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Millrock Resources Announces Option Agreement With Mine Discovery Fund for El Batamote Copper Project, Sonora, Mexico
VANCOUVER, British Columbia, Nov. 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, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (\"Millrock\" or the “Company”) is pleased to announce it has signed a binding letter agreement (“Letter Agreement”) with Mine Discovery Fund Pty. Ltd. (“MDF”) concerning its El Batamote porphyry copper exploration project in Mexico. MDF is a private Australian company. In good faith, MDF has made an initial US$50,000 cash payment upon signing the Letter Agreement. A definitive agreement (“Definitive Agreement”) has been prepared will be signed immediately following the formation of a Mexico subsidiary company by MDF. MDF has placed Batamote into a wholly-owned subsidiary company called Latin America Copper Limited(“LatCopper”) along with other assets in Chile. MDF indicates it has commenced compliance documentation for a potential ASX or TSX listing in the first half of 2022. Millrock President and CEO Gregory Beischer commented: “Batamote has excellent potential to discover a porphyry copper deposit. We know already that breccia-style and porphyry copper mineralization is present. We are particularly excited to drill-test beneath what appears to be a leach cap alteration zone at a prospect called El Choclo NW. The project is situated within a belt that has produced very large porphyry copper deposits being mined by others as evidenced by the Cananea and La Caridad mines.” Latin American Copper Director Joseph Webb commented: “With the addition of El Batamote, LatCopper has three exceptional cornerstone exploration assets with evidence of Tier 1 scale potential in the globally significant copper belts of Latin America. El Batamote is 25 kilometers northwest of Grupo Mexico’s La Caridad copper mine (5.98 billion tonnes at 0.34% copper equivalent) with an untested leach cap identified along strike from known mineralisation. This indicates potential for supergene mineralisation at Choclo. The Bata Sur definitive mineralised porphyry system intersected by historic drilling remains open along strike.” Under the terms of the Definitive Agreement, LatCopper will have the option to purchase a 100% interest in the concessions that underlie the Batamote copper project. To earn the interest, LatCopper will have to make cash payments totalling US$1,000,000 over five years, execute US$6,000,000 dollars in exploration work, and ...