ASX Share rice
Mon 17 May 2021 - 04:19:am (Sydney)

RML Share Price

RESOLUTION MINERALS LTDRMLMaterials

RML Company Information

Name:

Resolution Minerals Limited

Sector:

Basic Materials

Industry:

Other Industrial Metals & Mining

Address:

29-31 King William Street Adelaide SA Australia 5000

Phone:

61 4 1480 4055

MD & Exec. Director:

Mr. Duncan C. Chessell BSc, GAICD, MAusIMM

CFO & Company Sec.:

Mr. Jaroslaw K. Kopias BCom, CPA, ACIS, AGIA, ACSA

Exploration Mang.:

Ms. Christine Lawley M.Sc.

Company Overview:

Resolution Minerals Limited, a mining company, acquires, explores for, and develops precious and battery metal projects. The company explores for gold, copper, cobalt, vanadium, iron, magnetite, and uranium deposits. It has an option to acquire an 80% interest in the 64North project located within the Tintina gold province, Alaska. The company was formerly known as Northern Cobalt Limited and changed its name to Resolution Minerals Limited in November 2019. Resolution Minerals Limited was founded in 2017 and is headquartered in Adelaide, Australia.

RML Share Price Information

Shares Issued:

447.68M

Market Capitalisation:

$11.64M

Revenue (TTM):

$85.88K

Earnings per Share:

$-0.0201

Operating Margin (TTM):

$-7.11

Return On Assets (TTM):

$-0.03

Return On Equity (TTM):

$-0.06

Quarterly Revenue Growth (YOY):

110.815

Gross Profit(TTM):

$44.56K

Diluted Earnings Per Share (TTM):

$-0.004

RML CashFlow Statement

CashFlow Date:

2020-06-30

Investments:

$-3,434,277

Change To Liabilities:

$0

Total Cashflow From Investing Activities:

$-3,434,277

Net Income:

$-1,281,967

Total Cash From Operating Activities:

$-839,877

Depreciation:

$347.74K

Other Cashflow From Investing Activities:

$5.49K

Sale Purchase Of Stock:

$6.14M

Capital Expenditures:

$3.44M

RML Income Statement

Income Date:

2020-06-30

Income Before Tax:

$-1,281,970

Net Income:

$-1,281,970

Operating Income:

$-1,319,550

Other Operating Expenses:

$341.33K

Cost Of Revenue:

$373.38K

RML Balance Sheet

Balance Sheet Date:

2020-06-30

Total Liabilities:

$570.62K

Total Stockholder Equity:

$12.23M

Other Current Liabilities:

$9.32K

Total Assets:

$12.80M

Common Stock:

$14.94M

Other Current Assets:

$20.96K

Retained Earnings:

$-4,070,942

Cash:

$2.16M

Total Current Liabilities:

$570.62K

Property - Plant & Equipment:

$10.60M

Net Tangible Assets:

$12.21M

Total Current Assets:

$2.19M

Net Receivables:

$3.54K

Short-Term Investments:

$10.61M

Accounts Payable:

$34K

Short-Term Investments:

$10.61

Non Current Liabilities Total:

