Millrock Resources Inc. announces that it has signed an option to joint venture agreement with Vista Minerals (Alaska) Inc., a wholly-owned subsidiary of Vista Minerals Pty Ltd, a private Australia-based company.
Millrock President & CEO Gregory Beischer commented: "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."
Under the terms of the agreement Vista can earn an 80% joint venture interest by making exploration expenditures of US$4.0 million and cash payments totaling US$300,000. 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.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock. Mr. Beischer is a Qualified Person as defined in NI 43-101.
Source: http://www.millrockresources.com/