Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to
report that a significant exploration target of Ni-Cu-Co-PGE
mineralization has been identified at Millrock’s 100% owned Nikolai
Project. The Nikolai Project is located within Alaska’s Delta
Mining District, approximately 130 kilometers by road south of
Delta Junction and approximately 280 kilometers southeast of
Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE
mineralization initially discovered by a subsidiary of INCO and
further expanded by Pure Nickel Inc., as reported in their press
releases released between 2007-2014.
Millrock President and CEO Gregory Beischer commented: “Our
exploration geologists have outlined a block of mineralized rock
that could likely be converted to a NI43-101 compliant Inferred
Resource with a single drill program estimated to cost
approximately $2 million. If successful, Millrock estimates the
resulting Inferred Resource may comprise a deposit with
approximately 400,000 metric tonnes of contained nickel metal, plus
copper, cobalt, and platinum group metals. Other companies
exploring similar deposits have significantly higher market
capitalization than Millrock. Establishing an Inferred Resource at
Nikolai could substantially increase the value of the Company. The
planned drilling program would delineate an Inferred Resource over
a 400-meter-long strike length. However, indications from sparse
drilling along strike in both directions indicate the suspected
deposit may be in excess of five kilometers long and contain a very
large, albeit low-grade metal endowment.”
Based on historical INCO Ltd. drill hole assay data available to
Millrock, newly received assays reported on September 26, 2022, and
positive mineralogy results reported on September 29, 2022,
Millrock has established a clear exploration target. From the data,
a block of mineralized rock measuring 400 meters by 300 meters by
400 meters has been outlined. Drill density is not presently
sufficient to calculate an Inferred Resource. However, it is
estimated that the exploration target contains between 140 million
tonnes and 211 million tonnes, with grades ranging from 0.28%
nickel equivalent (“NiEq”*) to 0.42% NiEq*. The target has been
developed and modeled in 3D using the average thickness and grade
from historical drill holes FL-003 and FL-006 of the Upper Eureka
Zone, Central Eureka Zone and Lower Eureka Zone (Figure 1).
Historical density studies of the Nikolai ultramafic sequence have
returned an average density of 2.83 g/cm3, which was used in the
tonnage calculation for this exploration target.
This target is based on two drill hole intersections,
extrapolated along strike ~400-meter distance, with the base of the
target as the lower mineralized elevation of FL-003. Additional
drill holes reported by Pure Nickel are present in the area but
were not used in exploration targeting as Millrock does not have
access to the full dataset.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1dce184f-2cd1-41b0-8904-44781c2965a2
Table 1 below details the exploration target’s potential grade
and tonnage, with the potential tonnage and grade using a maximum
and minimum increase/decrease of 20% to allow for
uncertainty.Table 1. Exploration Target potential
grade and tonnages.
Nikolai Ni-Cu-Co-PGE Exploration Target (NiEq & CuEq =
$7.00, Cu = $3.50, Co = $25.00, Pt = $900, Pd = $1800, Au =
$1600) |
|
Zone |
Metric Tonnage Range |
Base & Battery Metals |
Platinum Group and Precious Metals |
Total NiEq2
Range |
Total CuEq3
Range |
|
Ni Range |
Cu Range |
Co Range |
NiEq Range1 |
Pt Range |
Pd Range |
Au Range |
|
% |
% |
% |
% |
g/t |
g/t |
g/t |
% |
% |
|
Upper Eureka Zone |
48-73 |
0.16-0.24 |
0.04-0.06 |
0.013-0.019 |
0.23-0.34 |
0.037-0.055 |
0.078-0.117 |
0.005-0.007 |
0.26-0.39 |
0.53-0.79 |
|
Core Eureka Zone |
39-58 |
0.19-0.29 |
0.10-0.15 |
0.016-0.023 |
0.30-0.45 |
0.053-0.080 |
0.113-0.170 |
