Millrock Reports Geophysical Survey Results on West Pogo Block, Goodpaster Gold District Project, Alaska
09 10월 2019 - 10:15PM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) announces that it has received results of a
Controlled Source Audio Magneto Tellurics (“CSAMT”) survey recently
conducted on its West Pogo claim block, which comprises a portion
of its Goodpaster Gold District exploration project. Gently dipping
conductive zones potentially indicative of gold mineralization in
the same regional shear zone that hosts the Pogo Gold Mine have
been detected. The anomalous responses are directly along strike
and down dip of a recent gold deposit discovery announced by Pogo
Gold Mine operator Northern Star Resources Limited (“Northern
Star”). The Goodpaster Deposit reported by Northern Star is located
northwest of the existing Pogo Gold Mine approaching the boundary
between Millrock’s West Pogo claims with the mine property.
Gregory Beischer, Millrock President & CEO
commented, “We have developed a compelling drill target at
West Pogo. Numerous lines of evidence are pointing to the area
along Aurora Creek, which is directly along strike to the southwest
from a new, high grade discovery reported by our neighbours next
door. We plan to construct a drill trail from the Pogo Gold Mine
road to Aurora Creek and drill a well to provide a nearby, winter
water source. This will give the flexibility to begin drilling in
the winter months of 2020.”
Highlights:
- A high conductivity geophysical response has been detected
beneath and on the south side of Aurora Creek directly along strike
from a recent gold deposit discovery on adjacent claims (the new
Goodpaster Deposit) announced by Northern Star, operator of the
Pogo Gold Mine.
- The CSAMT conductor is coincident with a magnetic low
(indicating gold-mineralizing fluids may have altered the rock) and
with strong gold, arsenic and bismuth soil geochemical anomalies at
surface.
- The conductor appears to be gently dipping and is therefore
consistent with a low-angle regional shear zone that is known to
host the adjacent Pogo Gold Mine (total gold endowment of
approximately 10 million ounces, as reported by Northern
Star).
- On Line 3, the conductor lies approximately 120 m below the
vertical penetration of a prior, historic drill hole which
intersected gold in near-vertical quartz veins (which potentially
acted as “feeder” veins to a low-angle shear-hosted gold
system).
- On Line 6, the conductor is stronger, and at a shallower depth
of approximately 80 m below surface. The area where line 6
intersects Aurora Creek is directly along strike from the
high-grade gold mineralization reported by Northern Star and is
coincident with a pronounced magnetic low.
- On the northern part of Line 6 another conductor is observed,
coincident with a magnetic low, at the expected down-dip projection
of Northern Star’s Goodpaster deposit.
The 2019 CSAMT survey covered a total of 13 line km; 5 km on
Line 3, and 8 km on Line 6. Zonge International was contracted to
perform the CSAMT Survey acquisition, which began on August 10 and
was completed on September 1. The survey area displays elevated
gold, arsenic and bismuth surface samples coincident with northeast
and northwest - oriented breaks in topography, airborne magnetics,
and airborne resistivity survey results. These breaks are
interpreted to be high-angle faults and potential mineralization
conduits. The pronounced magnetic low situated in the Aurora Creek
valley is coincident with the elevated gold and pathfinder elements
in surface samples. Areas of defined gold ore bodies at Northern
Star’s Pogo Gold Mine, as well as their newer Central Lodes and
Goodpaster discoveries, display a low magnetic response, due to
alteration associated with gold mineralization. Former Pogo Gold
Mine operator Sumitomo Metal Mining has previously used CSAMT as a
targeting tool, and the survey type was reported by them as being
instrumental in the initial discovery of the Goodpaster deposit now
being drilled by Northern Star.
The Aurora Creek conductive zone is deeper on Line 3 and is at
the edge of survey resolution. While Millrock does not place a high
level of confidence on this conductor, it does appear at the
correct level given a simple projection of the Goodpaster vein
system onto Millrock property. Prior historic drilling was of
inadequate depth to test the conductor, but did intersect anomalous
gold values in high-angle quartz veins. Strong geochemical
responses are located in the vicinity of the conductor in the
Aurora Creek area. On Line 6, the Aurora Creek conductor is
shallower, and more pronounced and is assigned a higher confidence
level and represents a prime target for drill
testing.
Shares for Debt SettlementFurther to a press
release made by Millrock on October 1, 2019 the Company reports the
TSX-V has approved, and the Company has issued, a total of 654,703
common shares at a deemed price of $0.09 per share to settle
outstanding debt of $58,923.28 for deferred compensation. The
issuance was done to in order to conserve The Company treasury. The
shares are subject to a hold period and may not be traded until
February 8, 2020.
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 and is a significant shareholder of junior explorer ArcWest
Exploration Inc. 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, Centerra
Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and
Riverside.
ON BEHALF OF THE BOARD “Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations (604) 638-3164 (877) 217-8978
(toll-free)
Some statements in this news release contain forward-looking
information (within the meaning of Canadian securities legislation)
including, without limitation, management’s expectation that it
will receive permits and be able to install a drill trail during
2019. 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.
Such factors include, without limitation, Millrock’s ability to
raise funds needed to perform additional exploration on the claims
staked and customary risks of the resource industry.
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