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Millrock Resources Announces Agreement With Tocvan Ventures for El Picacho Project, Sonora, Mexico
VANCOUVER, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) is pleased to an
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (\"Millrock\" or the “Company”) is pleased to announce it has signed a Letter of Commitment with Tocvan Ventures Corp. (CSE: “TOC”) (“Tocvan”) in relation to the El Picacho gold project in the Caborca Orogenic Belt, Sonora State, Mexico. Under the Letter of Commitment, Millrock will reinstate a previously held Option Agreement (“Option Agreement”) with concession owners Suarez Brothers, and assign the option rights and obligations to Tocvan. In return, Tocvan will pay back taxes owing on the mineral concessions and grant Millrock certain royalty rights in an assignment agreement (“Assignment Agreement”). The Project is located 140 kilometers north of Hermosillo in Sonora, Mexico and is fully accessible by road. Extensive surface exploration has been conducted historically defining five gold targets on the project. Millrock and Tocvan believe these targets will be ready for drill testing with surface confirmation via trenching. A permit is currently active to allow for trenching and drilling on the Project. Prior to signing the definitive Assignment Agreement between Millrock and Tocvan, the transaction is subject to an additional 60-day due diligence period effective June 7, 2021. About El Picacho Location and Infrastructure Total Area: 2,413.7 ha Road accessible, 140 km north-northwest of Hermosillo Excellent Road access. Railroad on eastern edge of Project 18 km southwest of San Francisco Mine. Historic Work Summary Five Orogenic Gold Targets Defined: San Ramon, Tortuga, El Peurto, La Cornea, and El Jabali (see Figure 2) 2,650 rock samples collected Regional Scale mapping completed 3,548 soil samples collected, covering Project Area 70% of area covered by ground magnetic survey 17.8 line-km of IP surveys Limited drilling completed, widely spaced Fully permitted for drilling and trenching Millrock President and CEO Gregory Beischer commented: “El Picacho has great exploration potential for large-tonnage, bulk minable gold deposits, and higher-grade, vein-hosted deposits. We had previously dropped our option on the project, but it was readily reinstated. In turn, we are very pleased to assign our rights to Tocvan in exchange for royalty interests that may begin cash flowing in a relatively short time period. Further...