Mining News: News Nuggets: Millrock, major to seek Alaska gold

Millrock Resources Inc. March 12 reported signing an agreement with a major gold mining company to explore for high-grade gold deposits in Alaska. Under the terms of the collaboration agreement, the unnamed major will fund research and reconnaissance exploration efforts undertaken in accordance with a multi-phase, open-ended, systematic program designed by a technical committee composed of representatives of both companies. The work will be focused on defined areas in Alaska that the two companies see as having potential for high-grade gold deposits. Projects approved by the technical committee will each be subject to separate farm-in and joint venture agreements. Such agreements will provide the undisclosed major an option to acquire up to 80 percent of each project, after meeting minimum expenditure obligations, payments and other conditions.

- Shane Lasley