$0

RML Share Price History

RML News

20 Apr, 2021
Figure 1 Rotary Air Blast drill rig in action at the Sunrise prospect, West pogo block, 64North gold project, Alaska. Figure 2 Location Map – Goodpaster Mining District and 64North Gold Project Location within the Tintina Gold Province, Alaska. Figure 3 Location Map – 64North Claim Block (blue) in relation to Northern Star’s Pogo Mine property (green). Highlights: Millrock partner Resolution Minerals has completed a rotary air blast drilling program at the Sunrise prospect, West Pogo block, 64North gold project, Alaska.Drilling targeted intrusion-hosted disseminated gold mineralization exposed in a road cut located approximately four kilometers southwest of the Pogo Mine operated by Northern Star Resource Ltd. Results from drilling are expected in May.Resolution indicates it intends to do drilling on the East Pogo block of 64North in summer 2021 using a heliportable reverse-circulation drill rig. Figure 1: Rotary Air Blast drill rig in action at the Sunrise prospect, West pogo block, 64North gold project, Alaska.https://www.globenewswire.com/NewsRoom/AttachmentNg/80d4f0cd-6e54-4a3b-987e-314d5f06a587 VANCOUVER, British Columbia, April 20, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) notes that Resolution Minerals Inc. (ASX: RML) (“Resolution) has completed a drilling program at the jointly owned 64North gold project, Alaska. The program completion was announced by Resolution in an April 15, 2021 press release. A total of 27 holes were completed in a fence measuring 1,400 meters. The holes were drilled from the drill trail leading from the Pogo Mine road to the Aurora prospect located to the west of the Pogo Mine. Holes ranged between 45 and 75 meters in depth. The drill holes were designed to test beneath anomalous surface rock samples collected along the road cut in 2020. The sampling work had indicated highly anomalous gold values over 137 meters. The Sunrise prospect is located approximately 4.5 kilometers southwest of the Pogo Mine. Resolution has also indicated its intention to start another drilling program in early summer 2021 on the East Pogo block utilizing a heliportable reverse circulation drill rig. The program will target geophysical / geochemical anomalies and surface gold occurrences. The 64North Project surrounds the Pogo Gold Mine owned by Northern Star Resource Ltd., and is located approximately 120 kilometers from Fairbanks, Alaska in the Tintina Gold Province. The two main styles of mineralisation being targeted in this region are the high-grade Pogo style and the large-scale, but low-grade Fort Knox style deposits. These styles are typical for the Tintina Gold Province, which hosts over 100 million ounces of gold endowment. Resolution has earned a 30% interest in the 64North gold project, and is on track to increase its ownership to 42% by virtue of the recently completed and upcoming drill programs. Millrock receives cash and Resolution share payments in accordance with the option agreement made between Millrock and Resolution in late 2019. Figure 2: Location Map – Goodpaster Mining District and 64North Gold Project Location within the Tintina Gold Province, Alaska.https://www.globenewswire.com/NewsRoom/AttachmentNg/e0c07ee1-8e3a-46e4-8856-90ec8c724f1d Figure 3: Location Map – 64North Claim Block (blue) in relation to Northern Star’s Pogo Mine property (green).https://www.globenewswire.com/NewsRoom/AttachmentNg/cbe498f5-3a32-4aed-9dee-d612f1f5f7c8 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, and 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, and Felix Gold. 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 intention to mount further exploration including drilling in 2021. 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.
09 Feb, 2021
Highlights The amendment provides Millrock with additional equity exposure in Resolution Minerals in return for a reduction in earn-in exploration expenditure requirements.The amendment will allow Resolution Minerals to raise funds for continued drilling at the 64North gold project.Resolution Minerals indicates it plans to drill at the Sunrise and East Pogo prospects in 2021. VANCOUVER, British Columbia, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) announces that it has agreed to an amendment to the existing option agreement concerning the 64North gold project that was signed and announced in 2019 with Resolution Minerals Ltd. (ASX: RML, “Resolution”). Resolution has recently earned a 30% interest in the project and can elect to increase its ownership to 42% this year through cash and share payments, as well as through additional exploration expenditures. Under the original