration of the claims sold. These statements address future events and conditions and, as
such, involve known and unknown risks, uncertainties and other factors which may cause the
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 Enters Binding Letter Agreement
Concerning The Dragonslayer Project
Page 3
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.