A Premier Project Generator
TSX-V: MRO – OTCQX: MLRKF
Gregory Beischer the President, Director, and CEO of Millrock Resources sits down with Maurice Jackson of Proven and Probable to discuss the sale of the Stellar Copper-Gold Project. Current and prospective shareholders won’t want to miss a second of the exiting details of this transaction, which really demonstrates managements virtues of astute business acumen. In addition, Mr. Beischer provides updates on the Liberty Bell and Los Cuarentas Projects!
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Maurice: Welcome to Proven and Probable. Where we focus on metals, mining, and more. I’m your host, Maurice Jackson. Today, we will discuss a company that has established itself as a Premier Project Generator. I’m speaking of Millrock Resources trading on the TSX-V symbol MRO and on the OTCQX symbol MLRKF. Joining us today is the President, CEO, and Director of Millrock Resources, Gregory Beischer.
Before we begin, allow me to convey to our listeners that Millrock Resources is a sponsor of Proven and Probable and we are proud shareholders of Millrock Resources for the virtues we will convey in today’s message.
Mr. Beischer, welcome to the show.
Gregory: Great to be back, Maurice. And thanks for continuing to be a shareholder of our company.
Maurice: Yes, sir. You have some exciting news for shareholders and perspective shareholders. Let’s begin in Alaska with breaking news regarding the Stellar Project.
Gregory: Yeah. It was a deal that was quite a number of months in the making but we were glad to sign off on it. It’s still of course at this point up to the outcoming company which will be Polaris Minerals to execute on their plan to raise a substantial amount of money. But we’re happy to have it done. It’s a deal whereby no Millrock sold out it’s a Stellar Copper-Gold Project in return for shares. So an equity stake in a company that will be called Polaris Minerals up for financing.
So they seem like a solid group. They’re out of Australia. But the good news I think is that Millrock will be the exploration operator. We will do the exploration with their financing from our base here in Anchorage. And of course, we generate some revenues from this. We charge management fees of 10% of exploration expenditures. So that cash income of course helps us set our overhead cost and is a welcome on top to our treasury. And we get what we want out of it, which is a royalty in the event that there’s ever a production after a big discovery. We get some advance minimum royalty cash payments. And if there are Resources established along the way then we get a cash bonus for that too.
So all around, I think it’s a good move for Millrock shareholders, and one that could be quite lucrative. If we own roughly 9% of the outcoming company and there’s a big discovery, those shares will be worth a lot of money.
Maurice: You know, as a shareholder Mr. Beischer, I have to tell you I’m impressed with your business acumen in taking a concept and then making it come to fruition. So kudus to you, sir.
Gregory: Thanks. If I could say a bit more on that, Maurice, it’s an interesting story because we generated the project four years ago. We convinced a major mining company to spend some money doing property-wide work. But then the downturn came and we couldn’t get a partner. We put some of our money into the project but it came time to pay the annual rentals in 2015 and it was a pretty big check, $50,000 that we had to pay to keep the claims for yet another year. And my partner, Phil and I, looked at it and we really had to do a bit of soul-searching to see if we would keep it.
And the thing is, geologists are often accused of falling in love with their properties and holding on to them for too long. But we did decide to hold on to this for one more year. Well, it turned out, not even a week passed by and out of the blue, along came this company, Vista Minerals, whose option to project. In 2015, they worked away on the project but then they decided they wanted to buy it outright. And so, that’s how this is all come about.
And so sometimes it’s good for geologists to really like their property and to know when to stick with it.
Maurice: Well you know, the perseverance has really paid off. Staying in Alaska, what’s the latest about the Liberty Bill?
Gregory: Yup. Liberty Bill is an up and coming project. As you know, we made an option to joint venture agreement with Kinross Gold Corporation. Our team and their team visited the site just last week and we’re making our plans and setting the logistics for an exploration program that will be done in late June and early July, a 3 or 4-week soil sampling program. We would not drill there until next year but by the end of the summer, we will have other targets picked up.
Maurice: You have some additional news that you would like to convey. Now, let’s go south to Mexico and share the latest details regarding the Los Cuarentas.
Gregory: Right. Well, we’ve been doing – our teams have been doing some great geological work down there. And I’ve been telling you, Maurice, over the last couple of interviews that Los Cuarentas would be the next project that we drill.
Well, over the last month or so, we’ve taken a hard look and realized we need more information before we drill. So, we’re going to do a series of trenches, dig trenches at the surface to test for gold mineralization with that matter first. And if those results were encouraging then we’ll go ahead and drill later in the year. So, we’re going to hold tight on that one for now and make sure that we pick the best possible targets for the best possible chance of success.
Maurice: And that leads into my next question. Mr. Beischer, for our listeners, can you share what’s the next unanswered question for Millrock and when should we expect the answer? And once we have that answer, what determines success?
Gregory: Well, I think shareholders and people watching Millrock would be curious what’s going to happen on our BC projects. We made a big move into the Golden Triangle. We’ve accumulated a fantastic property position right near PretiumParadigm [Phonetic] [0:07:45] and Seabridge on their great mines and prospects. And there should news coming on that very soon so we’ll keep an eye out for that. I can’t really go into any more details, just watch for news in the future.
Maurice: Understandable and we are all looking forward to hearing that. Last question for you, what did I forget to ask?
Gregory: Well, I don’t know if you forget to ask this one or not, Maurice. But one thing I would go on to mention is this deal that we’ve done with Vista and Polaris Minerals, it’s a case where we’ve done an agreement with the junior company. We haven’t done a junior company deal in a long time. It has been almost six years.
Typically, Millrock does deals with major companies. But we felt that now is the time. I think the markets have turned and we’re very happy at this point in time to accept shares in junior companies as partial payment of total payment in this for our property. We think those shares are going to be worth a lot more in the near future. The markets are buoyant. If there’s exploration success, the companies, junior companies, will be rewarded.
So, look for us to do similar sorts of agreements elsewhere in our jurisdictions in the near future.
Maurice: We certainly will. And Gregory, if someone listening today wants to get more information regarding Millrock Resources, please share the contact details.
Gregory: Oh sure. You can call Melanie Anderson, our Investor Relations in Vancouver anytime. You can easily get the number by going on our website which is also a great source of information. And of course, it’s www.MillrockResources.com.
Maurice: And last but not the least, please visit our website, www.ProvenandProbable.com. You may reach us at [email protected] Gregory Beischer of Millrock Resources, thank you for joining us today on Proven and Probable.
Gregory: My pleasure, Maurice. All the best.
Maurice: All the best, sir.
[End of transcript]
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