www.millrockresources.com
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 eleven active exploration projects, eight gold-copper properties in Alaska, and three porphyry copperprospects 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$14 million for 2011. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Ryan Gold, Brixton Metals and Crescent Resources.
Millrock Resources samples 9.1g/t Au over 27.4m at Estelle project in Alaska
Millrock Resources (TSX-V: MRO) on Thursday released results from its exploration work at its Estelle Project in south-central Alaska, sampling 9.1 grams per tonne of gold over 27.4 metres.
Other highlights from the chip sampling of mineralized outcrops at the Shoeshine prospect in the souther portion of the property saw grades of 5.88 g/t Au over 15.24m and 1.4 g/t Au over 7.62m.
At the Oxide Ridge prospect, 20 km to the north, two more anomalous intervals were sampled, including 1.63g/t Au over 3.05m and 1.83g/t Au over 3.05m.
The company also discovered a new mineralized zone with disseminated arsenopyrite and tourmaline, which returned anomalous values in sampling as well, said the company.
The new zone, named Oxide North, is located approximately 2.5km north of the original Oxide Ridge showing. Millrock is currently conducting induced polarization geophysical surveys to test for disseminated sulfides in the valley separating the two gold occurrences.
So far, soil geochemical surveys in the valley have returned widespread arsenic anomalies with gold, Millrock said.
The Estelle property, located 160 km northwest of Anchorage Alaska, was purchased by Millrock in 2009 from Hidefield Gold and Mines Trust, a privately held Alaska-based company. Presently, Millrock owns a 100% interest in the property, which is subject to a 3.0% royalty.
Consisting of 214 claims covering 13,157 hectares, the property is adjacent to Kiska Metals' Whistler copper-gold deposit, with a resource totaling over five million ounces of gold equivalent.
Estelle is also in the Kahiltna Terrane, an assemblage of rocks that hosts Northern Dynasty/Anglo American's giant Pebble copper-gold-molybdenum-silver deposit.
Previous work by Millrock at Estelle has identified high-grade gold veins on the property, which measures approximately 5 km by 20 km.
These gold-bearing veins are significant targets, according to the company, but at the Shoeshine and Oxide Ridge prospects, the veins are spatially associated with porphyritic intrusive rocks, quartz stockworks and hydrothermal breccias.
These features indicate the potential for large, bulk minable, intrusive-related or porphyry style deposits.
Millrock has spent approximately US$500,000 on the Estelle property in 2010 using funds raised from Teck Resources through a private placement, which completed in May this year.
Upon completion of Millrock's exploration program, Teck American, Teck's subsidiary, has the right to enter into an earn-in agreement, which will see it earn an initial 55% interest in the property by spending US$3.6 million over two years. Teck can earn a further 10% by sole funding an additional US$5 million in exploration costs on the property and by making cash payments to Millrock totaling US$400,000 prior to the end of 2014.
Vancouver-based Millrock currently has eleven active exploration projects in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $5.8 million of exploration in 2010, include Kinross, Teck, VEC, Inmet and Altius.
