Millrock Acquires Stellar Copper-Gold Project, Central Alaska
VANCOUVER, BRITISH COLUMBIA, Sep 19, 2012 (MARKETWIRE via COMTEX) -- Millrock Resources Inc. CA:MRO 0.00% ("Millrock" or the "Company") announced today that it has generated a new copper-gold project named Stellar. The project is located in central Alaska 13 km north of the Denali Highway and 68 km west of the town of Paxson. The property, which was acquired by staking, covers the Zackly copper-gold skarn deposit and surrounding lands considered prospective for porphyry copper-gold deposits. At Zackly, a historical resource of 218,944 ounces of gold and 66.9 million pounds of copper contained in a deposit of 1,244,000 tons (1,128,500 tonnes) grading 0.176 ounces per ton (6.03 grams per tonne) gold and 2.69 % copper has been reported by prior explorers (UNC Teton Exploration and Drilling Inc., 1982). (note:A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The issuer is not treating the historical estimate as current mineral resources).
The Zackly skarn was originally staked by Resource Associates of Alaska (RAA) in the 1970s with the majority of exploration campaigns occurring between 1981 and 1994. The most extensive exploration programs were conducted as part of several joint ventures between RAA/Nerco and Teton Exploration Drilling, Boulder Gold, Phelps Dodge and Hemlo Gold/Noranda. Historical diamond and reverse circulation drilling on the skarn prospect totals approximately 40,000 ft (12,192 m) in approximately 85 holes. Known areas of skarn mineralization occur over a strike length in excess of three km with the known resource occurring within the "main skarn zone" which has a strike length of approximately one km. The majority of the historical drilling occurred in the "main skarn zone" with the remaining trend, which includes extensive covered areas, seeing only limited drilling. In addition to drilling, the property has seen extensive geochemical, geophysical and geological surveys. All historical data, as well as sample pulps and core, were recently obtained by Millrock in a purchase agreement. Presently the Company is digitizing the information and bringing drill hole logs and analytical data into its Geographic Information System.
Millrock began staking claims in the area in 2010, subsequently adding claims in early 2011 and finally in August of this year bringing the total project area to an approximate 30,500 hectares (see figure here: http://millrockresources.com/projects/stellar/ ). Since 2010, Millrock has collected 388 soil, 199 rock and 99 stream sediment samples throughout the project area resulting in the discovery of at least four new copper and/or gold prospects. Of particular note is the Mars prospect, located approximately 10 km west of Zackly. This prospect consists of altered diorite intruding volcanic rocks with extensive gossan exposures that locally contain copper mineralization. Soil sample lines across altered zones consistently returned anomalous values including 950 meters averaging 763 ppm copper and 1.2 kilometers averaging 462 ppm copper.
Millrock considers the Stellar Project a highly prospective property with excellent exploration potential for the discovery of significant porphyry copper/gold, skarn and intrusive-related gold mineralization. Millrock, which has 100% ownership of the project subject to a royalty to Altius Minerals, is currently seeking a joint venture partner for the project. Additional information on the Stellar Project, as well as all of Millrock's available properties is available at the Millrock Resources website ( www.millrockresources.com ).
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and Chief Executive Officer, a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class gold and copper deposits in mineral rich Alaska and Arizona, Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk and attendant shareholder dilution taken on by most exploration companies. Millrock currently has twelve active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock plans to carry out exploration programs with a total value of more than US$11 million in 2012. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorer Crescent Resources.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
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Contacts: Millrock Resources Inc. Gregory A. Beischer President & CEO (604) 638-3164 (604) 688-9620 (FAX) www.millrockresources.com
September 19, 2012 (Source: marketwatch)
Disclosure: Millrock Resources is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team are actively accumulating and hold long positions in MRO.V or MLRKF.