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 begins 4,000m second round of drilling at Galiuro JV project in Arizona
Millrock Resources (TSX-V:MRO) said Friday it has begun a 4,000m second round of drilling at its Galiuro porphyry copper-gold property in southeastern Arizona.
The property, which is situated at the intersection of the Resolution and San Manuel / Kalamazoo porphyry copper trends, is currently under an earn-in agreement with Brazil-based Vale's Canadian subsidiary. The terms of the agreement dictate that Vale funds the work on the property to earn a 60% interest, with Millrock operating exploration programs.
The target at the Galiuro property is a large porphyry copper +/- gold deposit hidden beneath alluvium and Tertiary volcanic cover, Millrock said.
Because of the Tertiary volcanic cover, little exploration work has previously been done by other companies.
But drilling by Millrock and Vale in the spring resulted in the discovery of porphyry copper mineralization and alteration in Cretaceous - aged rocks hidden beneath Tertiary volcanic cover rocks.
The planned 4,000m, four hole drill program will further test these targets, as well as others in the area, Millrock said.
Vale has spent approximately US$1.5 million to date on the property, and is required to spend a total of US$3.5 million in exploration expenses, as well as make payments totaling US$850,000. The company can earn an additional 10% stake in the property by funding a feasibility study.
Millrock currently has twelve active exploration projects, nine gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting approximately $7.5 million of exploration in 2010, include names such as Kinross, Teck, Inmet, Altius and Vale, as well as junior explorers Valdez Gold, Brixton Metals and Crescent Resources.
Millrock was up 1% at $1.01 as of 11:47am EST.
