- Millrock (MRO) acquires property interests and provides exploration update on Fairbanks, Alaska Gold Projects
- The new property will form part of the larger Ester Dome exploration projectis
- This is subject to an agreement between Millrock and partner Felix Gold.
- The Grant Mine is a former-producing gold mine reported to have produced approximately 25,000 ounces of gold
- Millrock Resources Inc. (MRO) is in the grey and is trading at C$0.10 at 3:53 pm on April 12
Millrock Resources Inc. (MRO) provides an update on its activities in the Fairbanks Mining District, Alaska, with partner Felix Gold.
Millrock has entered an option to purchase an agreement concerning the Grant Mine with owner Roger Burggraf.
Consideration is US$2.0 million to be paid over a six-year period.
The new property will form part of the larger Ester Dome exploration project, subject to an agreement between Millrock and partner Felix Gold.
Felix has paid the costs to secure the Grant Mine claims and can, at any time in the next twelve months, elect to assume the option agreement rights.
If Felix Gold assumes the option rights and proceeds to purchase the Grant Mine, Millrock will vest with a 1.5 per cent Net Smelter Return royalty on gold production with an advanced minimum royalty provision.
The Grant Mine is a former-producing gold mine reported to have produced approximately 25,000 ounces of gold.
A third-party independent geologist has made production reports and estimates of unmined gold resources in a Ni43-101 report.
Felix Gold and Millrock are building an outstanding exploration team that is mandated to aggressively explore the Fairbanks Mining District and make new gold deposit discoveries.
Felix Gold has appointed David Larimer to Vice-President of Exploration.
Larimer will lead a team of Millrock geologists and technical staff and coordinate amongst local and global experts to maximize the chances of discovery success.
Before joining Felix Gold, Larimer was Principal Geologist in charge of exploring Teck’s Red Dog zinc mine in northwestern Alaska and Chief Geologist for the Pogo Mine during the time Sumitomo Metal Mining owned it.
Larimer is a graduate of the University of Alaska Fairbanks and is very knowledgeable on gold deposit genesis and exploration in the Tintina Gold Province.
Millrock President & CEO Gregory Beischer commented,
“We have known of Dave Larimer for many years and watched his career progress. Previously, Dave was very helpful in developing Millrock’s understanding of gold mineralization in the Goodpaster Mining District, south of Fairbanks.”
“As major shareholders of Felix Gold, our company will be very supportive and help unravel the geological puzzle presented for gold mineralization in the Fairbanks District,” added Beischer.
Felix Gold, the private Australian company with which Millrock has made a strategic alliance, has decided to defer a go-public decision while waiting for the gold market to strengthen further.
Millrock Resources Inc. (MRO) is in the grey and is trading at C$0.10 at 3:53 pm on April 12.