VANCOUVER, British Columbia, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports that Felix Gold has been accepted by the Australian Securities and Investments Commission and has commenced trading on the Australian Securities Exchange (“ASX”) under the trading symbol FXG. Millrock is being issued 9,957,157 Felix Gold shares that are subject to an escrow period of two years.
During the Initial Public Offering, Felix Gold raised in excess of AUD$10 million. Felix Gold will direct much of the capital raised to exploration of the mineral claims contributed by Millrock and/or staked or acquired by Felix Gold in the Fairbanks Mining District.
Millrock President and CEO Gregory Beischer commented: “This is great news for Millrock and its shareholders. Some excellent targets have been developed over the past year. With a strong treasury and a robust 2022 budget, Felix Gold will have a great chance to make new gold discoveries. Any exploration success should result in strong appreciation of the Felix Gold shares that Millrock holds, and this should be supportive of Millrock’s share price.”
As reported in a January 12, 2021 press release, Millrock assigned Felix all of its rights in the Fairbanks area Ester Dome and Treasure Creek properties, and the Liberty Bell project. Millrock had held these rights for several years under agreements with prospectors. The Fairbanks Mining District is located within the prolific Tintina Gold Province, which spans Alaska and Yukon. In return, Millrock has received share equity in Felix Gold, advance royalties, and production royalties.
Felix Gold indicates that it has secured a drill rig and plans an aggressive drilling campaign.
Figure 1. Plan View Map showing the location of the project within the Tintina Gold Province is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/253d63ee-44e7-4a46-81a2-c3806940f11d
Qualified Person
The 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 royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
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Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the intention to mount further exploration, including drilling in 2022. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
