Millrock Provides Update ON 64NORTH GOLD Project, Alaska
MILLROCK RESOURCES INC. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
NR: 23-01
MILLROCK PROVIDES UPDATE ON
64NORTH GOLD PROJECT, ALASKA
Highlights:
• Millrock received payment of US$100,000 and 10 million Resolution Minerals shares.
Having spent more than US$9 million and met all other necessary conditions, Resolution
has earned a 51% interest in the project. A joint venture is to be formed.
• Excellent drill targets have been identified at East Pogo.
VANCOUVER, BRITISH COLUMBIA, February 24, 2023 – Millrock Resources Inc. (TSX-V:
MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports on advancements at the 64North
gold exploration project. The project is the subject of an earn-in agreement whereby Resolution
Minerals Limited (ASX: RML) (“Resolution”) has been earning a joint venture interest from
Millrock.
Earned Interest:
Resolution has completed the requirements to earn a 51% interest in the project, and this
interest has been recorded. Resolution has exceeded the Year 3 exploration expenditure
requirement of US$2.5 million and has spent a total exceeding US$9.0 million on exploration.
Resolution has recently paid Millrock US$100,000, and issued a further share payment of 10
million RML shares to Millrock. Millrock now owns 33 million Resolution shares. Resolution has
indicated it does not intend to exercise its option to continue sole-funding exploration on the
project to further increase its ownership interest. A 51% Resolution – 49% Millrock joint venture
is to be formed. The terms of the December 2019 agreement can be viewed at this link:
Definiti ve Exploration Agreement .
New East Pogo Drill Targets Identified:
As a result of the 2022 regional work, new compelling drill targets have been identified at the
Miranda and Boundary prospects in the East Pogo block of the project area. Four ELF
(Extremely Low Frequency) electromagnetic geophysical survey lines and a surface soil
geochemical grid were completed during the 2022 season in order to refine the model for the
mineralized system in the area. The updated model suggests the source of mineralizing fluid is
related to discrete magnetic intrusions at depth. Multiple intrusions occur within the dilatational
zone associated with the previously identified shear package. The new model indicates previous
drilling in the area did not achieve depths needed to test the prospective shear. Deeper drilling
will be required to test the full thickness of the shear rock package. However, a shallower,
undrilled target has also been outlined. Resolution has reported further details in their February
23, 2023 press release.
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 Update on
64North Gold Project, Alaska
Page 2
Figure 1. Schematic geological cross section through the Miranda and Boundary Prospects,
East Pogo with subsurface geology including prospective shear zone (altered paragneiss)
interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM and 3D magnetic modeling shells.
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, is a
significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large
shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling
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 Update on
64North Gold Project, Alaska
Page 3
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:
Gregory A. Beischer, President & CEO
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 formation of a joint
venture between Millrock and Resolution and the possibility of further drilling at the East Pogo
prospect. 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.