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.
Inmet Mining options MillRock Resources’ San Jose and Dry Mountain claims in Arizona
Millrock Resources (TSX-V: MRO) and Inmet Mining (TSX: IMN) have signed a letter of intent which may lead to a joint venture over Millrock’s San Jose and Dry Mountain claims in Arizona, USA.
The San Jose claim sits on the “intersection of the exceptionally prolific” Safford and Morenci porphyry trends, which combined have accounted for over 10 billion tons of copper production. Freeport McMoran (NYSE: FCX) currently mines from the Safford trend. Millrock also noted that a porphyry cell was discovered by Noranda Inc in the 1990’s on the San Jose claim. “Geochemical, geophysical and geological vectors indicate that a large porphyry deposit may exist just to the northeast of the area previously drilled.”
Meanwhile, the Dry Mountain claim, situated 20 kilometres south-east of San Jose, is located on the Morenci Trend, as host a 10 kilometer (diameter) geochemical anomaly strong in copper and molybdenum. “The area is completely covered in overburden, but depth to bedrock is thought to be less than 200 m,” Millrock reported. “No drilling has previously been done”.
The agreement will see Inmet Mining earn a 70% interest in the two claims by spending US$4 million and making option payments of US$0.3 million. Assuming Inmet exercises the option, it will make an initial payment of US$50,000 to Millrock and commit to an exploration budget of US$0.5 million for 2010. The 2010 program will include ZTEM airborne surveys and induced polarization surveys on both claims to define drill targets.
Millrock's Vice President of Exploration, Phil St. George, stated: "There is every indication of porphyry copper deposits under shallow cover beneath Millrock’s claims. A modern geophysical approach and an aggressive drilling campaign will determine whether another large porphyry system exists.”
