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 and Altius Minerals stake first joint venture gold properties in Alaska
Millrock Resources (TSX-V: MRO) has staked two claim blocks in the Kahiltna Terrane of Alaska. The claims will form the basis of two separate joint ventures with Altius Minerals Corporation (TSX: ALS). Millrock has previously enjoyed early-exploration success on the Kahiltna Terrane mineral belt, which hosts the company’s Estelle gold prospect.
Claim blocks are named the Monte Cristo project and the St Eugene Project; in total the 55 claims span a combined 3,561 hectares. The two 50%:50% joint ventures represent the first properties to be explored through the strategic alliance between Millrock and Altius, agreed in June 2009. The alliance’s primary objective is to identify and explore highly prospective areas in the Kahiltna Terrane for large copper-gold deposits.
Millrock’s field team has already conducted some sampling work on the respective properties, including a combination of both rock and soil sampling containing gold. "Millrock continues to make great early-stage surface discoveries of gold and copper mineralization in the Kahiltna Terrane of Alaska”, Millrock President & CEO Gregory Beischer said. “True to our business model, we will continue to generate projects such as these, and advance them with funding from joint venture partners".
Monte Cristo’s 29 claims over 1,878 hectares, target a large tonnage gold-rich porphyry deposit. Millrock's field team identified porphyritic intrusive rocks containing anomalous gold values in rock and soil over a distance of 1.5 km. A total of 22 soil samples ranged up to 400ppb (parts-per-billion) gold and averaged 86ppb gold, across 17 rock samples assays ranged up to 4.2 grams per tonne gold (gpt) and averaged 0.493gpt gold.
The St. Eugene project consists of 26 claims over 1,683 hectares, the claims are situated on a copper-gold-molybdenum porphyry system which was initially discovered during the nineteen-seventies. At St Eugene, Millrock's field team identified an extensive zone of strong silica, sericite and chlorite-epidote alteration. Rock samples with values of over 2.2 gpt gold and 1.0% copper were found in talus on both sides of a glacier-filled valley which spans 1.2 km. Across 13 samples assays averaged 0.54 gpt gold and 0.27% copper, whilst soil samples ranged up to 200 ppb gold and averaged 67 ppb gold in a population of 20 samples.
According to Millrock, the Kahiltna Terrane is emerging as a prolific mineral belt. Millrock currently has eight active exploration projects in Alaska, and three in Arizona, including six joint ventures in which its partners are making exploration expenditures to earn an interest in Millrock's projects. The company said it is planning to drill at least four of its projects in 2010.
In December, Millrock reported the results its summer 2009 sampling program at the Estelle gold property, also located on the Kahiltna Terrane. Prospecting and chip sampling resulted in the discovery of porphyry-style gold mineralization at both the Shoeshine and Oxide Ridge occurrences on the property. In Decembers statement, Millrock VP of Exploration Philip St. George commented, “Gold values exceeding one gram per tonne over significant lengths have been defined by chip samples in bedrock ... An aggressive drilling program is warranted".
