Millrock Reports Amendment to 64NORTH GOLD Project Option Agreement with Resolution Minerals, 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: 21-04
MILLROCK REPORTS AMENDMENT TO 64NORTH
GOLD PROJECT OPTION AGREEMENT WITH
RESOLUTION MINERALS, ALASKA
Highlights
• The amendment provides Millrock with additional equity exposure in Resolution Minerals
in return for a reduction in earn-in exploration expenditure requirements.
• The amendment will allow Resolution Minerals to raise funds for continued drilling at the
64North gold project.
• Resolution Minerals indicates it plans to drill at the Sunrise and East Pogo prospects in
2021.
VANCOUVER, BRITISH COLUMBIA, February 9, 2021 – Millrock Resources Inc. (TSX-V:
MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) announces that it has agreed to an
amendment to the existing option agreement concerning the 64North gold project that was
signed and announced in 2019 with Resolution Minerals Ltd. (ASX: RML, “Resolution”).
Resolution has recently earned a 30% interest in the project and can elect to increase its
ownership to 42% this year through cash and share payments, as well as through additional
exploration expenditures.
Under the original agreement Resolution would be required to spend US$5.0 million on
exploration in 2021. To ultimately earn up to a 60% interest in the coming years, Resolution
would have been required to spend a total of US$20 million. Under the terms of the amended
agreement, the total spend required to earn 60% is now US$12 million. In return for this
reduction, Millrock will be entitled to receive an increase of 12 million RML shares over the
course of the option agreement and will receive an immediate payment of 15 million RML
shares that otherwise would not have been made until February 2022.
Millrock President & CEO Gregory Beischer commented: “The amendment is advantageous to
Millrock because it provides the company with a larger shareholding in Resolution in advance of
the coming exploration season. Upon exploration drilling success in 2021, a greater number of
shares in hand now could mean greater financial returns for Millrock. Additionally, the reduced
work requirement will afford Resolution a better chance of raising the needed capital for a
planned 2021 drilling campaign at two excellent prospects: Sunrise and Boundary.”
MILLROCK RESOURCES INC. | Suite 2300 – 1177 West Hastings St. | Vancouver, BC V6E 2K3
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
64North Gold Project Agreement
Amendment, Alaska
Page 2
The table below summarizes the amended agreement terms. Changes are shown in
strikethrough and red text.
Stage RML US$ Work
Requirements
% Earn in
Resolution
RML Shares
to Millrock
Stage
Completion
Fee
Drilling milestone (7,500 meters required) 5.0 million (to be paid now) n/a
On signing 5.0 million (paid)
Year 1 5.0 million (spent) 30% 10.0 million (paid) $50,000 (paid)
Year 2* $5.0 $2.0 million 42% 10.0 million (to be paid now) $100,000
Year 3 $5.0 $2.5 million 51% 4.0 million 10.0 million $100,000
Year 4 $5.0 $2.5 million 60% 4.0 million 10.0 million $100,000
Totals $20 million $12 million 60% 38 million 50 million $350,000
*The required 2021 spend is inclusive of an approximate US$1 million carry-forward from 2020
exploration. All dollar amounts are United States dollars. The dollar values indicated are
inclusive of a 8% management fee that Resolution may attribute to the spend.
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. as well as a shareholding in Resolution
Minerals Limited. 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, PolarX, and Felix Gold.
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)
MILLROCK RESOURCES INC. | Suite 2300 – 1177 West Hastings St. | Vancouver, BC V6E 2K3
Tel: 604 638 3164 | Fax: 907 677 3599 | www.millrockresources.com
64North Gold Project Agreement
Amendment, Alaska
Page 3
Some statements in this news release may contain forward-looking information (within the
meaning of Canadian securities legislation) including without limitation the intention of
Resolution Minerals to mount further exploration drilling in 2021. 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.