agreement, Resolution would be required to spend US$5.0 million on exploration in 2021. To ultimately earn up to a 60% interest in the coming years, Resolution would have been required to spend a total of US$20 million. Under the terms of the amended agreement, the total spend required to earn 60% is now US$12 million. In return for this reduction, Millrock will be entitled to receive an increase of 12 million RML shares over the course of the option agreement and will receive an immediate payment of 15 million RML shares that otherwise would not have been made until February 2022. Millrock President & CEO Gregory Beischer commented: “The amendment is advantageous to Millrock because it provides the company with a larger shareholding in Resolution in advance of the coming exploration season. Upon exploration drilling success in 2021, a greater number of shares in hand now could mean greater financial returns for Millrock. Additionally, the reduced work requirement will afford Resolution a better chance of raising the needed capital for a planned 2021 drilling campaign at two excellent prospects: Sunrise and Boundary.” The table below summarizes the amended agreement terms. StageRML US$ WorkRequirements% Earn in ResolutionRML Shares to MillrockStageCompletionFeeDrilling milestone (7,500 meters required)5.0 million (to be paid now)n/aOn signing 5.0 million (paid) Year 15.0 million (spent)30%10.0 million (paid)$50,000 (paid)Year 2*$5.0 is updated to $2.0 million42%10.0 million (to be paid now)$100,000Year 3$5.0 is updated to $2.5 million51%4.0 million is updated to 10.0 million$100,000Year 4$5.0 is updated to $2.5 million60%4.0 million is updated to 10.0 million$100,000Totals$20 million is updated to $12 million60%38 million is updated to 50 million$350,000 *The required 2021 spend is inclusive of an approximate US$1 million carry-forward from 2020 exploration. All dollar amounts are United States dollars. The dollar values indicated are inclusive of an 8% management fee that Resolution may attribute to the spend. 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. as well as a 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, and Felix Gold. 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 may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention of Resolution Minerals to mount further exploration drilling in 2021. 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.
18 Jan, 2021
Figure 1 Millrock claims shown in blue. The large, 660 square kilometer property is subdivided into “blocks”. Prospects pertinent to this press release are indicated in red. Highlights Broad, low-grade intrusion-hosted gold mineralization was sampled at the Sunrise prospect, West Pogo block. Continuous rock sampling in a road cut leading to the adjacent Aurora prospect area returned: º 93.0 meters @ 0.29 grams per tonne (“g/t”) gold including º 27.0 meters @ 0.53 g/t gold with a maximum 1.0 meter interval @ 1.89 g/t gold.Partner Resolution minerals indicates its plans to test the new Sunrise prospect with a Rotary Air Blast (“RAB”) drill in March 2021.Drilling of two holes at the Aurora prospect in November / December 2020 did not result in any significant gold intercepts.Trenching and rock sampling completed at the Eagle prospect in late 2020 returned zones of low grade gold mineralization: º 12.0 meters @ 0.20 g/t gold including 3.0 meters @ 0.56 g/t gold in Trench ID: 20E1004; and º 26.0 meters @ 0.10 g/t Au in Trench ID: 20E1002 VANCOUVER, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) announces assay results from road cut sampling at the Sunrise prospect, drilling at the Aurora prospect of the West Pogo block, and trenching at the E1 prospect, Eagle block, at the 64North Gold Project, Alaska. 64North is a large project situated near Northern Star’s Pogo Mine. Resolution Minerals (ASX: RML, “Resolution”) is earning an interest in the project by funding exploration. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c475439-3a2e-435f-aba0-32b658be7e15 Aurora Prospect, West Pogo BlockThe final two diamond drill holes (20AU08 and 20AU09) of the 2020 drilling program intersected multiple quartz veins following up on the 7.0 meter-thick quartz vein in hole 20AU07 previously reported. No significant assays were encountered on these last three holes for 2020, despite the technical success. A comprehensive review of the structural data and assays results from the 2020 West Pogo drilling program is underway to determine the next steps for the Aurora, Echo, and Reflection Prospects. E1 Prospect, Eagle BlockFour trenches totaling 716 meters in length were excavated across the highest priority structures at this prospect. The trenches intersected