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 releases drill results for Kinross JV Council project in Alaska
Millrock Resources (MRO - TSX:V) released the results of a drilling program on its Council gold project in Western Alaska, under joint venture with Kinross Gold (NYSE: KGC).
The Council District, located on the Seward Peninsula of western Alaska, is an extensive area of past placer production, where more than 300,000 ounces of placer gold has been produced.
The exploration agreement with Kinross covers a 900 sq km area, including the Council, Albion and Warm Creek properties located adjacent to each other, in which Kinross can earn up to 75%. Millrock’s current interests in the Council project consist of a 295 sq km landholding, in which the company is able to secure 100% interest in all mineral rights. Millrock is the operator for exploration activities on the project, with funding provided by Kinross.
The 2010 program was designed to drill test coincident gold arsenic anomalies in the uplands of a historic placer region at the Albion prospect, to conduct detailed soil surveys between existing anomalous regions and to begin testing the largely under-explored land package with a reconnaissance geochemical survey, the companies said.
At Albion, 2,062m of reverse circulation drilling in 17 holes was completed. Two holes, CNL1013 and CNL1014, intersected more than 1 g/t gold mineralization, confirming bedrock mineralization at the site. Hole CNL 1013 returned 4.6 metres at 1.4g/t gold, and hole CNL 1014 intersected 9.1 metres at 1.02 g/t gold.
In addition, Millrock said a total of 1990 soil samples were taken in the region, with the best result of 344 ppb coming from an infill survey testing the ground between the northwest-striking 900m by 2000m Albion geochemical anomaly, and an even larger, parallel anomaly to the northeast.
"The new survey results join the Albion and northern anomaly areas along a previously undefined, northeast trend consisting of anomalous gold and pathfinder elements. The total length of this new trend is 3800m," Millrock said in a statement.
Millrock currently has eleven active exploration projects, eight gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $7.5 million of exploration in 2010, include Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Valdez Gold, Brixton Metals and Crescent Resources.
