Millrock Resources and First Quantum Minerals to Enter Option to Joint Venture

First Quantum Minerals (TSX:FM) has informed Millrock Resources (TSX:MRO) that it will exercise its exclusive right to enter an option to joint venture agreement on Millrock’s Alaska Peninsula Copper-Gold project. Shares of Millrock were up 26 percent, or ten cents, trading at $0.50 following the news on Tuesday morning.

As quoted in the press release:

The election follows on from a binding letter agreement in which Millrock granted the exclusive right to FQM in January of 2014. As part of that agreement, FQM agreed to fund an initial exploration program that was to cost approximately US$600,000. The program was executed by Millrock with participation by FQM geologists in July and August of 2014. Geochemical sampling, geological mapping, prospecting and airborne magnetic surveys were carried out.

Millrock CEO, Philip St. George, said:

The results of the initial exploration program are quite encouraging and we look forward to testing the drill targets that emerged from the program in 2015.

Click here to read the Millrock Resources (TSX:MRO) press release