Business
Millrock Resources Makes Corporate Changes; Announces Planned Launch of Alaska Energy Metals Corporation
Highlights: Millrock will become an energy metal explorer – developer focused on its Nikolai project in Alaska, targeting a potentially large resource of nickel
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":" Highlights: Millrock will become an energy metal explorer – developer focused on its Nikolai project in Alaska, targeting a potentially large resource of nickel, copper, cobalt, chromium, iron, and platinum group elements. The Company will be renamed Alaska Energy Metals Corporation and effect a 10:1 stock consolidation following receipt of TSX Venture Exchange (“TSX-V”) approval. Gregory Beischer will continue to lead the company and key employees have been promoted to executive positions. The Company intends to undertake an equity financing with the amount and terms to be determined. Existing Millrock shareholders will have priority participation. Non-core assets may be sold and proceeds directed to the Nikolai project. Historical drilling shows thick intersections of disseminated sulfide mineralization over wide intervals and extensive strike length. Drilling is planned in 2023 and 2024 to establish an initial resource of nickel, copper, cobalt, and platinum group elements. The Nikolai project also features indications of exceptionally high-grade, massive sulfide nickel, copper, and platinum group element occurrences that will be brought to drill readiness in 2023. VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) announces that, subject to receipt of TSX-V approval, it plans to change its name to Alaska Energy Metals Corporation and consolidate its share capital on a 10 for 1 basis. The Company will have approximately 15.5 million common shares issued and outstanding on a post-consolidated basis. In this news release, the post-consolidated Company is referred to as “Alaska Energy Metals” or the “Company”. The Company also plans to undertake an equity financing to raise capital for drilling and metallurgical testing of nickel (Ni), copper (Cu), cobalt (Co), chrome (Cr), iron (Fe), platinum (Pt), palladium (Pd), gold (Au), and silver (Ag) mineralization on its Nikolai project in Alaska. Details will be announced when finalized. President & CEO Gregory Beischer stated: “Despite strong execution of the Project Generator model over the past few years, Millrock’s share price has declined. Bold changes are necessary and the Nikolai project presents a timely opportunity. Historical drilling at Nikolai indicates potential for a very la...