Millrock Provides Company Update

Key Highlights – Anticipated 2022 Activity:

• Drilling on at least four and perhaps as many as eight projects in which Millrock has equity and royalty interests.
  • Treasure Creek, Ester, Fairbanks district, Liberty Bell gold projects, Fairbanks area, Alaska (Felix Gold 15,000 meters planned).
  • 64North gold project, Pogo Mine area, Alaska (Resolution Minerals, planning in progress).
  • Apex El Nido gold project, southeast Alaska (Coeur Explorations, 1,500 meters under consideration).
  • Batamote copper project, Sonora Mexico (Mine Discovery Fund earning in, preliminary planning in progress).
  • El Picacho gold project, Sonora Mexico (Tocvan Ventures, preliminary planning in progress).
• Nikolai project; new nickel – copper – cobalt – chrome – platinum project generated, Alaska. (100% Millrock, surface exploration to be completed).
• Chisna copper–gold porphyry project, central Alaska (100% Millrock, surface exploration to be completed).
• ArcWest Exploration expects to see drilling on as many as three projects (Millrock owns ~11.7% of the issued and outstanding ArcWest shares).
  

VANCOUVER, British Columbia, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) ("Millrock" or the “Company”) reports that it anticipates a busy year of partner-funded drilling and surface exploration on projects in which it holds an interest (either directly or through stock holdings and royalties).

Millrock President and CEO Gregory Beischer commented: “Millrock is looking forward to a very active upcoming year with numerous catalysts that could serve to drive the company’s share price upwards. Our shareholdings in other junior exploration companies have the potential to significantly increase in value in 2022.”

Table 1. Major Millrock Shareholdings.

Figure 1. Alaska Project Location Map. Current projects have gold marker.
Former projects have black marker.
https://www.globenewswire.com/NewsRoom/AttachmentNg/1a5f7d32-131c-42f5-b59c-d20d2bcaf480 

Alaska Project Update

Treasure Creek: Felix Gold has outlined several high-priority drill targets and the company indicates they intend to begin drilling in March 2022. The Northwest Array and Eastgate prospects look particularly encouraging. The property is west of the Fort Knox gold mine operated by Kinross, and the recent gold discovery made by Freegold Ventures. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream. Further details on Treasure Creek and other projects sold to Felix Gold are available in a Felix Gold presentation that can be accessed at this link.

Ester Grant: Felix Gold calculated a maiden resource for the Grant Mine claim block, which forms part of the project. Felix reported that they have calculated an Inferred Mineral Resource estimate (JORC 2012) for Grant Mine of 5.8 million tonnes @ 1.95 g/t Au for 364,000 ounces of gold (note: the Millrock Qualified Person has not independently verified the reported resource, 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). Felix indicates that drilling is planned for the Grant Mine in Summer 2022. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream.

Fairbanks District: Millrock is in a strategic alliance with Felix Gold. Mineral rights that have been, or may be secured by Felix or Millrock in the future, become subject to a royalty in favour of Millrock. The claims currently subject to the alliance are situated near Kinross’ Fort Knox gold mine and the recent discovery made by Freegold. Felix indicates that drilling is planned for Summer 2022.

Liberty Bell: Felix Gold has indicated it will drill holes through areas covered by gravel deposits. The gravel ranges from 10 meters to perhaps 100 meters in thickness and obscures interesting geophysical targets. Millrock has transferred ownership of the project to Felix Gold in return for shares and a production royalty with an advanced minimum royalty stream. A description of the project is available on Millrock’s website here.

64North: Partner Resolution Minerals is earning into the project through exploration expenditures, cash payments, and share payments to Millrock. Resolution presently has vested with a 42% interest and must soon decide to advance the project further or form a joint venture as a minority partner Resolution has developed a compelling series of drill targets at the Tourmaline Ridge prospect on the West Pogo block of claims. These claims are situated west of the Pogo Mine, a gold mine operated by Northern Star Resources. Resolution is making plans to execute a drill program in Summer 2022. Further information on the project can be found on the Resolution Minerals website.

Apex El Nido: Partner Coeur Explorations funded an extensive soil and rock sampling program in 2021, in which some strong gold results were obtained from the soil sampling. The work traced the known gold-bearing vein system more than one kilometer from the old mine workings. Coeur is contemplating a summer 2022 drill program. A description of the project is available on Millrock’s website here.

Nikolai Project: Millrock has recently acquired mineral rights that cover some thick, historic drill intersections of nickel – copper – cobalt – chrome – platinum group element mineralization. Millrock believes there is continuity between the drill intersections and that a large, albeit low-grade metal resource could be delineated with a modest drill program. At other locations on the property, there are some exceptionally high grades of similar mineralization that are also enriched in the more rare and valuable platinum group elements such as osmium and rhodium. The project is described in more detail in this prior Millrock press release, and on the Millrock website. Further to the news release dated February 14, 2022, the Company reports 1,000,000 common shares have been issued in connection with the Canwell claim block (43 claims, not 42 as reported in the February 14, 2022 press release), pursuant to an agreement dated February 14, 2022, between David Johnson and Millrock. The Canwell claim block and surrounding area of interest is subject to a 3.0% Net Smelter Returns production royalty. Millrock can reduce the royalty to 2.0% by paying US$2.0 million. Millrock also has the option to further reduce the royalty to 1.0% by paying an additional US$3.0 million and to 0.0% by paying an additional US$4.0 million.

Chisna Project: Millrock has steadily been advancing this district-scale porphyry copper-gold project and owns a 100% interest in several claim blocks. Capitalizing on a proprietary ZTEM – MAG geophysical survey, the company has collected geochemical data over interesting geophysical anomalies. The next step is drilling. Millrock has been talking to several potential earn-in partners. A project description is available here.

British Columbia Update

Millrock has sold its four British Columbia projects to ArcWest Exploration. As a result, Millrock has a significant shareholding in the company (9,623,417 shares or 11.7% of the issued and outstanding shares). ArcWest is also a “project generator” company and has numerous projects throughout British Columbia that have earn-in partners. ArcWest anticipates that drilling will occur on at least three of the projects it holds. Any drill success should result in an increase in the value of ArcWest shares held my Millrock, which in turn should result in an increase in Millrock’s share price. Further details about ArcWest can be viewed on their website.

Mexico Update

Figure 2. Project locations in which Millrock has ownership and / or royalty interests.
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f06a4a2-9166-4814-8f9e-5d999558843a

Batamote Project: Millrock made an option agreement with a subsidiary of Mine Discovery Fund (“MDF”), a private Australian company. The earn-in company is called Latin America Copper. MDF plans to make Latin America Copper a public company. Millrock is to receive cash and share payments as Latin America Copper earns in, with an advance minimum royalty stream to follow. The company has indicated that it wishes to drill the property in 2022. A project description can be viewed here.

El Picacho Project: Millrock was able to renew an option agreement with the underlying property owners. Millrock assigned its rights to Tocvan Ventures. As a result, Millrock now holds a production royalty with an advanced minimum royalty stream provision.

Grant of Stock Options
The Board of Directors of Millrock has authorized a grant of 3,175,000 stock options to employees, executives and directors of the company. The options are to be granted with a strike price equal to the closing market price of Millrock shares on February 24, 2022, and will have a five-year term.

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, is a significant shareholder of junior explorer ArcWest Exploration Inc., Resolution Minerals and Felix Gold. 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 Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | 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 form joint ventures and to perform further exploration including drilling. 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.