Treasure Creek
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 Treasure Creek 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.
Location and Setting
The Treasure Creek project is located in interior Alaska, approximately ten miles north of the city of Fairbanks. Much of the project is road accessible year-round via secondary gravel roads extending west from the Elliot Highway. Discontinuous portions of the claim block can be accessed via the Steese Highway to the east. Additionally, there are numerous pre-existing all-terrain vehicle trails throughout the property. The Trans Alaska Pipeline also bisects the property offering further access along the pipeline right-of-way. Two subdivisions, McCloud and O’Connor are situated adjacent to or enclosed by the mineral claim block.
Land Status
The Treasure Creek property consist of 188 State of Alaska Mining Claims, totaling 20,185 acres (8,169 hectares). The claims have been transferred to the ownership of Felix Gold. However, the claims or option rights will be returned to Millrock if Felix Gold decides to abandon any of the claims.
Geology and Mineralization
Gold mineralization at Treasure Creek is associated with Cretaceous-aged felsic intrusions hosted in quartz-mica schists. Drilling conducted at the property in the 1990s intersected numerous zones of low-grade, intrusion-hosted gold mineralization. Highlights of past drilling include 20 meters of ~1 gram per ton gold mineralization at a depth of 31 meters hosted in a quartz porphyry at the NW Array prospect, and 80 meters of 0.34 gram per ton gold mineralization intersected at a depth of 129 meters, hosted in schist with abundant quartz veining. Prospect pits excavated at the Line 18 prospect also identified low-grade gold mineralization over a strike length of 200m with gold values up to 6.20 grams per ton; these pits exposed felsic intrusive and abundant quartz-antimony veinlets hosted in schist. Work conducted in the 1990s also delineated a one-kilometer gold-in-soil anomaly associated with felsic intrusions and shear zones that remains open along strike. Past work has also identified zones of antimony mineralization associated with quartz veins; this mineralization has not been tested for gold with modern methods.
Proposed Exploration Program
A modern aeromagnetic survey at 100-meter line spacing was conducted at Treasure Creek in November 2020 to better delineate throughgoing structures thought to be associated with gold mineralization. An extensive soil sampling program was done in 2021. Known anomalous zones were extended and better defined and new zones were discovered. Drilling along strike and downdip from previously intercepted gold mineralization is planned for 2022.
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.