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Millrock outlines key exploration targets for Ni-Cu-Co-PGE mineralization at Alaska’s Nikolai Project, The Canadian Business Journal

VANCOUVER, British Columbia, Oct. 5, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) announced that it has identified an important exploration target for Ni-Cu-Co-PGE mineralization was confirmed at the Nikolai Project, which is 100% owned by Millrock. 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. Eurekazone, as reported in press releases published between 2007 and 2014, is a disseminated Ni-Cu alloy that was originally discovered by a subsidiary of INCO and further expanded by Pure Nickel Inc. -Composed of Co-PGE mineralization.

Millrock President and CEO Gregory Beischer commented: “Our exploratory geologists have outlined blocks of mineralized rock that are likely to be converted to an inferred NI43-101 compliant resource in a single drilling program estimated to cost approximately $2 million. If successful, Millrock estimates that the resulting Inferred Resource could consist of deposits containing copper, cobalt and platinum group metals, in addition to approximately 400,000 tons of nickel metal. Other companies investigating similar deposits have significantly higher market caps than Millrock.Establishing putative resources in Nikolai could significantly increase the value of the company. A planned drilling program delineates an inferred resource over a strike length of 400 meters in length, but indications from sparse drilling in both directions along the strike indicate that suspect deposits exceed 5 kilometers and are low. It indicates that it may contain a high-grade but very large metal resource.”

Millrock relies on historical INCO Ltd. borehole analysis data available, newly received analyzes reported on 26 September 2022, and positive mineralogical results reported on 29 September 2022. Based on this, Millrock has established clear exploration targets. The data outlines a 400m x 300m x 400m block of mineralized rock. Drill density is currently not sufficient to calculate estimated resources. However, exploration targets are estimated to contain between 140 and 211 million tons, with grades ranging from 0.28% nickel equivalent (“NiEq”*) to 0.42% NiEq*. Targets were developed and modeled in 3D using average thicknesses and grades of historical boreholes FL-003 and FL-006 in the Upper Eureka Zone, Middle Eureka Zone, and Lower Eureka Zone (Figure 1). A historical density study of the Nicolai ultrabasic series returned an average density of 2.83 g/cm.3was used for the tonnage calculation of this exploration target.

This target is based on the intersection of two drill holes extrapolated along a strike distance of ~400 meters using the base of the target as the low mineralization elevation of FL-003. Additional drill holes reported by Pure Nickel exist in the region, but were not used as exploration targets due to Millrock’s lack of 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 shows potential grades and tonnages for exploration targets using potential tonnages and grades using maximum and minimum 20% increases and decreases, taking into account uncertainties. increase.

table 1. Exploration Target potential grades 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 Tonnage range base and battery metal platinum group and precious metals Total NiEq2range Total CuEq3range
two ranges Cu-range Korenji NiEq range1 point range Pd range Orange
% % % % g/t g/t g/t % %
Upper Eureka Zone 48-73 0.16-0.24 0.04 to 0.06 0.013 to 0.019 0.23-0.34 0.037 to 0.055 0.078-0.117 0.005-0.007 0.26 to 0.39 0.53-0.79
core eureka zone 39-58 0.19 to 0.29 0.10 to 0.15 0.016-0.023 0.30 to 0.45 0.053-0.080 0.113-0.170 0.017 to 0.025 0.36-0.53 0.66-1.07
lower eureka zone 53-80 0.16-0.24 0.04 to 0.06 0.013 to 0.019 0.23-0.34 0.021 to 0.031 0.050-0.074 0.011 to 0.016 0.25 to 0.38 0.51 to 0.75
total eureka zone 140-211 0.16-0.25 0.06 to 0.08 0.014 to 0.020 0.25-0.37 0.035-0.053 0.077-0.115 0.010 to 0.015 0.28-0.42 0.55 to 0.85
1. NiEq calculated as Ni+(Cu% x $3.50/$7.00)+(Co% x $25.00/$7.00)
2. 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/ Total NiEq 22.04 + Au(g/t)/31.103 x $1600/$7.00/22.04
3. 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/ Total CuEq 22.04 + Au(g/t)/31.103 x $1600/$3.50/22.04

Potential quantities and grades are conceptual in nature. Sufficient exploration drilling has not been conducted to estimate the Mineral Resource, and it is unknown whether further exploration will lead to an estimate of the Mineral Resource.

In addition, significant uplift potential exists, as past geophysical reports indicate a VTEM anomaly 3.5 kilometers long and 400-600 meters wide in this part of the Eureka zone. The developed exploration target occupies only 12% of the length of the VTEM anomaly (Fig. 1). Historical borehole analysis of this his VTEM anomaly, reported by Pure Nickel Inc. (Pure Nickel Inc., news release, Oct. 29, 2013), has an estimated true width of 94.8 meters to 320 meters. Shows areas of mineralization in range. 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 grades, with calculated nickel equivalents (NiEq) ranging from 0.33% to 0.47%.

As previously reported, Millrock Qualified Persons (QPs) do not have access to all of Pure Nickel Inc.’s drilling logs, analytical results, and geophysical data, nor do they have a way to verify published results. . Millrock QP has access to drill logs and certificates of analysis for INCO holes designated with the prefix “FL”.

Exploration target drilling test
A drilling program consisting of seven holes totaling approximately 2,750 meters is recommended. If successful, the program will provide drilling density at 200 meter centers along with historical borehole information. The density of this borehole is believed to be sufficient to allow inferred resource calculations given the apparent relative continuity and uniformity of mineralized zones. Figure 2 shows the approximate surface location of the recommended drill collar for the first test. Millrock anticipates that the recommended program will demonstrate that the exploration target has significant mineralization and can extend along the VTEM anomaly.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/724ca567-1772-4801-8ad9-16070cd78ffd.

qualified person
The technical information in this document has been reviewed and approved by Millrock’s President, CEO and Director, Gregory A. Beischer. Mr. Beischer is a qualified person as defined by NI 43-101.

About Milrock Resources
Millrock Resources Inc. is the mining industry’s leading project generator. By identifying, packaging and operating large joint venture projects, Millrock provides shareholders with the benefits of mineral discovery without the usual financial risks of most exploration companies. The company is recognized as Alaska’s premier generative explorer and is a majority shareholder in junior explorers ArcWest Exploration Inc. (TSXV: AWX), Resolution Minerals Limited (ASX: RML) and Felix Gold (ASX: FXG). Drilling funding for Millrock’s exploration projects is primarily provided by joint venture partners. Millrock’s business partners include some of the leading names in the mining industry. Gold, and Tokvan.

On behalf of the Board of Directors
“Gregory Basher”
President and CEO Gregory Basher

Please contact us for more information.
Melanie Henderson, Investor Relations
Toll Free: 877-217-8978 | Local: 604-638-3164
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Certain statements in this news release contain forward-looking information. These statements address future events and circumstances and are subject to known and unknown risks, uncertainties and causes that could cause actual results, performance or achievements to differ materially from future results, performance or achievements. along with other factors that may statement. Such factors include, but are not limited to, completion of planned expenditures, ability to complete exploration programs on time, and success of exploration programs.


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Millrock outlines key exploration targets for Ni-Cu-Co-PGE mineralization at Alaska’s Nikolai Project, The Canadian Business Journal

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