Millrock Partner Felix Gold Lodges Initial Public Offering Prospectus on the Australia Securities Exchange, Fairbanks Area Gold Projects, Alaska
30 Novembre 2021 - 2:30PM
Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or
the “Company”) is pleased to have received notice from Felix Gold
that it has lodged a prospectus with the Australian Securities and
Investments Commission. The filing initiates the process by which
Felix Gold may become a publicly-traded company on the Australian
Securities Exchange (“ASX”). If successful under the proposed
schedule the company shares would begin trading in January 2022.
Depending on the concurrent capital raise, Felix Gold would have
between AUD$10 million and AUD$13 million in their treasury, with
much of that funding to be directed to exploration of the mineral
claims that have been contributed by Millrock and/or staked or
acquired by Felix Gold in the Fairbanks Mining District. Upon
successful IPO and capital raise, Millrock will be entitled to a
payment of Felix Gold shares. It is anticipated that the ASX will
impose a mandatory restriction on the disposal of these shares of
up to two years. Readers are cautioned that the share payment will
only be made if the IPO is successfully completed.
Millrock President and CEO Gregory Beischer commented: “This is
great news for Millrock and its shareholders. Depending on the
amount of money raised in the IPO, Millrock will receive Felix Gold
shares with an initial value ranging between approximately US$1.7
million and US$1.9 million. Additionally, Millrock will be entitled
to production royalties on all of the claims comprising the current
extensive property position and on future claims that may be
acquired within a large Area of Interest surrounding the Fairbanks
Mining District. Millrock will be entitled to Advanced Minimum
Royalty payments that begin January 2022. Some excellent targets
have been developed over the past year, while Felix Gold was an
unlisted company. With a strong treasury and a robust 2022 budget,
Felix Gold will have a great chance to make new gold discoveries
and expand the gold resource at the Grant Mine. Any exploration
success should result in strong appreciation of the Felix Gold
shares that Millrock will hold, and also should support 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. It 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.
The Felix Gold prospectus indicates that (assuming the IPO and
capital raise is successful) Millrock will be issued a minimum of
9,957,157 and a maximum of 11,442,384 Felix Gold shares at an IPO
price of AUD$0.25 with an indicative initial value ranging between
AUD$2,249,289 (CDN$2,047,389) and AUD$2,860,596 (CDN$2,603,491).
The number of shares to be issued is dependent on the amount of
capital raised. The shares will only be issued to Millrock if the
IPO and capital raise is successfully completed.
Since signing the initial agreements in January 2021, the Felix
Gold team, working in collaboration with Millrock, significantly
expanded the claim package, targeting areas that appeared to have
high potential based on a systematic evaluation of public data and
Millrock’s proprietary database. A large soil sampling effort was
carried out in 2021. More than 3,000 soil samples were collected
using power augers which allow for the collection of soil at the
bedrock – overburden interface. Overlying overburden in the
Fairbanks area often consists of very fine grained windblown
sediments with or without permafrost making traditional soil
geochemical surveys less effective. This work has served to
identify strongly anomalous areas on the Treasure Creek project
with three main prospects: NW Array, Scrafford, and Eastgate. The
survey also identified strong anomalies at the Northeast Fairbanks
portion of the project, which is proximal to Kinross’ Fort Knox
gold mine, the satellite Gil deposit recently put into production
by Kinross, and the Golden Summit / Cleary Hill deposit, which is
being actively explored by Freegold Ventures Limited with strong
success.
Felix Gold has examined data from the former-producing Grant
Mine upon which they have an option to purchase a 100% interest. As
a result of the data analysis, Felix Gold has been able to
calculate a gold resource that is compliant with the Australia
Joint Ore Reserves Committee (“JORC”) standards that govern such
calculations in Australia (source: INDEPENDENT GEOLOGIST’S REPORTS
ON FELIX GOLD LIMITED’S MINERAL EXPLORATION PROJECTS IN ALASKA,
Prepared by Independent Geologist Mr. Ian Taylor of Mining
Associates Pty Ltd., October 15, 2021).
The independent geologist’s report is appended to the Felix Gold
prospectus and reports the following:
- Inferred Mineral Resource estimate (JORC 2012) for Grant Mine
of 5.8 million tonnes @ 1.95 grams per tonne gold for 364,000
ounces of contained gold including an underground resource of
136,000 ounces of gold grading 6.2 grams of gold per tonne.
- And also: Grant Mine Exploration Target (JORC 2012) of 5.6
million tonnes to 6.6 million tonnes at a grade of 1.9 grams per
tonne gold to 2.1 grams per tonne gold for 338,000 to 545,000
ounces of gold (exclusive of the Mineral Resource).
Note: The NI43-101 standards are the standards
to which Millrock must adhere as a TSX Venture Exchange issuer, and
the Australia JORC standards are those to which Felix Gold must
comply as an Australian issuer. The JORC standards are robust,
similar and parallel to the NI43-101 standards. JORC (2012) is
defined as an ‘acceptable foreign code’ under NI43-101 reporting
standards and the definition and classification of Mineral
Resources are essentially the same as the NI43-101 Canadian
Institute of Mining Definition standards. The Millrock qualified
person has not independently verified the drill hole data, drill
core, and estimation methodology as reported by Felix.
Figure 1. Plan View Map showing
the location of the project within the Tintina Gold
Province.https://www.globenewswire.com/NewsRoom/AttachmentNg/71c71907-ec2d-4791-a632-b1e2fbbd4fca
Figure 2. Plan View Map of Felix
Gold land holdings in relation to the City of Fairbanks, Kinross’
Fort Knox Mine and Gil satellite mine, and Freegold Ventures Golden
Summit / Cleary Hill gold
deposit.https://www.globenewswire.com/NewsRoom/AttachmentNg/d99e5cc4-19be-44d7-964d-0ca5df2fe96f
Qualified PersonThe 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, 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 RelationsToll-Free: 877-217-8978 | Local:
604-638-3164Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking
information (within the meaning of Canadian securities legislation)
including without limitation the successful completion of an IPO
and capital raise by Felix Gold and 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.
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