Business
Millrock Resources Reports Update on Drilling, 64North Gold Project, Alaska and Stock Option Grant
VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) updates that dri
About this update from Alaska Energy Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (\"Millrock\" or the “Company”) updates that drilling continues at the Aurora Target on the West Pogo block of the 64North Gold project. Two holes are being drilled to provide further pierce points on the seven-meter thick quartz vein that was intersected on hole 20AU07, as reported in a September 28, 202 press release. Two holes totaling 1,100 meters are planned for the final phase of drilling in 2020. The first hole, which is being drilled from the same site as hole 20AU07, is nearing the target depth. Drilling operations will cease by mid-December. Exploration at 64North is being done in a collaborative manner between technical teams from Millrock and earn-in funding partner Resolution Minerals Limited (ASX: RML, “Resolution”). Resolution can earn up to a 60% interest in the 64North Gold Project through exploration expenditures of US$20 million, payment of US$200,000 cash, and issuance of 38 million Resolution shares. The minimum commitment for 2020 is US$5.0 million and Resolution will vest with a 30% ownership upon expending this amount. Resolution is on track to earn its initial 30% interest. Other details of the agreement between Millrock and Resolution are documented in Millrock’s announcement made on December 16, 2019. Stock Option GrantThe Millrock Board of Directors has approved, in accordance with the Company’s stock option plan, a grant of stock options to employees, officers, directors, and consultants of the company. The company has granted a total of 1,940,000 stock options that may be exercised at $0.105 for five years. Qualified PersonThe scientific and technical information disclosed within this document has been prepared, 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 recognized as the premier generative explorer in Alaska, holds r...