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 drilling at San Jose and Dry Mountain in Arizona
Copper and gold explorer Millrock Resources (CVE:MRO) said Wednesday it has begun drilling work at its San Jose and Dry Mountain projects in southeastern Arizona.
The initial drill program will consist of five holes totaling approximately 4,000 metres, designed to test buried porphyry copper targets along trend of Freeport McMoran's (NYSE:FCX) Safford copper deposits.
"There is every indication of porphyry copper deposits under shallow cover beneath Millrock's claims," said Millrock's vice president of exploration, Phil St. George.
"Modern geophysical methods have identified excellent targets, and this aggressive drilling campaign will determine whether another large porphyry system exists."
Millrock, as operator of the project, has allocated a US$1.6 million budget for the exploration phase, which will be provided by Inmet Mining (TSE:IMN) under an option agreement signed between the two companies early last year.
Inmet has the right to earn a 70% stake in the two claim blocks by spending US$4.0 million on exploration and by making option payments of US$300,000.
Millrock currently has eleven active exploration projects, consisting of eight gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, the company plans to carry out exploration programs valuing more than US$14 million in 2011.
