MILLROCK PROVIDES COMPANY UPDATE Key Highlights – Anticipated 2022 Activity:
MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
NR: 22-03
MILLROCK PROVIDES COMPANY UPDATE
Key Highlights – Anticipated 2022 Activity:
• Drilling on at least four and perhaps as many as eight projects in which Millrock has
equity and royalty interests.
o Treasure Creek, Ester, Fairbanks district, Liberty Bell gold projects, Fairbanks
area, Alaska (Felix Gold 15,000 meters planned).
o 64North gold project, Pogo Mine area, Alaska (Resolution Minerals, planning in
progress).
o Apex El Nido gold project, southeast Alaska (Coeur Explorations, 1,500 meters
under consideration).
o Batamote copper project, Sonora Mexico (Mine Discovery Fund earning in,
preliminary planning in progress).
o El Picacho gold project, Sonora Mexico (Tocvan Ventures, preliminary planning
in progress).
• Nikolai project; new nickel – copper – cobalt – chrome – platinum project
generated, Alaska. (100% Millrock, surface exploration to be completed).
• Chisna copper–gold porphyry project, central Alaska (100% Millrock, surface
exploration to be completed).
• Arcwest Exploration expects to see drilling on as many as three projects (Millrock
owns ~11.7% of the issued and outstanding ArcWest shares).
VANCOUVER, BRITISH COLUMBIA, February 23, 2022 – Millrock Resources Inc. (TSX-V:
MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports that it anticipates a busy year of
partner-funded drilling and surface exploration on projects in which it holds an interest (either
directly or through stock holdings and royalties).
Millrock President and CEO Gregory Beischer commented: “Millrock is looking forward to a very
active upcoming year with numerous catalysts that could serve to drive the company’s share
price upwards. Our shareholdings in other junior exploration companies have the potential to
significantly increase in value in 2022.”
MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
Millrock Provides Company Update
Page 2
Table 1. Major Millrock Shareholdings.
Company Exchange:Symbol Shares Held Current Market Value ($CDN)
Felix Gold ASX:FXG 9,957,157 $ 1,636,824
Resolution Minerals ASX: RML 23,100,000 $ 421,925
ArcWest Exploration TSX-V: AWX 9,623,417 $ 1,058,576
TOTAL price and exchange rate as of Feb 17, 2022 $ 3,117,325
Figure 1. Alaska Project Location Map. Current projects have gold marker.
Former projects have black marker.
Alaska Project Update
Treasure Creek: Felix Gold has outlined several high-priority drill targets and the company
indicates they intend to begin drilling in March 2022. The Northwest Array and Eastgate
prospects look particularly encouraging. The property is west of the Fort Knox gold mine
operated by Kinross, and the recent gold discovery made by Freegold Ventures (TSX-V: FVL).
Millrock has transferred ownership of the project to Felix Gold in return for shares and a
production royalty with an advanced minimum royalty stream. Further details on Treasure Creek
MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
Millrock Provides Company Update
Page 3
and other projects sold to Felix Gold are available in a Felix Gold presentation that can be
accessed at this link.
Ester Grant: Felix Gold calculated a maiden resource for the Grant Mine claim block, which
forms part of the project. Felix reported that they have calculated an Inferred Mineral Resource
estimate (JORC 2012) for Grant Mine of 5.8 million tonnes @ 1.95 g/t Au for 364,000 ounces of
gold (note: the Millrock Qualified Person has not independently verified the reported resource,
Source: INDEPENDENT GEOLOGIST’S REPORTS ON FELIX GOLD LIMITED’S
MINERAL EXPLORATION PROJECTS IN ALASKA, Prepared by Independent Geologist
Mr. Ian Taylor of Mining Associates Pty Ltd., October 15, 2021). Felix indicates that drilling
is planned for the Grant Mine in Summer 2022. Millrock has transferred ownership of the project
to Felix Gold in return for shares and a production royalty with an advanced minimum royalty
stream.
Fairbanks District: Millrock is in a strategic alliance with Felix Gold. Mineral rights that have
been, or may be secured by Felix or Millrock in the future, become subject to a royalty in favour
of Millrock. The claims currently subject to the alliance are situated near Kinross’ Fort Knox gold
mine and the recent discovery made by Freegold. Felix indicates that drilling is planned for
Summer 2022.
