Millrock Resources (TSX:V.MRO, Stock Forum), a Vancouver-based firm engaged in exploration and development of mineral resources in Alaska, Arizona and New Mexico, announced today that the company had entered into a binding letter of agreement with Pembrook Mexico Holdings to acquire Pembrook and all of its assets, which include a 100%-owned Mexican subsidiary and nine 100%-owned mineral properties, two mineral properties under option, an extensive geological database and various exploration equipment.
According to the news release, “The projects, primarily located in the State of Sonora, Mexico, have potential for large-scale copper-gold porphyry deposits, high-sulphidation epithermal gold deposits, high-grade vein gold deposits, and skarn and replacement-style silver-zinc-lead deposits.”
Company president and CEO, Gregory A. Beischer, commented, “We are very pleased to be making this purchase and thereby acquiring eleven high-potential projects at low cost. Several of the projects should be of immediate interest to funding partners.”
He went on to illustrate, “Most importantly, the geological database and technical team associated with the acquired company gives Millrock the knowledge and operational ability to effectively compete in this jurisdiction. We will be well-positioned to take advantage of many new project generation opportunities that are being created by Mexico's mining law reform.”
Then he concluded, “We plan to move aggressively to acquire more projects in Mexico but will still remain highly active in Alaska and the southwest US. This has been a great opportunity to increase the scope and breadth of Millrock in a mining-friendly jurisdiction.”