AEMC.V · 2022-10-05 12:00:00

Millrock Outlines Significant Exploration Target of Ni-Cu-Co-PGE Mineralization at the Nikolai Project, Alaska

Exploration Programs

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

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

NR: 22-16

Millrock Outlines Significant Exploration Target of

Ni-Cu-Co-PGE Mineralization at the

Nikolai Project, Alaska

VANCOUVER, BRITISH COLUMBIA, October 5, 2022, Millrock Resources Inc. (TSX-V: MRO)

(“Millrock”) is pleased to report that a significant exploration target of Ni-Cu-Co-PGE

mineralization has been identified at Millrock’s 100% owned Nikolai Project. The Nikolai Project

is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of

Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone

consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of

INCO and further expanded by Pure Nickel Inc., as reported in their press releases released

between 2007-2014.

Millrock President and CEO Gregory Beischer commented: “Our exploration geologists have

outlined a block of mineralized rock that could likely be converted to a NI43-101 compliant

Inferred Resource with a single drill program estimated to cost approximately $2 million. If

successful, Millrock estimates the resulting Inferred Resource may comprise a deposit with

approximately 400,000 metric tonnes of contained nickel metal, plus copper, cobalt, and

platinum group metals. Other companies exploring similar deposits have significantly higher

market capitalization than Millrock. Establishing an Inferred Resource at Nikolai could

substantially increase the value of the Company. The planned drilling program would delineate

an Inferred Resource over a 400-meter-long strike length. However, indications from sparse

drilling along strike in both directions indicate the suspected deposit may be in excess of five

kilometers long and contain a very large, albeit low-grade metal endowment.”

Based on historical INCO Ltd. drill hole assay data available to Millrock, newly received assays

reported on September 26, 2022, and positive mineralogy results reported on September 29,

2022, Millrock has established a clear exploration target. From the data, a block of mineralized

rock measuring 400 meters by 300 meters by 400 meters has been outlined. Drill density is not

presently sufficient to calculate an Inferred Resource. However, it is estimated that the

exploration target contains between 140 million tonnes and 211 million tonnes, with grades

ranging from 0.28% nickel equivalent (“NiEq”*) to 0.42% NiEq*. The target has been developed

and modeled in 3D using the average thickness and grade from historical drill holes FL-003 and

FL-006 of the Upper Eureka Zone, Central Eureka Zone and Lower Eureka Zone (Figure 1).

Historical density studies of the Nikolai ultramafic sequence have returned an average density

of 2.83 g/cm3, which was used in the tonnage calculation for this exploration target.

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

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

Millrock Outlines a Significant Exploration

Target of Ni-Cu-Co-PGE Mineralization at

the Nikolai Project, Alaska

Page 2

This target is based on two drill hole intersections, extrapolated along strike ~400-meter

distance, with the base of the target as the lower mineralized elevation of FL-003. Additional drill

holes reported by Pure Nickel are present in the area but were not used in exploration targeting

as Millrock does not have access to the full dataset.

Figure 1. Overview map of the Eureka Zone, including VTEM anomaly, exploration target and

historical drill results. An asterisk denoted after the drill hole indicates that Pure Nickel Inc.

reported the drill hole ended in mineralization. Refer to Millrock’s September 26, 2022 press

release for cross-section A – A’.

Table 1 below details the exploration target’s potential grade and tonnage, with the potential

tonnage and grade using a maximum and minimum increase/decrease of 20% to allow for

uncertainty.

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

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

Millrock Outlines a Significant Exploration

Target of Ni-Cu-Co-PGE Mineralization at

the Nikolai Project, Alaska

Page 3

Table 1. Exploration Target potential grade and tonnages.