numerous zones of gold mineralization consistent with intrusion-related-intrusion-hosted style gold mineralization. Trenching and rock sampling completed at the Eagle prospect in late 2020 returned zones of low-grade gold mineralization: 12.0 meters @ 0.20 g/t Au including 3.0 meters @ 0.56 g/t gold in Trench ID: 20E1004; and26.0 meters @ 0.10 g/t Au in Trench ID: 20E1002 The trenches are located within a large gold geochemical anomaly that measures 10 square kilometers. Resolution indicates it plans to do further work to develop drill targets in 2021 at this prospect. Sunrise Prospect, West Pogo BlockA previously constructed drill road that runs from the Pogo Mine road to Millrock’s Aurora prospect crosses the Sunrise prospect. Bedrock was exposed over significant lengths in road cuts when the road was constructed. Continuous rock sampling along the road cut has identified a broad zone of low-grade intrusion-hosted gold mineralization. The results are: 93.0 meters @ 0.29 grams per tonne (“g/t”) gold including 27.0 meters @ 0.53 g/t gold with a maximum 1.0 meter interval @ 1.89 g/t gold. The Sunrise prospect lies just to the south of the Aurora prospect and is approximately four kilometers from Northern Star’s Pogo Mine. The prospect is underlain by a quartz-felspar-biotite granite intrusion crosscut by sheeted quartz veins that contain gold. This style of mineralization is a distinguishing feature of intrusion hosted gold systems. The granite body is overburden-covered, except for a few small outcroppings. A large zone measuring 400 meters by 1,100 meters of anomalous soil sample results overlies the inferred position of the granite body. Resolution indicates that it is planning a 3,000-meter RAB drilling program with approximately 25 holes to be drilled. The drilling will be done along the existing drill trail leading from the Pogo Mine road to the Aurora prospect. Resolution reports it intends to commence drilling in March 2021. Quality Control and Quality AssuranceMillrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Drill core was transported to Millrock’s operation base in Fairbanks, Alaska where it was logged, cut and sampled. Drill core and samples were kept in a secure location at all times. For the results presented here, the representative half-core samples and rock samples underwent sample preparation at the Bureau Veritas laboratory in Fairbanks, Alaska, (preparation method code PRP70-250) using 70% to
14 Dec, 2020
Figure 1 Millrock / Resolution claims shown in blue Figure 2 Aurora, Echo, Reflection and AT Prospects - West Pogo Block, 64North Project AlaskaVANCOUVER, British Columbia, Dec. 13, 2020 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”), along with partner Resolution Mineral Inc. (ASX: RML “Resolution”), has completed field exploration activities for the year at the 64North project. The project targets large-scale gold deposits in the Goodpaster District. The claims comprising the property are adjacent to the Pogo Mine, a multi-million ounce gold mine operated by Northern Star Resources. Millrock President & CEO Gregory Beischer commented, “We are pleased to have been able to execute this exploration program despite the additional risk and challenge posed by COVID. A strong initial drill test of the West Pogo prospects was completed, and new drill targets were defined at other prospects on this district-scale gold project. We look forward to pending assay results and developing exploration plans for 2021.”Highlights for 2020 include:Corporate Matters: * Resolution has timely expended in excess of US$5.0 million on project exploration and has indicated its intention to pay US$50,000 and issue 10 million Resolution shares to Millrock, thereby completing an initial 30% earn-in interest in the 64North Project. West Pogo Block: * This block is located immediately west of Northern Star’s Pogo Mine, and the Goodpaster deposit that is now being delineated by Northern Star. CSAMT geophysical surveys carried out by Millrock in 2019 identified shallow-dipping conductive zones that potentially represented gold-bearing quartz veins and surrounding alteration zones. * High resolution airborne magnetic and ZTEM geophysical survey data was collected and used to refine drill targets. Figure 1. Millrock / Resolution claims shown in blue. https://www.globenewswire.com/NewsRoom/AttachmentNg/b0682c17-2d29-42be-a8c9-52c3dd1365da * Road access to the Aurora target area was completed to allow year-round operations. * Nine core holes totaling 4,778 meters were drilled at the West Pogo block adjacent to the Pogo Mine property and on strike from Pogo’s Goodpaster deposit (Aurora, Reflection, and Echo targets). * Drilling