Millrock Announces Assumption of Option on LNT Polymetallic Property in the Stewart Golden Triangle District, British Columbia
VANCOUVER, BC--(Marketwired - March 21, 2016) - Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock") announces that the company has assumed an option agreement on the Lord Nelson Tenures ("LNT Property") from Geofine Exploration Consultants ("GFX"). The mineral tenures are owned by Teuton Resources Corp. ("Teuton") (TSX VENTURE: TUO), and have been under option to GFX since October 2010. The LNT Property adjoins and expands to the south upon Millrock's Poly property. It is situated at the juncture between the Del Norte mineralized trend further to the south and the X Zone VMS horizon located on Millrock's Poly Property. The LNT Property consists of five tenures covering approximately 2,450 hectares. The expanded Poly property, now consisting of 9,770 hectares, is located 34 kilometers northeast of the town of Stewart, British Columbia and is bisected by Highway 37A and the Stewart Power Line.
The LNT target area hosts highly anomalous stream sediment, soil and rock samples. Samples are anomalous in gold, silver, copper, lead, zinc, and pathfinder elements cadmium, arsenic, and antimony. A rock sample collected from a large, silica flooded felsic boulder is reported to contain 6.55 grams of gold per tonne. An historic AeroTEM electromagnetic anomaly extends to the north from the Del Norte trend and has never been drill tested on the LNT Property. The property is underlain by favourable Middle to Lower Jurassic-aged Hazelton Group rocks. Rapidly receding glaciers have exposed new mineral showings and alteration zones in recent years. Systematic geochemical sampling and geological mapping will be needed prior to selecting targets for drill testing.
By assuming the option, Millrock now has the right to earn a 100% interest in the LNT Property by incurring exploration expenditures of $898,405 and providing option payments of $120,000 over a four-year period. The next option payment of $15,000 is due in November, 2016 and the exploration expenditures may be completed any time prior to November, 2019. Teuton retains a 2% NSR royalty with a $50,000 advance royalty starting in 2020. There has been no up-front cost to Millrock for the assumption.
The technical information within this document has been 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 active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects primarily comes from its joint venture partners, which 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"
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
800 “ 789 West Pender Street
Vancouver, BC V6C 1H2
