Liberty Bell
Status
The mineral rights held by Millrock have been sold to Felix Gold. In the event Felix Gold elects to abandon any mineral rights comprising the project it must first offer to return them to Millrock. As payment for the Fairbanks area projects including Liberty Bell Millrock has received 9,957,157 Felix Gold shares and US$210,000 in cash.
Millrock is entitled to a production royalty of 2.0% NSR with an advanced minimum royalty (AMR) provision.
Target
The target at Liberty Bell is intrusion-related gold deposits ranging from copper-gold porphyry to associated replacement and skarn deposits similar to Contango ORE’s Peak Zone (Tetlin project), Kinross Gold Corp’s Fort Knox (+ 13 Moz Au including production, reserve, and resource estimate) and Battle Mountain Gold Co’s Fortitude Mine (2.8 Moz Au historic production).
Location and Setting
Liberty Bell is located 115 km (70 mi) southwest of Fairbanks and 32 km (20 mi) north of Healy. The project is accessible via 15 km (9 mi) gravel road from the paved Parks Highway. A railroad siding at Ferry provides access to the Alaska Railroad system. 230 kV high tension power lines and a wind farm also traverse the property.
Land Status
The Liberty Bell property consists of 188 State of Alaska mining claims which cover approximately 6,151 ha (15,200 acres). Some claims were owned outright by Millrock and have been sold to Felix Gold. Others are held under option or lease agreements and Millrock’s rights have been assigned to Felix Gold.
Geology and Mineralization
Host rocks in the project area are a sequence of Mississippian – Devonian aged phyllites and schist units that have undergone several stages of deformation then intruded by Cretaceous-age [88-95.5Ma] granitoid plugs and dikes of oxidized composition. Structurally the area is dominated by northeast and east-west trending faults sub-parallel to the Denali fault system. Tertiary and Quaternary gravels cover the southern portion of the property.
Cretaceous-aged hydrothermal alteration, evidenced by K-Ar and Ar-Ar dates on hydrothermal biotite and sericite, has affected all of the lithologies in the project area. Alteration assemblages include potassic, calc-silicate hornfels, endoskarn, silicification, and phyllic. Pyrrhotite-bearing potassic, calc-silicate, and boron metasomatism are widespread over the project area.
Gold mineralization is widely distributed over the project area and occurs as replacement–style, distal skarn mineralization (Liberty Bell-Eva Creek phyllite), auriferous quartz veins, stockworks, and shears (Pogo), and intrusion-hosted disseminations, stockworks, and shears (Ft. Knox, Donlin Gold). Anomalous copper concentrations are also found in close association with gold mineralization.
Geophysical signatures, intermediate to felsic dikes, sills, and plugs as well as widespread Au+Cu with tourmaline, are suggestive of a high-level alteration-mineralization associated with a porphyry Cu-Au system.
Proposed Exploration Program
It is recommended that a two-phased program be executed, consisting of a Phase 1 drill target refinement with fieldwork and geophysical survey followed by drilling as Phase 2. Groundwork of mapping and trenching to further delineate drill target areas in addition to a high-quality geophysical survey with closer spacing than pre-existing data should be carried out. Then, a drill program focused on drill testing the top under- or un-tested priority areas should follow. Felix Gold is planning a drill program to test beneath the extensive gravel cover in an area where geophysical indications are favourable.
THE TECHNICAL INFORMATION WITHIN THIS DOCUMENT HAS BEEN REVIEWED AND APPROVED BY GREGORY A. BEISCHER, PRESIDENT & CEO OF MILLROCK RESOURCES INC. MR. BEISCHER IS A QUALIFIED PERSON AS DEFINED IN NI 43-101.