North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Millrock Resources Inc. Aug. 9 announced it has sold its three gold-copper exploration projects in the Golden Triangle region of northwestern British Columbia – Oweegee Dome, Willoughby and Todd Creek – to Sojourn Exploration Inc.

Previous option agreements under which Sojourn was to earn an interest in two of the properties – Oweegee Dome and Willoughby – have been terminated. Instead, Sojourn will issue Millrock 7.82 million shares to buy the properties outright, which will increase Millrock's Sojourn shareholding to roughly 9.62 million shares.

Millrock will retain a royalty on the three Golden Triangle exploration properties and receive reimbursement of C$250,000 from Sojourn for exploration costs incurred on them in 2017.

In a related transaction, Sojourn completed a deal to acquire four other mineral exploration properties in British Columbia – Oxide Peak, Eagle, Rip and Teeta Creek – from Seven Devils Exploration Ltd., a private mineral exploration company owned by a renowned exploration team with a track record of discovery, in exchange for 9.62 million shares.

These properties provide Sojourn and its shareholders exposure to three of British Columbia'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).

Coupled with the Golden Triangle projects contributed by Millrock, the new Sojourn has a strong property portfolio to launch its project generator mineral exploration business.

Seven Devils' exploration team is moving into Sojourn, providing the company with a management team with extensive knowledge of BC geology.

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

This 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 also boasts a strong technical advisory committee that includes JoAnne Nelson; John Bradford; and David Broughton.

Millrock Resources Inc.

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

Concurrent with its deal with Millrock, Sojourn is completing a C$2.8 million financing. After the completion of this financing, Millrock and Seven Devils will each hold roughly 19.9 percent interest in Sojourn.

Following the acquisitions and financing, Sojourn's objective is to become a pre-eminent North American project generator, with an initial focus on its highly prospective properties in British Columbia's Golden Triangle. With the highly prospective properties it acquired from Millrock, the geological expertise of its new management team and money in the bank, the renewed exploration company is closer to realizing its goals.

"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.

Beischer is one of five directors to sit on the board of the new Sojourn Exploration.

–SHANE LASLEY