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 starts drilling at Uncle Sam Alaska gold project
Millrock Resources (CVE:MRO) said Tuesday that drilling is now underway at its Uncle Sam gold project in Alaska.
The drilling, which is being funded by Crescent Resource Corp (CVE:CRC) under an option agreement, will consist of 2,100 metres, to be budgeted at US$2.2 million.
In January, Crescent signed an option deal to purchase a 100% interest in Millrock's rights to the property.
Drilling by Millrock, as the operator of the project, will initially focus on two high priority targets, including the Lone Tree and Wolf prospects, to confirm and expand known mineralization.
At Lone Tree, a very strong gold in soil anomaly was found that measures approximately 4,000 meters in length and up to 1,000 meters wide. Previous drilling by other operators has returned encouraging results such as drill holes USC-011, which contained an intersection of 19.22 metres averaging 2.03 g/t gold.
Meanwhile, at Wolf, the gold in soil anomaly measures over 2,000 meters in length and 1,000 meters in width, and has returned results from previous operators such as hole USRC-22, where an intersection graded 4.45 g/t gold over 15.54 meters.
At the same time as the drill program, surface exploration work will be completed to develop additional drilling targets.
In exchange for Crescent's interest in the property, it must spend US$2.5 million in exploration expenditures and pay Millrock US$0.3 million in cash as well as a number of shares. So far, Millrock owns a 5% stake in Crescent.
Millrock currently has twelve active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona.
