Millrock Provides Corporate Update Drilling to Begin at WEST Pogo, 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: 20-02
MILLROCK PROVIDES CORPORATE UPDATE
DRILLING TO BEGIN AT WEST POGO, ALASKA
Highlights:
• Millrock has been advised that its partner Resolution Minerals has raised sufficient
capital to fund a planned drilling program on the Aurora Target, immediately to the
west of the Pogo Mine, Alaska.
• The first drill phase is planned to begin in early March 2020 with a planned initial
program of 2,000 meters in four or five holes. An overall US$5 million exploration
program is planned for 2020.
• Millrock has been granted a royalty on Northway Minerals’ Napoleon property in
Alaska, in return for an exclusive copy of proprietary exploration information owned by
Millrock.
• First Quantum Minerals has elected not to proceed further with its exclusive right to
enter an option agreement on the Dragonslayer prospect, a portion of the district-scale
Chisna copper-gold porphyry project, Alaska.
• Millrock will raise C$1 million as announced last week. Proceeds will primarily be used
to acquire more gold projects in Alaska’s Tintina Gold Province.
VANCOUVER, BRITISH COLUMBIA, February 4, 2020 - Millrock Resources Inc. (TSX-V:
MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) is pleased to provide an update on recent
activity and plans.
Millrock President & CEO commented: “Millrock has made some strong advancements through
2019. We believe that 2020 will be a watershed year for the Company, and we are particularly
excited to begin exploration work in earnest at the 64North Gold Project. We will begin with a
drill program at the compelling Aurora Target located immediately west of the Pogo Gold Mine
in Alaska”.
64North Gold Project, Goodpaster Mining District, Alaska.
Initial drilling at the Aurora target on the West Pogo Block of the 64North Gold Project is
scheduled to begin in early March 2020. Earn-in partner Resolution Minerals Ltd., (“Resolution”
ASX: RML) reported yesterday in a press release that it had successfully raised A$4.5 million to
fund the planned work. The initial program will consist of four or five holes totaling 2,000 meters
and will test the Aurora target. The target area is located within sight and approximately 2.5 to
3.5 kilometers west of Northern Star’s Pogo Mine. Northern Star reports an endowment of
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 Provides Corporate Update
Page 2
approximately 10 million ounces of gold at Pogo. (3.8 million ounces mined at 13.8 grams per
ton gold (“gpt Au”), 1.5 million ounces reserves at 7.5 gpt Au included in a resource of 5.95
million ounces at 9.5 gpt Au, as reported by the ASX-listed company in an August 1, 2019 press
release. The reserves and resources reported on are not on Millrock’s ground and Millrock has
not independently verified the numbers reported by Northern Star).
More recently, Northern Star has reported the discovery of the Goodpaster gold deposit
northwest of the mine, even closer to the mutual Millrock – Northern Star claim boundary and
the Aurora target. The Aurora target is a 1.5 by 4.0 kilometer long zone of low-magnetic rocks
adjacent to a late diorite intrusion. The setting is very similar to that observed at the Pogo Mine.
Millrock postulates that the late diorite intruded along a westerly extension of the Liese Creek
fault, which is known to have played a key role in the genesis of the Pogo gold deposits. Highly
anomalous gold-bismuth-arsenic in soil is documented. High-angle gold-bearing quartz veins
have been intersected by prior drilling, however, the few holes drilled by earlier workers did not
go deep enough to intersect the low-angle shear zone that is known to host gold at Pogo and
the Goodpaster deposit. Millrock believes this structure exists at the Aurora target. From a
recent CSAMT survey it appears likely that a favourable shear zone is present below surface.
Drilling will begin at the east end of the target. The various attributes of the target are shown on
the following compilation map.
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 Provides Corporate Update
Page 3
Figure 1. Airborne magnetic map showing location of the Pogo Mine gold veins, Goodpaster
(GP) gold deposit on Northern Star’s property. Note that the gold deposits occur in areas of low
magnetic susceptibility (bluish shading) near magnetic diorite intrusions (red-magenta shading).
Also note the presence of CSAMT geophysical survey conductors (red ellipses) within the
magnetic low areas on Millrock’s claims in the Aurora Target Area and the Echo Target Area.
Red lines are faults that can host gold mineralization.
64North Project Partnership Summary
Resolution can earn up to a 60% interest in the 64North Gold Project through exploration
expenditures of US$20 million, payment of US$200,000 cash and issuance of 38 million
Resolution shares. The minimum commitment for 2020 is US$5.0 million. Other details of the
agreement between Millrock and Resolution are documented in Millrock’s announcement made
on December 16, 2019.
Napoleon Gold Royalty, Fortymile Mining District, 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
Millrock Provides Corporate Update
Page 4
Millrock has signed an agreement with Northway Resources (TSX-V: NTW “Northway”)
concerning its Napoleon gold exploration property in eastern Alaska. Millrock previously held
claims in this area and owns geological and geochemical information concerning the project.
Millrock has sold an exclusive copy of the information to Northway. In return, Northway has
granted a 0.5% Net Smelter Returns royalty to Millrock on the Napoleon claims, and any claims
Northway may acquire in a prescribed area of interest surrounding Northway’s current claim
block.
Dragonslayer Copper-Gold Prospect, Chisna Project, Alaska
In an announcement made by Millrock on September 23, 2019, First Quantum Minerals Ltd.
was granted an exclusive right to enter an option to joint venture agreement concerning the
Dragonslayer copper-gold prospect, a key area of Millrock’s larger Chisna project. A program of
stream sediment and soil sampling was carried out in September 2019. Sampling conditions
proved difficult, with low gradient streams and thick overburden with extensive organic cover.
Despite the poor sampling conditions, anomalous values of copper and pathfinder elements
were returned. The work did not clearly demonstrate that a porphyry copper deposit is present;
the results are inconclusive. Further exploration work is warranted. However, First Quantum
elected not to exercise its exclusive right. Millrock will seek out other funding partners.
Private Placement Equity Financing and Project Generation
Millrock has announced that it will raise $1.0 million in a non-brokered private placement
financing. Existing Millrock shareholders are being given priority. Proceeds of the financing are
to be used primarily to acquire early-stage gold projects in the Alaska portion of the Tintina Gold
Province.
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 Provides Corporate Update
Page 5
Figure 2. Goodpaster Gold District Location in the Tintina Gold Province.
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 Certified Professional Geologist (American Institute of Prefessional
Geologists CPG#10505, BSc. (Honours) Laurentian University, 1987) and a Mining Engineering
Technologist (Hailerybury School of Mines, 1981) and 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
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 Provides Corporate Update
Page 6
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 and, Altius as well as junior explorers
Resolution, Riverside and PolarX.
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 that it
will form an exploration agreement after the due diligence period, receive funding from N27,
enter a Shared Use Agreement, complete installation of a drill trail and water well during 2019,
and to begin a drilling program in the first quarter of 2020. 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, Millrock’s ability to raise funds needed to
perform additional exploration on the claims staked and customary risks of the resource
industry.