0.017-0.025 |
0.36-0.53 |
0.66-1.07 |
|
Lower Eureka Zone |
53-80 |
0.16-0.24 |
0.04-0.06 |
0.013-0.019 |
0.23-0.34 |
0.021-0.031 |
0.050-0.074 |
0.011-0.016 |
0.25-0.38 |
0.51-0.75 |
|
Total Eureka Zone |
140-211 |
0.16-0.25 |
0.06-0.08 |
0.014-0.020 |
0.25-0.37 |
0.035-0.053 |
0.077-0.115 |
0.010-0.015 |
0.28-0.42 |
0.55-0.85 |
|
|
|
|
|
|
|
1. NiEq calculated
as Ni+(Cu% x $3.50/$7.00)+(Co% x $25.00/$7.00) |
|
|
|
|
|
2. Total NiEq
calculated as Ni + Cu% x $3.50/$7.00 + Co% x $25.00/$7.00 +
Pt(g/t)/31.103 x $900/$7.00/22.04 + Pd(g/t)/31.103 x
$1800/$7.00/22.04 + Au(g/t)/31.103 x $1600/$7.00/22.04 |
3. Total CuEq
calculated as Cu + Ni% x $7.00/$3.50 + Co% x $25.00/$3.50 +
Pt(g/t)/31.103 x $900/$3.50/22.04 + Pd(g/t)/31.103 x
$1800/$3.50/22.04 + Au(g/t)/31.103 x $1600/$3.50/22.04 |
The potential quantity and grade is conceptual in
nature. There has not been sufficient exploration drilling to
estimate a Mineral Resource, and it is uncertain if further
exploration will result in the estimation of a Mineral
Resource.
Additionally, significant upside potential exists, as historical
geophysical reports indicated a VTEM anomaly ~3.5 kilometer in
length and 400 to 600 meters in width in this part of the Eureka
Zone. The developed exploration target accounts for only 12% of the
length of the VTEM anomaly (Figure 1). Historical drill hole assay
results in this VTEM anomaly, reported by Pure Nickel Inc. (Pure
Nickel Inc., News Release, October 29th, 2013), indicate an area of
mineralization with an estimated true width ranging from 94.8
meters to 320 meters, and grades ranging from 0.20% to 0.25%
nickel, 0.05% to 0.15% copper, 0.016% to 0.019% cobalt, 39 ppb to
96 ppb platinum, 62 ppb to 156 ppb palladium and 11 ppb to 31 ppb
Au, with a calculated nickel equivalent (NiEq) ranging from 0.33%
to 0.47%.
As reported previously, the Millrock Qualified Person (QP) does
not have access to all the Pure Nickel Inc. drill logs, assay
results, and geophysical data and has no way to verify the results
that were published. The Millrock QP has access to the drill logs
and assay certificates for the INCO holes that are designated with
the “FL” prefix.
Exploration Target Drill TestingA drill program
consisting of seven holes totaling approximately 2,750 meters has
been recommended. If successful, the program would, along with
historical drill hole information, provide a drill density on 200
meters centers. This drill hole density is believed to be adequate
to allow a calculation of an Inferred Resource, given the apparent
relative continuity and homogeneity of the mineralized zone. Figure
2 depicts the approximate surface locations of the recommended
drill collars for the intial test. Millrock anticipates that the
recommended program will prove the exploration target holds
significant mineralization and could be expanded along the VTEM
anomaly.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/724ca567-1772-4801-8ad9-16070cd78ffd
Qualified PersonThe technical information
within this document has been reviewed and approved by Gregory A.
Beischer, President, CEO, and a director of Millrock. 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 and is a
significant shareholder of junior explorers ArcWest Exploration
Inc. (TSXV : AWX), Resolution Minerals Limited (ASX : RML), and
Felix Gold (ASX: FXG). 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 RelationsToll-Free: 877-217-8978 | Local:
604-638-3164Twitter | Facebook | LinkedIn
Some statements in this news release contain forward-looking
information, including but not limited to execution of deportment
studies. 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 the completion of planned
expenditures, the ability to complete exploration programs on
schedule and the success of exploration programs.
“NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.”
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