Millrock acquires Fairbanks District, Alaska, gold prospects

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Millrock Resources Inc. [MRO-TSXV; MLRKF-OTCQB] has secured exclusive rights to two gold exploration projects in the Fairbanks gold mining district in Alaska. These claim blocks add to Millrock’s existing project portfolio in the Tintina Gold Province, the most prominent of which is the 64North gold project in the Goodpaster District.

Gregory Beischer, Millrock President and CEO, commented: “We are pleased to secure these mineral lands near Fairbanks. There is known gold mineralization on both claim blocks and the geology is similar to that present at the nearby Fort Knox gold mine operated by Kinross. The abundance of placer gold mined at surface underscores the potential we see to discover a large intrusion-related gold deposit of similar scale to Fort Knox. High-grade vein deposits are also a possibility. A recent drill intersection by Freegold Ventures Limited at the nearby Golden Summit project has reinvigorated interest in this great gold mining camp. We will advance the two new projects with some surface exploration in the near term and look to bring in a partner as drill targets are firmed up.”

Millrock secured the mineral rights to the Treasure Creek property through an Exclusive Rights Agreement (ERA). Under the ERA, Millrock may, at any time up to September 30, 2021, enter an Option to Purchase Agreement with predetermined terms. The ERA obligates Millrock to perform adequate assessment work and to pay claim rentals in 2020. Consideration is 500,000 Millrock shares. The agreement is subject to regulatory approval.

The Fairbanks District has produced over 8 million ounces of placer gold and more than 8 million ounces of lode gold as reported by the Alaska Division of Geological and Geophysical surveys. More than 148,000 ounces of placer gold is reported to have been extracted from valleys that drain the Treasure Creek claim block. The claims cover over 14,000 hectares. The Treasure Creek claims cover the east-trending Scrafford Shear, which hosts numerous gold occurrences.

The Ester Dome Project has been the subject of a similar Exclusive Rights Agreement that was executed by Millrock in 2016. Under that agreement, Millrock has kept the Ester Dome claims in good standing in return for the exclusive right to enter an option to purchase agreement with predetermined business terms. The Sheep Creek and Ester Creek placer gold deposits are located in valleys draining from the uplands of the Ester Dome property which is located on the western side of the City of Fairbanks.

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