Three distinct anomalous target areas have been identified from the geochemical, geophysical and geological surveys conducted to date. To further understand the subsurface, particularly depth to basement rocks, historic seismic survey data has been acquired. It is presently being processed and reinterpreted and additional seismic geophysical surveys may be carried out. Upon receipt of seismic data results and interpretation, and integration into the project database, three specific targets may be selected and recommended to funding partner Inmet.
Inmet has the option to earn up to a 70% interest in the project by expending US$4.5M on exploration and paying $400,000 to Millrock. Presently Inmet is earning in to the project and is bearing the exploration costs. Millrock is the exploration operator.
The Monsoon project is situated along a projected southeastward extension of the prolific Safford trend. Near Safford, Freeport McMoran Copper & Gold ("Freeport") is mining a series of porphyry copper deposits. Millrock's claims are situated approximately 60 km to the southeast of Safford, Arizona in Greenlee Country near the Arizona - New Mexico border.
San Jose - Dry Mountain Project, copper porphyry target, Safford District, southeast Arizona:
A third phase of drilling was carried out on the San Jose - Dry Mountain project late in 2012 with the Company's partner on the project, Inmet. The three holes, which totaled 3,471 m, were drilled to test magnetic targets that have coincident geochemically anomalous signatures. All holes intersected the favourable host Laramide age rocks beneath younger Tertiary cover rocks. However, the rocks intersected were only weakly altered and contained only local, weakly anomalous copper values in one hole. As part of this exploration phase additional geochemical sampling was carried out. Given these results, focus will now shift to the Dry Mountain target area.
Millrock is pleased to announce that Inmet has advised the Company that it wishes to exercise its option to form a joint venture on the project. Upon receipt by Millrock of the final option payment of US$350,000 and a formal letter confirming the option exercise, Inmet will vest with a 70% joint venture interest in the project. The joint venture management committee has approved a fourth phase of drilling to test a strong molybdenum-copper geochemical anomaly with a coincident magnetic anomaly that may represent porphyry-style mineralized intrusive rocks. For the first test in this area, a single hole will be used, and possibly drilled up to 1,600 m depth. Drilling is scheduled to commence as soon as possible.
The San Jose - Dry Mountain project is positioned at the intersection of the exceptionally prolific Safford and Morenci porphyry trends. The Safford deposits, which are presently being actively developed and mined by Freeport McMoran Copper & Gold, form a linear northwest striking trend. The San Jose project is located approximately six km from the Sanchez deposit at the southeast end of the Safford trend. Morenci is located approximately 30 km to the northeast and the Dry Mountain target is located upon an interpreted extension of the Morenci trend. Together, Safford and Morenci account for an enormous amount of past copper production and future reserves and resources. A porphyry cell located on Millrock's claims was discovered by drilling done by Noranda Inc. in the early 1990s. (Note: While the San Jose - Dry Mountain and Monsoon claims are situated along the linear trend defined by the Safford deposits Millrock does not own any interest in the Freeport deposits at Safford, nor does it imply that it will be successful in discovering similar deposits on its properties).
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