Millrock Enters Option To Joint Venture Agreement and Plans Drilling on the Alaska Peninsula Copper-Gold Project, Alaska
VANCOUVER, BRITISH COLUMBIA, July 9, 2015 – Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) announces that it has entered into an Option to Joint Venture Agreement (“Option Agreement”) on the Alaska Peninsula copper-gold project with First Quantum Minerals Ltd. (“FQM”). The Option Agreement follows on from a Binding Letter Agreement in which Millrock granted the exclusive right to enter this new agreement. By virtue of the new Option Agreement, FQM may earn up to an 80% interest in the project.
To further assess the subsurface resources, a drilling program consisting of 8 holes, totaling approximately 2,400 m, has been authorized by FQM. Millrock will manage the drilling program, which is planned to start in July 2015. Two areas will be tested: the Dry Creek prospect and the MDB prospect. Porphyry style copper-gold mineralization is the target at both locations. Surface and airborne surveys conducted by Millrock and FQM in 2014 identified and characterized zoned rock alteration and metallic mineral distribution patterns typical of this deposit type.
Located on the Alaska Peninsula of southwest Alaska, the project covers 203,000 hectares (roughly 500,000 acres). Drilling will be carried out on surface lands owned by Far West Inc. and Chignik Lagoon Native Corporation, two Alaska Native corporations with which Millrock has made surface access agreements. Bristol Bay Native Corporation (“BBNC”) owns the subsurface mineral rights. Millrock has an exploration agreement with an option to lease the mineral rights from BBNC.
A project summary description can be viewed here.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President & CEO of Millrock. Mr. Beischer is a Qualified Person (“QP”) as defined in NI 43-101.
ABOUT MILLROCK RESOURCES INC.
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class metallic mineral deposits in mineral-rich Alaska, southwest USA, and Mexico, 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. Millrock currently has twenty-two active exploration projects, eight gold, copper and zinc properties in Alaska, a uranium project in New Mexico, and twelve gold, silver and copper projects in Mexico. Funding for drilling at Millrock’s exploration projects primarily comes from its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: First Quantum, Teck, Kinross, Vale, Inmet and Altius.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Some statements in this news release contain forward-looking information, including the statement that FQM will fund drilling on the Alaska Peninsula Project and that Millrock will perform the drilling project. 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 ability of Millrock to complete the planned exploration program on schedule and the success of exploration programs, and that FQM will provide the funding for the planned 2015 exploration drilling program.