- Millrock Resources (MRO) has signed an exploration agreement with Coeur Explorations Inc
- Coeur Explorations is a wholly-owned subsidiary of Coeur Mining
- The deal concerns the Apex Gold Project in Southeast Alaska
- Coeur Explorations may exercise an option to earn a 100-per-cent interest in the claims through staged payments and exploration expenditures
- Initial exploration is underway and drill permits have been approved
- Millrock Resources is down 7.14 per cent, trading at $0.065 at 12:09 pm ET
Millrock Resources (MRO) has signed an exploration agreement with Coeur Explorations Inc.
Coeur Explorations Inc is a wholly-owned subsidiary of Coeur Mining Inc.
The deal concerns the Apex Gold Project in Southeast Alaska.
The project is located on Chichagoff Island, three kilometres north of the village of Pelican and 70 kilometres southwest of Juneau, Alaska.
Coeur Explorations may exercise an option to earn a 100-per-cent interest in the claims through staged payments and exploration expenditures.
Upon earning 100-per-cent interest, a Net Smelter Returns (NSR) royalty with an advanced minimum royalty provision and buyback option will be granted to Millrock.
Initial exploration is underway and drill permits have been approved.
Millrock will assign its rights under the existing option agreement with Apex El Nido Gold Mines to Coeur Explorations. Coeur Explorations will be responsible for making cash payments and funding exploration expenditures to keep the option agreement with Apex El Nido Gold Mines in good standing.
“We are pleased to enter into this agreement with Coeur Explorations and will work diligently with their exploration team to explore the claims. From historic documents, we know that high-grade gold ore was previously mined, but there has never been a single exploratory hole drilled. It seems likely that the known high-grade gold-bearing quartz veins will continue along strike and in the down-dip direction. The claims have been completely dormant since the 1980s. We’ll start with surface geochemical sampling and detailed structural mapping this year and look to drill in 2022,” said Millrock President and CEO Gregory Beischer.
Millrock Resources is down 7.14 per cent, trading at $0.065 at 12:09 pm ET.