intersected a vein system; assays from mineralized zones intersected in the last two drill holes are expected in early January. * 137 meters of road cut and trench sampling was completed at the AT prospect on the West Pogo block; complete results are expected in January and will be evaluated. Figure 2. Aurora, Echo, Reflection and AT Prospects - West Pogo Block, 64North Project Alaska. https://www.globenewswire.com/NewsRoom/AttachmentNg/d7a39de3-af1a-49aa-b655-14d9abcd6b77 East Pogo Block: * Previous exploration had identified high grade gold-bearing quartz veins at the Boundary target. * Airborne ZTEM, ground based CSAMT surveys, mapping, prospecting, and geochemical sampling was completed at the Boundary target on the East Pogo block; a strong target for planned 2021 drilling was delineated. * The claim block was extended eastward to cover interesting geophysical features. Eagle Block: * Prior exploration by others had identified intrusion-hosted disseminated gold mineralization; there is demonstrated potential for deposits of similar nature to the Fort Knox Mine located near Fairbanks, Alaska. * High resolution airborne magnetic surveys were carried out and used to develop exploration plans. * A 22-kilometer access trail was constructed leading south from the Pogo Mine road. * Four trenches, each about 200 meters in length, were excavated to expose bedrock and continuous rock samples collected; assays are expected late January 2021. Drilling plans for 2021 will be contingent upon results. North Pogo Block: * The north Pogo block is on the opposite side of the Goodpaster Batholith and may represent a mirror-image to the Pogo trend that has seen almost no prior exploration. * Prospecting with stream sediment, rock, and soil sampling was carried out in the vicinity of an interesting airborne magnetic anomaly adjacent to a mapped low-angle fault; results have been received and are being evaluated. Divide Block: * Prior explorers had intersected high-grade gold with core drilling within a large multi-element soil anomaly rich in copper. The gold veins intersected are surrounded by copper-bearing rocks possibly indicative of a porphyry copper deposit. * Stream sediment, soil, and rock sampling was done by Millrock to extend the anomalous zone eastward. The program results will be evaluated in January 2021. Exploration at 64North is being done in a collaborative manner between technical teams from Millrock and earn-in funding partner Resolution. 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 was US$5.0 million which Resolution has met.Upon issuance of 10 million Resolution shares and payment of US$50,000 Resolution will vest with an initial 30% ownership in the project. Other details of the agreement between Millrock and Resolution are documented in Millrock’s announcement made on December 16, 2019. 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. and has a 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, and PolarX.ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEOFOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations (604) 638-3164 (877) 217-8978 (toll-free)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 in 2021 and the completion of the initial earn-in stage by Resolution. 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.
28 Sep, 2020
Figure 1. Aurora, Echo, and Reflection Prospects - West Pogo Block, 64North Project Alaska. These prospects are currently the focus. Figure 2. Hole (20AU07) Quartz vein with fuchsite and sulphides - arsenopyrite, pyrite, pyrrhotite. Figure 3. Hole 7 (20AU07), 485.65m to 489.85m, quartz and sulphide veins cross-cutting the paragneiss host rock. Figure 4. Hole 7 (20AU07), 488.69m to 488.93m, quartz vein with fuchsite, arsenopyrite, pyrite and pyrrhotite.VANCOUVER, British Columbia, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports assay results from drilling from exploration drill holes 20EC05, 20RE06 and 20AU07 that have been recently completed at the Echo, Resolution, and Aurora targets on the West Pogo block of the 64North Gold project. The locations of the holes drilled so far this year on the West Pogo Block are shown in Figure 1, along with the locations of the Echo, Reflection, and Aurora target areas. Also depicted are the locations of the Pogo Mine and the Goodpaster deposit situated on claims owned by Northern Star Resource Ltd (“Northern Star”). Northern Star recently indicated that it intends to perform delineation drilling at Goodpaster with a $21 million budget in the coming year, and work is now underway.Hole 20EC05 was drilled to test a strong, gently northwest dipping CSAMT conductor in a prospect area that is down dip and