Business
Millrock Provides Update of Exploration Activity
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2018) - Millrock Resources Inc. (TSXV:...
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":"Millrock Provides Update of Exploration ActivityVancouver, British Columbia--(Newsfile Corp. - July 18, 2018) - Millrock Resources Inc. (TSXV: MRO) (OTCQX: MLRKF) (\"Millrock\") is pleased to provide the following exploration update. Active partner-funded projects and projects that are under evaluation by potential partners are reviewed below. Anticipated partner-funded exploration for 2018 is valued at approximately US$5 million. The approved exploration budgets include approximately 10,000 meters of drilling at three different projects. Gregory Beischer, Millrock President & CEO commented: \"We have plenty of potential catalysts to improve the Millrock share price through the discovery of valuable resources. Millrock continues to be a prolific generator of new projects that attract funding of major and junior companies alike.\"EXPLORATION UPDATE: MID-POINT 2018ALASKAAlaska Range Project (copper-gold-silver skarn, copper-gold porphyry). In 2017, Millrock sold its Stellar Project to ASX listed PolarX Mining Ltd. PolarX owned adjacent lands, and combined, the two blocks of claims form what is now called the Alaska Range Project. The claims protect over 35 kilometers of copper anomalism with skarn, porphyry-style and volcanogenic mineralization indicated. PolarX has recently raised ~AUD $2.4 million and authorized a budget of US $2.5 million for further drilling. As recently announced here, 23 holes are planned in the current program. Millrock continues as the exploration operator. The drilling program is well underway. Millrock owns 9.76% of the issued and outstanding shares of PolarX, which at recent market prices has a value of approximately AUD $2.2 million. Millrock also holds a royalty on portions of the property and is entitled to certain milestone payments.Liberty Bell Project (gold). This gold project is under option to joint venture with Kinross, whereby Kinross can earn a 70% interest. Millrock is the exploration operator and is entitled to management fees, advanced minimum royalty payments, and a net smelter royalty. A program consisting of an induced polarization geophysical survey and geological mapping is planned for August-September. Drilling is anticipated in 2019.Goodpaster Project (intrusion related vein gold). Millrock owns (or has an option on) seven individual claim blocks in this district of Al...