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Millrock Resources Grants Option on Stellar Copper-Gold Project
Dec. 18, 2015 08:43AM PST
Base Metals Investing Millrock Resources (TSXV:MRO) has granted an option to a subsidiary of Vista Minerals, a privately owned Australia based company. Vista may earn up to an 80 percent joint venture interest in the project for cash payments totalling US$300,000 and exploration expenditures of US$4.0 million.
Millrock Resources (TSXV:MRO) has granted an option to a subsidiary of Vista Minerals, a privately owned Australia based company. Vista may earn up to an 80 percent joint venture interest in the project for cash payments totalling US$300,000 and exploration expenditures of US$4.0 million.
As quoted in the press release:
Millrock will retain a Net Smelter Royalty on all metals of 1.0%. The claims are also subject to a royalty in favour of Altius Minerals. In the event that a joint venture partner is diluted below a 10% equity interest, such interest will convert to a 1.0% Net Smelter Royalty.
The Stellar project is located in central Alaska 13 km north of the Denali Highway and 68 km west of the town of Paxson, Alaska. The property, which Millrock acquired by staking in 2012, covers the Zackly copper-gold skarn deposit. Surrounding lands are considered prospective for porphyry copper-gold deposits, or other types of copper deposits and intrusion-related gold deposits. Millrock owns a 100% interest in the claims. Since acquiring the claims the company has done geochemical and geophysical surveys to develop drill targets.
Millrock president and CEO, Gregory Beischer, said:
We are pleased to make this agreement and are looking forward to seeing this great exploration project advance. Vista appears to have a strong technical team and we wish them great success with future drilling programs.