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    MRO   CA6011322022

MILLROCK RESOURCES INC.

(MRO)
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Millrock Resources Inc. Provides Update on Its Exploration Activities at Its Goodpaster and Fairbanks Gold District Projects

08/05/2021 | 07:49pm EST

Millrock Resources Inc. provided an update on its exploration activities at its Goodpaster and Fairbanks gold district projects. Goodpaster District Projects: Millrock owns a 70% interest in a very large claim block surrounding the Pogo Mine in Alaska. Pogo is a high-grade gold mine operated by Northern Star Resources Ltd. The 64North claims, which are subdivided into eight different blocks, are the subject of an option agreement with Resolution Minerals Ltd. (“Resolution”). Recently, a 30% interest was earned by Resolution by virtue of exploration expenditures plus cash and share payments made to Millrock in the first year of the project. 64North Gold Project – East Pogo block: Millrock partner Resolution has recently completed a drilling program at gold prospects located on the East Pogo block. A reverse circulation drill was used to test shallow, gently-dipping conductive zones detected in 2020 by ZTEM and CSAMT geophysical surveys. A total of 1,663 meters was drilled over 12 holes. Gently-dipping altered, graphitic zones with quartz and sulfides were reported in several holes. Assay results indicate only anomalous gold values. However, gold pathfinder elements detected indicate possible proximity to a gold-bearing vein system. At the nearby Pogo Mine, rocks close to the gold-bearing veins are enriched in the pathfinder elements bismuth, tellurium, sulfur, and arsenic. From the recent drilling at East Pogo, Resolution has identified a target area measuring 1,600 meters by 2,000 meters for follow-up, with a CSAMT conductive zone beneath. Drill hole 21EP008 intersected sericite and biotite alteration including minor quartz veining with strongly elevated geochemical pathfinder elements. The hole had a trend of increasing gold and alteration intensity over the last 50 meters drilled with sericite alteration present in the last few meters. This signifies potential for gold mineralization at greater depth, perhaps at the level of the CSAMT conductor. The hole unfortunately had to be terminated prior to reaching target depth. Resolution indicates it is considering drilling deeper with a core rig to test the CSAMT target below the geochemical anomaly detected through the shallow reverse circulation drilling program. Fairbanks Gold District Projects: Millrock is in a strategic alliance agreement with Felix Gold Ltd. (“Felix Gold”), a private Australian company that intends to become a public company listed on the Australia Stock Exchange (“ASX”). Millrock is assigning its existing mineral rights in return for Felix Gold shares and royalty interests. Felix Gold is funding exploration work and paying the costs of acquiring claims by staking and by agreements with claim holders. All new properties within the strategic alliance Area of Interest become subject to royalties in favor of Millrock.


ę S&P Capital IQ 2021
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Financials
Sales 2020 0,12 M 0,09 M 0,09 M
Net income 2020 -1,37 M -1,08 M -1,08 M
Net cash 2020 1,17 M 0,92 M 0,92 M
P/E ratio 2020 -9,68x
Yield 2020 -
Capitalization 8,37 M 6,62 M 6,59 M
EV / Sales 2019 14,9x
EV / Sales 2020 106x
Nbr of Employees -
Free-Float 96,9%
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Managers and Directors
Gregory A. Beischer President, Chief Executive Officer & Director
David Allen Cross Chief Financial Officer
Roland W. Butler Independent Director
Peter J. Chilibeck Independent Director
Lawrence J. Cooper Independent Director
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