Drilling Updated On The 64North Gold Project

VANCOUVER, BC - Millrock Resources Inc. reported an update on drilling at its 64North Gold project. Exploration work is being funded and managed by Resolution Minerals in a collaborative arrangement with Millrock as the project operator. The 64North Gold Project is a very large tract of claims in Alaska’s emerging Goodpaster Gold District. Drilling has resumed at the Aurora Target, continuing the program started in March, 2020.

The target being drilled at the Aurora Target is adjacent and immediately west of the Pogo Mine property, which is owned and operated by Northern Star Resources Ltd. More than four million ounces of gold has already been mined at Pogo and Northern Star has recently announced a new gold discovery called the Goodpaster deposit a short distance away from the mutual claim boundary. Millrock cautions that mineralization on the nearby Northern Star property is not necessarily indicative of gold mineralization hosted on the Company’s property.

Gregory Beischer, President & CEO, said, “We are pleased to be drilling again to further test the Aurora Target, which lies immediately southwest of the Goodpaster gold deposit discovered by our neighbors, Northern Star Resources. We will continue the systematic exploration of the favorable geophysical and structural/stratigraphic targets that comprise the Aurora Target area. Also, the planned airborne ZTEM and magnetic survey will be a great test. If successful in replicating results obtained by ground-based methods, this airborne method will result in significant cost savings to test other areas of the project.”

The Aurora Target is a two-kilometer by five-kilometer long zone of low-magnetic rocks adjacent to a late diorite intrusion. The setting is very similar to that observed at the nearby Pogo Mine. Millrock postulates that the late diorite body intruded along a westerly extension of the Liese Creek fault, which is known to have played a key role in the genesis of the Pogo gold deposits. Highly anomalous gold-bismuth-arsenic in soil is documented. High-angle gold-bearing quartz veins have been intersected by prior drilling, however, the few holes drilled by earlier workers did not go deep enough to intersect the low-angle, regional shear zone that is known to host gold at Pogo and the Goodpaster Deposit. Millrock believes this structure exists at the Aurora Target.

Numerous zones of mafic rocks, fault zones, and quartz veins intercepted in drill hole 20AU001 fit with the exploration model. The low-angle, regional shear preferentially ruptured the mafic lithological layers. The Aurora Target is located in this regional shear and the current drill hole program will test the shear for gold mineralization in a variety of places. The regional shear at Aurora was detected by CSAMT and ELF ground-based geophysical surveys in 2019.

A ZTEM airborne survey will soon be executed in the same area, along with detailed airborne magnetic surveys. If the airborne methods are able to detect the regional shear effectively, the method may be applied elsewhere on the project in a very cost-effective manner.

Millrock has developed a comprehensive COVID-19 safety plan with clear protocols that will help keep the operating team safe. The plan has been submitted to the relevant agencies and approved by the State of Alaska.

Resolution can earn up to a 60% interest in the 64North Gold Project through exploration expenditures of US$20 million, payment of US$200,000 cash, and issuance of 38 million Resolution shares. The minimum commitment for 2020 is US$5.0 million. Other details of the agreement between Millrock and Resolution are documented in Millrock’s announcement made on December 16, 2019.