approximately four kilometers from Northern Star’s Goodpaster deposit. On Millrock’s claims it is referred to as the Echo prospect. Numerous fault zones with some pyrite and strong dolomite-sericite alteration were intersected from 224 meters to 293 meters downhole. No anomalous gold results were returned from these zones.At the Reflection prospect, hole 20RE06 was drilled to test conductive rocks in an area where an intrusive rock body was interpreted from airborne magnetic data, two kilometers due east from Northern Star’s Goodpaster deposit. A fault zone with pyrite and arsenopyrite, locally with quartz breccia clasts, was intersected from 279.4 meters to 289.1 meters. Also, a zone of stockwork quartz mineralization was intersected over 0.6 meters starting at a depth of 324.9 meters. The mineralized zones did not contain any gold anomalies.Drilled directly along strike from the Goodpaster deposit, hole 20AU07 intersected a zone of shallow-dipping quartz veining over a seven-meter interval, starting at 488 meters downhole. The zone of veining is hosted by paragneiss and is within a sericite – chlorite – dolomite altered zone measuring 22 meters thick from 476 meters to 498 meters. The alteration and veining contains pyrite, arsenopyrite, and pyrrhotite. The assay results show weakly anomalous gold values. Oriented drill core measurements indicate the vein dips gently at approximately 25 to 30 degrees to the west.Millrock President & CEO Gregory Beischer commented: “We had high hopes for the seven-meter thick quartz vein interval intersected in hole 20AU07 and these results are disappointing. However, it is not unusual for gold concentration to change dramatically within a few tens of meters in vein-hosted systems such as these. Drilling the intersected vein in nearby locations could result in the gold discovery we seek.”Figure 1. Aurora, Echo, and Reflection Prospects - West Pogo Block, 64North Project Alaska. These prospects are currently the focus. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c05ea55d-49ee-435a-a07b-e5b35797fd85 Exploration at 64North is being done in a collaborative manner with technical teams from Millrock and earn-in funding partner Resolution Minerals Limited (ASX: RML, “Resolution”). Resolution has indicated a desire to drill two further holes from the same pad as hole 20AU07 at different azimuths. Plans are being made to execute this drilling in November, pending contractor availability. The holes will provide additional pierce points on the vein intersection made with hole 20AU07. The photographs in Figures 1, 2, and 3 show the quartz vein intersected with hole 20AU07.Figure 2. Hole (20AU07) Quartz vein with fuchsite and sulphides - arsenopyrite, pyrite, pyrrhotite. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ff1c9b5e-e07a-4dd3-a5c3-95359ec054f7 Figure 3. Hole 7 (20AU07), 485.65m to 489.85m, quartz and sulphide veins cross-cutting the paragneiss host rock. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d610dba-3773-447b-bc12-3e22fc14e750 Figure 4. Hole 7 (20AU07), 488.69m to 488.93m, quartz vein with fuchsite, arsenopyrite, pyrite and pyrrhotite. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9387d8aa-bf3a-44f0-968d-6b392b8c0bd7Resolution 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 and Resolution will vest with a 30% ownership upon expending this amount. Other details of the agreement between Millrock and Resolution are documented in Millrock’s announcement made on December 16, 2019. Quality Control and Quality Assurance Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Drill core was cut on-site at camp located near the drill hole and selective samples of mineralized zones collected. Drill core samples were kept in a secure location at all times. For the results presented here, the representative half-core samples underwent sample preparation at the Bureau Veritas laboratory in Fairbanks, Alaska, (preparation method code PRP70-250) using 70% to
10 Sep, 2020
Figure 01. Aurora, Echo & Reflection Prospects - West Pogo Block, 64North Project Alaska, current drilling focus. Figure 02. Quartz and sulphide veins at 1,060m Hole ID 20AU04 - typical of this hole.Highlights: * The planned program of 2,300 meters is nearing completion. * Assay results from the first two holes have been received; results indicate anomalous gold and pathfinder values; further drilling is required. * Geophysical surveys and field exploration at the Boundary Prospect, East Pogo Block are in progress and showing interesting targets.VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) is pleased to provide an update on drilling and other exploration at its 64North Gold project. Exploration work is being funded and managed by Resolution Minerals (“Resolution” ASX: RML) 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 been ongoing since early June and continues at present.The current drilling program is focused on the Aurora, Echo, and Reflection targets, all of which are adjacent to and generally west of the Pogo Mine property, which is owned and operated by Northern Star Resources Ltd. (“Northern Star”). Northern Star has previously reported a gold resource of 5.95 million ounces of gold in a series of veins grading 9.6 grams per tonne gold (Source: Northern Star website). 