04:01 PM EDT, 07/26/2017 (MT Newswires) -- Millrock Resources (MRO.V) shares rose from $0.335 to $0.35 on Wednesday shortly after it said that it has closed the sale of the Stellar copper-gold project in Alaska to Vista Minerals in exchange for a 27.7% stake in the company.

But after staying a few minutes at the day high $0.35 it then quickly dropped again, this time to a day low $0.32.

Upon completion of the deal, Vista Minerals merged with Coventry Resources (CYY.V), which simultaneously announced that it had successfully raised A$5.5 million to advance exploration. After closing the three-way deal, Millrock now owns a 10.6% stake in Coventry, which owns an option in the adjacent Caribou Dome project.

Coventry will fund a major drilling campaign at Stellar and surface exploration work at Caribou Dome. The drilling program at Stellar will be operated by Millrock, and will have two drill rigs working on the Zackly copper-gold skarn deposit of the property with 3,000 meters over 20 holes planned.

Drilling at Stellar, which is planned to start in mid-August, looks to bring the Zackly resource to JORC 2012 standards and to discover strike extensions of the deposit.

Price: 0.32, Change: -0.02, Percent Change: -8.5