Millrock Grants Option on Stellar Copper-Gold Project, Alaska
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 18, 2015) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock") announces that it has signed an option to joint venture agreement with Vista Minerals (Alaska) Inc., a wholly-owned subsidiary of Vista Minerals Pty Ltd, a private Australia-based company ("Vista").
Millrock President & CEO Gregory Beischer commented: "We are pleased to make this agreement and are looking forward to seeing this great exploration project advance. Vista appears to have a strong technical team and we wish them great success with future drilling programs."
Under the terms of the agreement Vista can earn an 80% joint venture interest by making exploration expenditures of US$4.0 million and cash payments totaling US$300,000. Millrock will retain a Net Smelter Royalty on all metals of 1.0%. The claims are also subject to a royalty in favour of Altius Minerals. In the event that a joint venture partner is diluted below a 10% equity interest, such interest will convert to a 1.0% Net Smelter Royalty.
The Stellar project is located in central Alaska 13 km north of the Denali Highway and 68 km west of the town of Paxson, Alaska. The property, which Millrock acquired by staking in 2012, covers the Zackly copper-gold skarn deposit. Surrounding lands are considered prospective for porphyry copper-gold deposits, or other types of copper deposits and intrusion-related gold deposits. Millrock owns a 100% interest in the claims. Since acquiring the claims the company has done geochemical and geophysical surveys to develop drill targets.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock. 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. In the search for world-class metallic mineral deposits in mineral-rich Alaska, British Columbia, 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 thirty-one active exploration projects: nine gold, copper and zinc properties in Alaska, three gold / polymetallic projects in British Columbia, a uranium project in New Mexico, and eighteen 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.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information. 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 completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
"NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."
Contact
Millrock Resources Inc.
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
800 - 789 West Pender Street
Vancouver, BC V6C 1H2