Liberty Bell: Felix Gold has indicated it will drill holes through areas covered by gravel
deposits. The gravel ranges from 10 meters to perhaps 100 meters in thickness and obscures
interesting geophysical targets. Millrock has transferred ownership of the project to Felix Gold in
return for shares and a production royalty with an advanced minimum royalty stream. A
description of the project is available on Millrock’s website here.
64North: Partner Resolution Minerals is earning into the project through exploration
expenditures, cash payments, and share payments to Millrock. Resolution presently has vested
with a 42% interest and must soon decide to advance the project further or form a joint venture
as a minority partner Resolution has developed a compelling series of drill targets at the
Tourmaline Ridge prospect on the West Pogo block of claims. These claims are situated west of
the Pogo Mine, a gold mine operated by Northern Star Resources. Resolution is making plans
to execute a drill program in Summer 2022. Further information on the project can be found on
the Resolution Minerals website.
Apex El Nido: Partner Coeur Explorations funded an extensive soil and rock sampling program
in 2021, in which some strong gold results were obtained from the soil sampling. The work
traced the known gold-bearing vein system more than one kilometer from the old mine
MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
Millrock Provides Company Update
Page 4
workings. Coeur is contemplating a summer 2022 drill program. A description of the project is
available on Millrock’s website here.
Nikolai Project: Millrock has recently acquired mineral rights that cover some thick, historic drill
intersections of nickel – copper – cobalt – chrome – platinum group element mineralization.
Millrock believes there is continuity between the drill intersections and that a large, albeit low-
grade metal resource could be delineated with a modest drill program. At other locations on the
property, there are some exceptionally high grades of similar mineralization that are also
enriched in the more rare and valuable platinum group elements such as osmium and rhodium.
The project is described in more detail in this prior Millrock press release, and on the Millrock
website. Further to the news release dated February 14, 2022, the Company reports 1,000,000
common shares have been issued in connection with the Canwell claim block (43 claims, not 42
as reported in the February 14, 2022 press release), pursuant to an agreement dated February
14, 2022, between David Johnson and Millrock. The Canwell claim block and surrounding area
of interest is subject to a 3.0% Net Smelter Returns production royalty. Millrock can reduce the
royalty to 2.0% by paying US$2.0 million. Millrock also has the option to further reduce the
royalty to 1.0% by paying an additional US$3.0 million and to 0.0% by paying an additional
US$4.0 million.
Chisna Project: Millrock has steadily been advancing this district-scale porphyry copper-gold
project and owns a 100% interest in several claim blocks. Capitalizing on a proprietary ZTEM –
MAG geophysical survey, the company has collected geochemical data over interesting
geophysical anomalies. The next step is drilling. Millrock has been talking to several potential
earn-in partners. A project description is available here.
British Columbia Update
Millrock has sold its four British Columbia projects to ArcWest Exploration. As a result, Millrock
has a significant shareholding in the company (9,623,417 shares or 11.7% of the issued and
outstanding shares). ArcWest is also a “project generator” company and has numerous projects
throughout British Columbia that have earn-in partners. ArcWest anticipates that drilling will
occur on at least three of the projects it holds. Any drill success should result in an increase in
the value of ArcWest shares held my Millrock, which in turn should result in an increase in
Millrock’s share price. Further details about ArcWest can be viewed on their website.
MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
Millrock Provides Company Update
Page 5
Mexico Update
Figure 2. Project locations in which Millrock has ownership and / or royalty interests.
Batamote Project: Millrock made an option agreement with a subsidiary of Mine Discovery
Fund (“MDF”), a private Australian company. The earn-in company is called Latin America
Copper. MDF plans to make Latin America Copper a public company. Millrock is to receive cash
and share payments as Latin America Copper earns in, with an advance minimum royalty
stream to follow. The company has indicated that it wishes to drill the property in 2022. A project
description can be viewed here.
El Picacho Project: Millrock was able to renew an option agreement with the underlying
property owners. Millrock assigned its rights to Tocvan Ventures. As a result, Millrock now holds
a production royalty with an advanced minimum royalty stream provision.
Grant of Stock Options
The Board of Directors of Millrock has authorized a grant of 3,175,000 stock options to
employees, executives and directors of the company. The options are to be granted with a strike
price equal to the closing market price of Millrock shares on February 24, 2022, and will have a
five-year term.
MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
Millrock Provides Company Update
Page 6
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, is a significant
shareholder of junior explorer ArcWest Exploration Inc., Resolution Minerals and Felix Gold.
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 including drilling. 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.