- Millrock Resources (TSXV:MRO) has secured the rights to two seperate gold properties near Fairbanks, Alaska
- The company will pay the owner of the Treasure Creek project 500,000 Millrock shares in exchange for the property
- The company will also execute a similar deal for the Ester Dome project, which it acquired via an earn-in deal in 2016 but has yet to advanced
- Both properties are hosted within the same geological formation as Kinross Gold’s Fort Knox gold mine
- Millrock Resources (MRO) is upon 1.8 per cent and is trading at C$0.28 per share
Millrock Resources (TSXV:MRO) has secured the rights to the Treasure Creek and the Ester Dome projects near Fairbanks, Alaska.
Treasure Creek is 30 kilometres west of Kinross Gold’s Fort Knox gold mine, and sits within the same geological structure. Treasure Creek has s detailed exploitation history, which Millrock has acquired from historic drilling and trenching records.
Ester Dome is on the outskirts of the city of Fairbanks and has also had some diamond drilling and surface sampling work conducted on it.
Millrock secured the rights to enter an option agreement at Treasure Creek anytime between now and September 2021, in return for 500,000 Millrock shares. At the current market price, that equates to a payment of roughly $1.35 million.
The Ester Dome project has been subject to an Exclusive Rights Agreements since 2016, where Millrock can execute an earn in agreement until 2021.
The President and CEO of Millrock Gregory Beischer said he was pleased the company had secured land, which has known mineralization similar to the Fort Knox gold mine.
“The abundance of placer gold mined at surface underscores the potential we see to discover a large intrusion-related gold deposit of similar scale to Fort Knox.
“High-grade vein deposits are also a possibility. A recent drill intersection by Freegold Ventures at the nearby Golden Summit project has reinvigorated interest in this great gold mining camp.
“We will advance the two new projects with some surface exploration in the near term and look to bring in a partner as drill targets are firmed up,” he said.
Millrock Resources (MRO) is up 1.8 per cent and is trading at C$0.28 per share at 11:55 am EDT.