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 reports additional drill results from Uncle Sam
Millrock Resources (CVE:MRO) reported Thursday additional results from the first phase of drilling at its Uncle Sam gold project in Alaska, which is located next to a recent gold discovery made by Sumitomo Metal Mining, the company said. The project, located in the Tintina Gold Belt 65 kilometres southeast of Fairbanks, Alaska, hosts the Lone Tree propsect in the northwest area, where the company has drilled five diamond holes this year. Drilling targeted a 500 metre by 250 metre portion of a larger gold-in-soil anomaly, and was designed to expand on the area of known mineralization. Highlights included 6.80 metres of 1.06 grams per tonne (g/t) of gold in hole LT-001; 3.75 metres of 1.12 g/t gold in hole LT-003; and 33.83 metres of 0.58 g/t gold in hole LT-005, including 3.32 metres of 1.22 g/t gold and 2.13 metres of 1.85 g/t gold. Historical drilling by previous operators in the area hit encouraging intersections like 19.22 metres averaging 2.03 g/t gold. The latest results at Lone Tree occur within thicker zones containing anomalous gold mineralization, commonly associated with faults and fault zones, Millrock said, especially evident in hole LT-005. The Lone Tree area is one of three main previously defined areas of anomalous gold-in-soil occurring within the Uncle Sam project area. Previous drilling this year by Millrock at the Wolf prospect, located approximately 3.5 kilometres south of Lone Tree, encountered intercepts up to 11.40 metres averaging 4.86 g/t gold. The company also completed a property-wide soil geochemical survey this year, designed to collect data in areas not previously sampled, with results still pending. The Uncle Sam project has been optioned to Crescent Resources (CVE:CRC), under a deal where Crescent can earn a 100% interest in the property for $2.5 million in exploration costs, US$0.3 million in cash, and share issuances to Millrock. Millrock is managing exploration of the asset, and currently owns around 5% of Crescent. The company has twelve active exploration projects, namely eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona.