Nikolai Ni-Cu-Co-PGE Exploration Target (NiEq & CuEq = $7.00, Cu = $3.50, Co = $25.00, Pt = $900, Pd = $1800, Au = $1600)

Zone

Metric

Tonnage

Range

Base & Battery Metals Platinum Group and Precious

Metals Total

NiEq2

Range

Total

CuEq3

Range Ni

Range

Rang

Range

NiEq

Range 1

Range

% % % % g/t g/t g/t % %

Upper Eureka

Zone 48-73 0.16-

0.24

0.04-

0.06

0.013-

0.019 0.23-0.34 0.037-

0.055

0.078-

0.117

0.005-

0.007

0.26-

0.39

0.53-

0.79

Core Eureka

Zone 39-58 0.19-

0.29

0.10-

0.15

0.016-

0.023 0.30-0.45 0.053-

0.080

0.113-

0.170

0.017-

0.025

0.36-

0.53

0.66-

1.07

Lower Eureka

Zone 53-80 0.16-

0.24

0.04-

0.06

0.013-

0.019 0.23-0.34 0.021-

0.031

0.050-

0.074

0.011-

0.016

0.25-

0.38

0.51-

0.75

Total Eureka

Zone 140-211 0.16-

0.25

0.06-

0.08

0.014-

0.020 0.25-0.37 0.035-

0.053

0.077-

0.115

0.010-

0.015

0.28-

0.42

0.55-

0.85

1. NiEq calculated as Ni+(Cu% x $3.50/$7.00)+(Co% x $25.00/$7.00)

2. Total NiEq calculated as Ni + Cu% x $3.50/$7.00 + Co% x $25.00/$7.00 + Pt(g/t)/31.103 x $900/$7.00/22.04 + Pd(g/t)/31.103 x

$1800/$7.00/22.04 + Au(g/t)/31.103 x $1600/$7.00/22.04

3. Total CuEq calculated as Cu + Ni% x $7.00/$3.50 + Co% x $25.00/$3.50 + Pt(g/t)/31.103 x $900/$3.50/22.04 + Pd(g/t)/31.103 x

$1800/$3.50/22.04 + Au(g/t)/31.103 x $1600/$3.50/22.04

The potential quantity and grade is conceptual in nature. There has not been sufficient

exploration drilling to estimate a Mineral Resource, and it is uncertain if further

exploration will result in the estimation of a Mineral Resource.

Additionally, significant upside potential exists, as historical geophysical reports indicated a

VTEM anomaly ~3.5 kilometer in length and 400 to 600 meters in width in this part of the

Eureka Zone. The developed exploration target accounts for only 12% of the length of the

VTEM anomaly (Figure 1). Historical drill hole assay results in this VTEM anomaly, reported by

Pure Nickel Inc. (Pure Nickel Inc., News Release, October 29th, 2013), indicate an area of

mineralization with an estimated true width ranging from 94.8 meters to 320 meters, and grades

ranging from 0.20% to 0.25% nickel, 0.05% to 0.15% copper, 0.016% to 0.019% cobalt, 39 ppb

to 96 ppb platinum, 62 ppb to 156 ppb palladium and 11 ppb to 31 ppb Au, with a calculated

nickel equivalent (NiEq) ranging from 0.33% to 0.47%.

As reported previously, the Millrock Qualified Person (QP) does not have access to all the Pure

Nickel Inc. drill logs, assay results, and geophysical data and has no way to verify the results

that were published. The Millrock QP has access to the drill logs and assay certificates for the

INCO holes that are designated with the “FL” prefix.

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

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

Millrock Outlines a Significant Exploration

Target of Ni-Cu-Co-PGE Mineralization at

the Nikolai Project, Alaska

Page 4

Exploration Target Drill Testing

A drill program consisting of seven holes totaling approximately 2,750 meters has been

recommended. If successful, the program would, along with historical drill hole information,

provide a drill density on 200 meters centers. This drill hole density is believed to be adequate

to allow a calculation of an Inferred Resource, given the apparent relative continuity and

homogeneity of the mineralized zone. Figure 2 depicts the approximate surface locations of the

recommended drill collars for the intial test. Millrock anticipates that the recommended program

will prove the exploration target holds significant mineralization and could be expanded along

the VTEM anomaly.

Figure 2. Overview map of proposed collar locations for initial exploration target testing

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

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

Millrock Outlines a Significant Exploration

Target of Ni-Cu-Co-PGE Mineralization at

the Nikolai Project, Alaska

Page 5

Qualified Person

The technical information within this document has been reviewed and approved by Gregory A.

Beischer, President, CEO, and a director of Millrock. 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 and is a

significant shareholder of junior explorers ArcWest Exploration Inc. (TSXV : AWX), Resolution

Minerals Limited (ASX : RML), and Felix Gold (ASX: FXG). 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 contain forward-looking information, including but not

limited to execution of deportment studies. 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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