Estelle Project, reduced intrusion-related gold target, southwest Alaska:
On September 10, 2012 Millrock announced results from the 2012 drilling program at the Estelle gold property located northwest of Anchorage, Alaska. Exploration drilling was done at the RPM, Oxide and West Wing prospects, three of the nine prospects occurring within the Estelle project area. Nine core holes totalling 1,379 meters were drilled as part of the 2012 program with all nine intersecting gold and/or copper mineralization. The exploration work was managed by Millrock on behalf of Teck. Teck (65%) and Millrock (35%) are joint venture partners on the project.
Of particular note were the results obtained at the Oxide Prospect where hole SE12-004 cut an interval averaging 1.14 g/t gold over 41.45 m from 30.79 to 72.24 m. Gold mineralization has now been drilled over a 740-m strike length and the system appears open in all directions. The grade appears to increase to the southeast where induced polarization surveys suggest increasing sulfide content. The joint venture partners have decided to focus on this prospect in 2013. The management committee has approved a budget of US$280,000 for additional induced polarization (IP) geophysical surveying, geological mapping and sampling. The goal of the work is to better define the strong IP response that was detected in 2011 and partially drilled with hole SE-12-004.
Also of note was the result obtained in 2012 at the RPM prospect. Hole SE12-008 cut an interval averaging 2.07 g/t gold over 21.94 m from 82.30 to 104.24 m occurring within a 102.11 m interval averaging 1.04 g/t gold from 26.52 to 128.63 meters. This hole constitutes a new discovery of gold mineralization on the Estelle project. However, due to budgetary constraints, there are currently no plans to further advance the project this year.
Humble Project, copper-gold porphyry target, southwest Alaska:
Millrock, along with funding partner Kinross Gold Corporation ("Kinross"), drilled a series of four holes. Porphyry style alteration was intersected. Kinross has since dropped its option on the project and it is now available for option with new funding partners. The project has a similar geological setting as that at the Pebble deposit, located 120 km to the northeast of Pebble.
Council Project, sediment-hosted vein gold target, western Alaska:
As previously reported (http://www.millrockresources.com/news/millrock_discovers_new_gold_zone_at_council_project_alaska/), Millrock, with funding partner Kinross, drilled a series nine holes which resulted in the discovery of a new gold zone at the Elkhorn prospect where an intersection of 1.45 g/t over 14.02 m was obtained. However, the Company reports that Kinross has dropped its option on the claims. The project is available for option with new funding partners.
Stellar Project, copper-gold skarn and porphyry target, central Alaska:
Millrock has continued to review and assess the historical data that it purchased from prior exploration operators. A NI 43-101 report was written by an independent consultant to Millrock (Eden, K. A., 2013, Stellar Property, Valdez Creek Mining District, South-Central Alaska: NI 43-101 Technical Report, January 8, 2013, 113 p.) and filed on SEDAR (http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00004733). The report concluded that the historical estimate of copper and gold present within the Zackly Main Skarn is not reliable, and re-drilling will be necessary to confirm the mineralization. The project has generated strong interest from several potential partners and Millrock plans to show the project to these prospective partners in early June of 2013.
Millrock is acquiring new claim groups by staking and by making agreements with underlying mineral right holders, increasing its portfolio of projects available for partnership with other companies. The Company plans to announce these new acquisitions in the coming months as land positions are secured.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President & CEO of Millrock Resources Inc. Mr. Beischer is 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 Southwest USA, 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 eleven active exploration projects, seven gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock projects that it will carry out exploration programs with a total value of more than US$5M in 2013. Business partners of Millrock include some of the leading names in the mining industry: Teck, Inmet and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to the planned 2013 exploration program and budgets for Millrock's exploration efforts in Alaska and Southwest USA. 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.
"NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."
Millrock Resources Inc.
Gregory A. Beischer
(604) 688-9620 (FAX)
Most Popular Stories
- Bipartisan Budget Deal Gets Key Support in House
- Bitcoin Clones Lurch Onto Financial Scene
- Clinton to Keynote Annual Simmons Leadership Conference
- Selena Gomez, Shakira Among Top Hispanic Searches
- GM to Stop Making Autos in Australia
- PhD Project Grooms Business Profs
- How Bitcoin and Other Cryptocurrencies Work
- It's Primary Time in Texas
- How to Survive a Subzero Stranding
- Pacific Trade Pact Delay Hinders U.S. Pivot to Asia