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 says option on Alaska's Cristo property with Brixton terminated
Millrock Resources (CVE:MRO) said Thursday that the option agreement with Brixton Metals Corp. (CVE:BBB) concerning the Cristo property in the Kahiltna region of south-central Alaska has been terminated.
The agreement was first signed in 2010.
The property, which was increased in size to 328 claims while Brixton held its option, has been returned to Millrock's control.
Additionally, Brixton has transferred to Millrock ownership of a 100 percent unencumbered interest to 457 other Alaska mining claims in the Kahiltna region, which are adjacent to Millrock's Cristo, Estelle and Diston Plutons projects, and the Whistler project owned by Kiska Metals (CVE:KSK).
Millrock's president and CEO, Gregory Beischer, said: "While we are disappointed that Brixton will not fund further exploration of the Cristo property, Millrock has, as a result of the transaction, now amassed an enormous land position covering high priority targets in the emerging Kahiltna mineral district."
Millrock now has four large, discrete claim blocks in the Kahiltna District: Estelle, Cristo, Distin Plutons and Revelation.
Kahiltna is known to host porphyry copper-gold deposits, and has the potential for discovery of intrusion-related gold deposits.
The first area, Estelle, consists of 463 claims over 28,230 hectares which are the subject of an option agreement with Teck American Inc (TAI). TAI may earn a maximum 65 percent interest in the optioned claims.
Drilling funded by TAI in 2011 resulted in the discovery of intrusion-related gold mineralization over broad core intervals, Millrock said.
At Oxide Ridge in the north part of the claim block, hole SE-001 returned 0.43 grams per tonne (g/t) gold over 365.3 metres. Millrock and Teck are now formulating 2012 exploration plans for the project.
The Cristo area, meanwhile, has potential for gold-enriched porphyry-style copper-gold deposits and intrusion-related gold deposits.
Exposures of copper and gold mineralization have been discovered at surface by Millrock over a wide area. Several targets are ready to drill and the company will seek a new partner to jointly fund work on the Cristo property.
Millrock has also identified gold mineralization at surface on the Distin Plutons project.
In 2011, exploration crews discovered gold in structurally controlled zones. Soil and talus fines sampling detected an anomalous area over one kilometre in length.
Distin Plutons is an early stage project that requires more surface work to develop drill targets. Along with the new claims that have been transferred by Brixton, the property now consists of 544 claims, covering an area of 35,220 hectares.
In addition, soil samples collected on the slopes of the Revelation project site are strongly anomalous in gold over a 600 metre length. A large iron-stained zone hosting a variety of intrusive rocks with strong quartz stockwork veining is exposed near the toe of a receding glacier.
There is also potential for discovery of a porphyry-style copper-gold deposit on the claims, the company added. Millrock is seeking a partner to earn an interest in this property.
