Millrock Resources Inc. [MRO-TSXV; MLRKF-OTCQB] reports that Felix Gold [FXG-ASX] disclosed results from the first nine holes they have drilled on the Treasure Creek gold project this year. Treasure Creek lies just north of the City of Fairbanks, Alaska. The mineral rights held by Millrock have been sold to Felix Gold. Millrock is entitled to a production royalty of 2.0% NSR with an advanced minimum royalty (AMR) provision.
Since commencement of drilling in May 2022, Felix has already drilled more than 100 reverse circulation drill holes and drilling continues more. Assay results are being released in batches as they become available from the laboratory.
A highlight intersection of 89.9 metres grading 1.20 g/t gold starting from 32.0 metres downhole has been reported by Felix Gold from Hole 22TCRC008. All nine holes reported so far are from the NW Array prospect, and intersected gold mineralization. The full results published by Felix Gold can be seen in their two most recent press releases available on their website. Note that Millrock has not independently verified the results reported by Felix Gold.
Millrock President and CEO Gregory Beischer commented: “This is a great start to the drilling program that Felix Gold has undertaken. Millrock owns 9,957,157 shares of Felix Gold or about 5.8% of the company. Additionally, Millrock is to be granted a net smelter return royalty on the project that ranges from 1.0% to 2.0%. We hope that these first drill intersections are indications of a new gold deposit discovery that significantly increases Millrock’s share price and market capitalization. More and more discoveries of gold are being made in Fairbanks and the district should soon be recognized as a globally-significant gold mining camp.”
The Treasure Creek gold project is situated 20 km north and west of the Kinross Fort Knox gold mine, and 10 km west of Freegold Ventures Ltd new discovery at Golden Summit. Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021.