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Update on Fairbanks Gold District Exploration by Millrock Resources

Millrock Resources Inc. released an update on Felix Gold Limited’s Fairbanks Gold District exploration. Millrock owns 9,957,157 Felix Gold shares and has royalties ranging from 1.0% to 2.0% Net Smelter Returns (NSR) on all Felix claims in the Fairbanks District. The claims encompass over 400 km2 of potentially valuable property.

Update on Fairbanks Gold District Exploration by Millrock Resources

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Felix Gold has released the following substantial near-surface gold intercepts from drilling on the Treasure Creek gold project’s NW Array prospect.

Prospect gold intercepts from the NW Array include:

  • Hole 22TCRC071: 38.12 m grading 1.1 g/t Au from 1.5 m downhole, including 7.6 m grading 4.13 g/t Au from 6.1 m downhole.
  • Hole 22TCRC073: 41.1m grading 0.37 g/t Au from 1.5 m downhole, including 6.1 m grading 1.15 g/t Au from 21.3 m downhole.
  • Hole 22TCRC075: 9.1 m grading 0.44 g/t Au from 1.5 m downhole and 35.1 m grading 1.8 g/t Au from 16.8 m downhole, including 1.5 m grading 27.2 g/t Au from 35.1 m downhole.
  • Hole 22TCRC076: 18.3 m grading 1.02 g/t Au from 42.7 m downhole and 1.5 m grading 7.42 g/t Au from 45.7 m downhole.
  • Hole 22TCRC078: 30.5 m grading 0.40 g/t Au from 1.5 m and 89.9 m grading 0.97 g/t Au from 45.7 m, including 41.1 m @ 1.72 g/t Au from 59.4 m.
  • Hole 22TCRC083: 38.1 m grading 0.75 g/t Au from 51.8m, including 24.4 m grading 1.08 g/t Au from 51.8 m.

According to Felix Gold, the drilling results indicated significant tonnage gold mineralization dispersed across 400 m by 750 m regions at the NW Array Southern Zone. According to Felix Gold news releases dated October 5th, 2022 and October 18th, 2022, mineralization is accessible to depth as well as to the north, south, and east.

The Treasure Creek possibility is reachable by road. A power line runs across the claim block, leading roughly 20 km southeast to the Fort Knox Gold Mine, which is managed by a division of Kinross Gold Corporation.

Felix Gold has also disclosed the following substantial near-surface gold intercepts from drilling on the Treasure Creek gold project’s Eastgate–Scrafford prospect over the last month. The highlights from 13 reverse circulation holes excavated in the Eastgate Central Zone are provided. The findings extend near-surface, high-grade gold mineralization along a one-kilometer strike length (Felix Gold news release dated September 28th, 2022 and November 1st, 2022).

Gold intercepts from the Eastgate–Scrafford prospect include:

  • Hole 22TCRC022: 6.1 m grading 3.22 g/t Au from 62.5 m downhole, including 1.5 m grading 11.4 g/t Au from 64.0 m downhole.
  • Hole 22TCRC113: 6.1 m grading 3.74 g/t Au from 13.7 m downhole, including 1.5 m grading 8.73 g/t Au from 15.2 m downhole and 3.0 m grading 1.16 g/t Au from 36.6 m downhole.
  • Hole 22TCRC122: 41.1 m grading 0.31 g/t Au from 79.2 m downhole and 53.3 m grading 0.47 g/t Au from 129.5 m downhole.
  • Hole 22TCRC014: 4.6 m grading 1.90 g/t Au from 21.3 m downhole.
  • Hole 22TCRC036: 7.6 m grading 6.48 g/t Au from 50.3 m, including 1.5 m grading 31.4 g/t Au from 50.3 m.
  • Hole 22TCRC029: 4.6 m grading 0.76 g/t Au from 91.4 m downhole.
  • Hole 22TCRC038: 4.6 m grading 0.78 g/t Au from 27.4 m and 9.2 m grading 0.43 g/t Au from 93.0 m, including 1.5 m grading 1.76 g/t Au from 93.0 m and 18.3 m grading 0.40 g/t Au from 126.5 m, including 1.5 m grading 1.19 g/t Au from 129.5 m.

The Southern Zone of the NW Array is 3 km southeast of the Eastgate-Scrafford prospect. In the Phase 1 program of Treasure Creek, an additional 50 reverse circulation drill holes are awaiting results. In the Northeast Fairbanks region, 40 more holes that were drilled on potential claim blocks are also awaiting assay results.

Finally, Felix Gold and Millrock’s Strategic Alliance has come to an end. Each participant is free to make use of the knowledge acquired throughout the alliance period however they see fit.

Due to the strategic arrangement, Millrock holds royalties on all claims in the Fairbanks district that Felix has purchased through staking or a third-party agreement, sold to Felix, or later bought. The royalties include minimum royalty payments in advance.

The royalties vary from 1.0% NSR to 2.0% NSR and encompass 41,800 hectares of promising lands in Fairbanks. Millrock also owns 9,957,157 Felix Gold shares, worth around AUD$1,195,000 today.

Source: https://www.millrockresources.com/

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