Teck Acquires 55% Stake in Millrock's Estelle Project in Southwestern Alaska
Teck Resources Ltd. (TCK-B.TO) shares are well off their initial surge but remain ahead about 0.4% after the company said it is exercising an option agreement with Millrock Resources Inc. (MRO.V) for a 55% stake in Millrock's Estelle program in southwestern Alaska.
Millrock shares are up $0.04 to $0.88 each.
Teck has budgeted $3.4 mln for exploration this year, including drilling at the Oxide Ridge, Shoeshine, RPM and Stoney prospects, largely meeting terms of the option pact calling for Teck to spend $3.6 mln for a majority stake; it can boost its overall position to 65% by spending another $1.4 mln for exploration.
Millrock will continue to manage the Estelle project.
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