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Millrock to embark on a new Sojourn in B.C.

 

Last updated 2/16/2018 at 4:21am

Millrock Resources Inc.

Janine Calder, Greg Beischer and Jeff Kyba at the Waterfall prospect on Todd Creek, a northwestern B.C. property Millrock is including in a pending deal with Sojourn Exploration.

Millrock Resources Inc. Feb. 2 announced that it has cut deals to move its trio of Golden Triangle exploration projects into what is expected to be a well-financed exploration company managed by an outstanding technical team that will specialize as a British Columbia project generator company.

Under the contemplated transaction, Millrock will vend its Todd Creek project to Sojourn Exploration Inc. The terms of the existing option agreements with Sojourn concerning two other Golden Triangle properties held by Millrock – Oweegee Dome and Willoughby – would also be modified. Upon completion of this transaction, Millrock would be a 19.9 percent owner of Sojourn, and a royalty holder on the three northern British Columbia properties.

In a related transaction, Sojourn has joined forces and properties with Seven Devils Exploration Ltd., a private mineral exploration company owned by a renowned exploration team with a track record of discovery and a portfolio of exciting, early stage porphyry copper-gold projects.

Seven Devils' exploration team will form the management core of new Sojourn.

"Sojourn will have a new management team that has outstanding depth in British Columbia metallogeny," said Millrock President and CEO Gregory Beischer.

This exemplary management team includes Tyler Rusk, who will take over as CEO; Nigel Luckman, who will serve as COO; and Jeff Kyba, former B.C. Geological Survey District Geologist for northern B.C., is to be the vice president of exploration. The new Sojourn is also expected to have a technical advisory committee that includes JoAnne Nelson; John Bradford; and David Broughton.

"The group has a long and successful history as project generators, having recently explored with some of the top names in mining including Freeport McMoRan, Robert Friedland, ITOCHU and Antofagasta," said Rusk.

As part of the deal, Sojourn will also get four northern B.C. exploration properties from Seven Devils – Oxide Peak, Eagle, Rip and Teeta Creek.

These properties give Sojourn exposure to three of B.C.'s most productive belts for porphyry copper-gold exploration – Toodoggone District (Oxide Peak), northern Quesnel Trough (Eagle), and the Late Cretaceous Bulkley intrusions of the Skeena Arch (Rip) – as well as a newly discovered Miocene porphyry belt in Northern Vancouver Island (Teeta Creek). Along with the Golden Triangle projects that Millrock has contributed, Sojourn will have a strong property portfolio with which to begin its project generator mineral exploration business.

"Sojourn, in working with Millrock, has assembled a large and prospective land position in the Golden Triangle, long recognized as one of North America's premier base and precious metals districts. This combined package, along with our team's unrivaled knowledge of Golden Triangle geology and exploration potential, provides us with a unique advantage on the road to discovery," said Rusk. "We are delighted to be joining forces with Millrock and Sojourn, and in doing so, forming the next big name in mineral exploration."

As an anticipated 19.9 percent shareholder, Millrock is expected to benefit from Sojourn's success in British Columbia as it focuses on its large portfolio of exploration properties in Alaska and Mexico.

"We anticipate the newly constituted company will have great success following the project generator business model and make great discoveries that will in turn benefit Millrock shareholders," said Beischer.

–SHANE LASLEY

 

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