Snettisham

Status

Available for Option

Target

The Snettisham project hosts mesothermal, low-angle gold veins that have been historically mined at an average grade of 12.9 g/t. A >1Moz resource is a viable target, similar to the Kensington/Julian vein systems. Samples collected by the US Bureau Mines within the Friday mine averaged 6.5 g/t, with the best sampled citied at 43.23 g/t. Additionally, Fe-Ti-V mineralization is present within the project. This mineralization is envisioned as a large tonnage, open-pit deposit, with on-site processing facilities producing a Fe-Ti-V concentrate shipped from the site to facilities in the United States.

Location and Setting

The project is located 50 km southeast of the city of Juneau, the capital of Alaska, with approximately 32,000 year-round residents and an experienced mining workforce. The claims are located near Sentinel Point, with the Stephens Passage deep water shipping channel adjacent to the claims. The Snettisham Hydroelectric Facility (78 MW) is within 20 km of the project, with an underwater high voltage cable within 2 km of the claims.

Land Status

The claims block encompasses 48 unpatented federal mining claims (401 hectares, 4 km2) located on United States Forest Service Lands. The claims are 100% owned by Millrock.

Geology and Mineralization

The project is located within the Juneau gold belt (JGB), a 160-km-long, distribution of mesothermal gold deposits in SE Alaska, with a known endowment approaching 10 million oz of gold. JGB gold deposits are hosted in quartz +/- carbonate veins, within a structural corridor roughly delineated by the Fanshaw and Sumdum faults, encompassing slivered series’ of accreted terranes of Lower Permian through Cretaceous age. Host rocks have mostly oceanic protoliths, of clastic sedimentary units with lesser felsic to mafic volcanic rocks intruded by mafic to intermediate (locally zoned) intrusive complexes. Deeply entrapped CO2 rich metamorphic fluids coalesced into reactivated faults forming the gold rich quartz carbonate veins (53-56 Ma) in associated secondary extensional veins of the JGB.

The Fe-Ti-V mineralization is associated with Alaska-type ultramafic intrusions. Alaska-type ultramafic intrusions are generally pipe-like features, containing a dunite core. The core is rimmed by pyroxenite, which grades into gabbro. These intrusions are Interpreted to be mantle derived magma, which ascended during continental accretion or along subduction zones. The intrusion at Snettisham is an elliptical intrusion about 2 miles in maximum outcrop that is mainly composed of hornblende-magnetite clinopyroxenite, biotite-magnetite pyroxenite, and hornblende-biotite-magnetite clinopyroxenite. The pyroxenite locally grades into diorite. Magnetite, Ilmenite, vanadium, platinum, and palladium are hosted in clinopyroxenite as disseminations, net-texture, and massive mineralization.

Proposed Exploration Program

Interest for gold mineralization in the area has been limited, due to the prior focus on Fe-Ti-V mineralization. No known drilling has been completed on the low-angle gold structures historically mined. Proposed exploration for gold at Snettisham includes stream sediment sampling, soil grids over historical working, exposing historical veins through trenching or underground examination, create a 3-D model from historical workings, and evaluate targets for drilling.

Fe-Ti-V has seen the most exploration work in the area. Marcona Corporation and Marubeni completed extensive work in the 1960-1970’s and had developed plans for a mine with production of 5 million tons per year, over a 50-year mine life. Millrock is proposing to complete metallurgical and hydrometallurgical work of surface samples to determine potential recoveries and concentrate quantity and quality. Additionally, a 1500m drill hole program is proposed to test a 3-D magnetic anomaly that was missed by historic drilling.

Agreement and Terms

Millrock owns the Snettisham claims 100% with no royalties or other burdens. The Company is currently seeking potential joint venture partners for the project. If desired, Millrock can serve as operator on behalf of an earn-in joint venture partner.

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.