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. Presently, Millrock and Resolution are testing the Aurora Target southwest of the Goodpaster deposit held by Northern Star. Northern Star has recently indicated they will devote $21 million to perform delineation drilling at Goodpaster.Holes 20AU001 and 20AU002 have been previously reported. Holes 20AU003 and 20AU004 are reported in this press release. Holes 20AU005 and 20AU006 have been recently completed and hole 20AU007 is in progress. Hole locations are shown in Figure 1.Photos accompanying this announcement are available at  https://www.globenewswire.com/NewsRoom/AttachmentNg/0db5da0e-b47b-40b3-9d00-b54e241c6565 https://www.globenewswire.com/NewsRoom/AttachmentNg/130a7d66-11fa-48c9-aeb5-a74d4cb5ca14Assay Results Hole ID’s 20AU03 and 20AU04 Assays from Aurora drill holes 20AU003 and holes 20AU004 indicate minor gold mineralization as detailed below. The alteration observed in the drill core matched the CSAMT and ZTEM geophysics anomalies. The Company is encouraged by the strong alteration, presence of gold, para-gneiss host rocks, and presence of sulfides indicating the strong fertility of the system.Intervals Hole 20AU003 * 0.86m @ 0.35 g/t Au from 19m depth * 0.86m @ 0.44 g/t Au from 423m depthIntervals Hole 20AU004 * 0.78m @ 0.41 g/t Au from 522m depth * 1.19m @ 0.76 g/t Au from 762m depthBoundary Prospect A ZTEM / MAG airborne geophysical survey and a ground-based CSAMT survey were recently completed. Conductive zones were identified in areas where geochemical anomalies and gold-anomalous intersections had been identified by prior explorers. A field team of geologists is presently conducting sampling and mapping operations.Earn-In Agreement Terms 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. The partners are developing plans for further drilling and other exploration to be carried out in fall of 2020. Other details of the agreement between Millrock and Resolution are documented in Millrock’s announcement made on December 16, 2019.Quality Control and Quality Assurance Millrock adheres to stringent Quality Assurance–Quality Control (“QA/QC”) standards. Drill core samples are kept in a secure location at all times. For this program two laboratories were used; some samples were sent to ALS Chemex prep laboratory in Fairbanks, Alaska USA, and others were sent to Bureau Veritas also in Fairbanks, Alaska. Representative half-core samples underwent sample preparation in Fairbanks. Prepared samples sent to ALS Chemex were subsequently analyzed at ALS Chemex laboratories in Whitehorse, Yukon, Canada. Gold was analyzed by Fire Assay (specifically ALS code Au-AA25 – Au) by fire assay and AAS using a gram nominal sample weight). Prepared samples sent to Bureau Veritas were sent to the Bureau Veritas laboratory in Reno, Nevada (BV code FA430/AA). The following QA/QC protocols were been adopted for this program: 1) Duplicates created as coarse crush duplicates on every 50th sample (2% insertion) in the sample preparation process at the laboratory, and 2) Blank material inserted at a rate of 2 blanks per 100 samples (2% insertion) and 3) Standards–Certified Reference Material (CRM’s) every 20th sample (5% insertion) plus additional random insertions at the supervising geologist’s discretion. All results from duplicates, blanks, and standards were reviewed and found to be accurate and within acceptable tolerancesQualified 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. and has a 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 and PolarX.ON BEHALF OF THE BOARD “Gregory Beischer”  Gregory Beischer, President & CEOFOR 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 the planned drilling program will successfully be carried out. 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 mobilize the drill rig and camp and complete the drilling work and other customary risks of the resource industry.
10 Jul, 2020
Highlights: The planned program of 2,300 meters in three holes is well underway.Hole 20AU003 has been completed and tested gently northwest-dipping structures detected by CSAMT.