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Market: TSX-V
Sector: General Mining
Epic: MRO
News: Latest news
Web Site: Millrock Resources
Other Articles: 22-07-201020-07-201024-06-2010 
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Millrock Resources

Millrock Resources

Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class gold and copper deposits in the mineral rich Alaska and Arizona, Millrock prospects and packages large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the financial risk and attendant shareholder dilution. As operator, Millrock currently has eleven active exploration projects, eight gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $3.5 million of exploration in 2010, include some of the leading names in the mining industry: Kinross and Teck in Alaska, Vale and Inmet in Arizona.

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Tuesday, December 15, 2009

Millrock wins option for Albion gold property in Alaska and enters exploration deal with Kinross Gold

by Andre Lamberti company news image

Millrock Resources Inc (TSX-V: MRO) said it secured an option to purchase a 100 percent interest in the Albion gold property in Alaska. The project is located in the historic Council Mining District on the Seward Peninsula, 100 kilometres northeast of Nome.

The claims are immediately adjacent to the Council land block upon which Millrock has an existing agreement with the Bering Straits Native Corporation (BSNC). This claim block, along with other mineral rights held by Millrock will be the focus of an exploration agreement with Kinross Gold Corp (TSX: K; NYSE: KGC) announced separately today.

Commening on the option deal, Millrock president and CEO Gregory Beischer said: "The Council Mining District has historically produced a great deal of placer gold. With the addition of this claim block, Millrock controls the mineral rights that cover the most probable lode source areas for this placer gold. A large, strong soil geochemical anomaly is situated at the headwaters of Albion Creek immediately upslope from a historic placer mine. Drilling to test the targets is planned for 2010."

Ophir Creek and the surrounding tributary creeks that comprise the Council Mining District have produced in excess of half a million ounces of placer gold. A placer operation at the head of Albion Creek historically mined what appears to be a residual lode deposit. A large soil geochemical anomaly surrounds the old placer workings and is centred on a northwest trending structure. The gold-arsenic anomaly measures 900 metres by 2,000 metres, the company added.

The Albion block consists of 51 State of Alaska claims covering 2,231 hectares. Millrock may purchase the claims by paying the owners 500 ounces of gold bullion in annual instalments and by paying a minimum of US$250,000 on exploration by the end of 2012.  A 2.5 percent net smelter royalty on gold and silver is payable from production. The royalty may be reduced to 1.0 percent by paying the owner 2,000 ounces of gold bullion.

After the purchase option has been exercised, an advanced minimum royalty of 100 ounces of gold bullion is payable annually until commercial production occurs.

In a separate statement, Millrock said is entering an exploration agreement with Kinross Gold regarding a more than 900 square kilometre Area of Interest that includes Millrock's Albion and Council properties and other mining claims.

With this exploration agreement, Kinross can earn a 55 percent joint venture interest in Millrock's properties, and any other properties secured by the companies in the Area of Interest, by spending US$3 million on exploration and paying Millrock a total of US$260,000. The initial cash payment is US$65,000 and the minimum 2010 exploration expenditure is US$500,000.

The agreement includes provision for a private placement financing of C$250,000 in which Kinross will purchase shares of the company based on a 20-day moving average of Millrock's market price. Kinross may elect to increase its interest in the project to 75 percent by making a further US$3 million exploration expenditure. Millrock will be the project operator for 2010 and thereafter at Kinross' discretion.

Millrock and Kinross plan to do an initial drill test of the geochemical anomalies in summer of 2010.

At the beginning of December, Millrock terminated its agreement with Alix Resources Corp (TSX-V: AIX) to explore the Divide gold property in Alaska, with a view to earn a 50% interest in the project. After some exploration work, it concluded that there was limited potential for a multi-million ounce gold deposit, and elected to deploy its resources elsewhere.

In November, it announced it executed an option agreement with Kiska Metals Corp (TSX-V: KSK) to acquire a 100 percent interest in the Uncle Sam gold property in Alaska. The property is located approximately 75 kilometres southeast of Fairbanks, Alaska in the Tintina Gold Belt. 

Uncle Sam is a gold target hosted in a similar age of intrusive rocks to those which host the Pogo gold mine located 60km to the east. 

An extensive exploration data package provided to Millrock by Kiska Metals indicates that the Uncle Sam project consists of extensive anomalous surface gold geochemistry and a highlight drill intersection of 10.6 metres averaging 6.1 grams per tonne of gold and a total of 18 individual drill intersections of greater than 1.0 g/t gold over drilled widths ranging from 3 to 12 metres.

Millrock’s corporate strategy is to perform early stage exploration to prove potential on targets identified by its technical team and then acquire the mineral rights for exploration and development.

Rather than embarking on development efforts on their own, Millrock forms strategic partnerships with other companies that will fund exploration to earn an interest in the claims. The “Project Generator” business strategy enables Millrock to diversify exploration risk while maintaining interest in multiple properties. Development efforts with partners have also helped Millrock deploy its financial and technical resources more effectively.

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