Millrock
Provides Update of Exploration Activities and Results
VANCOUVER, BRITISH COLUMBIA, September 13, 2011 - Millrock Resources
Inc. (TSX-V: MRO) ("Millrock" or the
"Company") is pleased to provide an activity update for its
exploration projects in Alaska and Arizona. The 2011 drilling programs
have been, or are being executed on six different projects; this includes
three projects in Alaska and three projects in Arizona. Surface work and
prospecting continued at the Company's other projects in anticipation of
drilling programs for 2012. Millrock's
exploration expenditures for the year are on track to exceed $15 million,
with 90% of the funding being provided by partner companies that are
earning-in through option agreements. Keeping in line with its Project
Generator business model, Millrock has
continued to generate numerous high-quality projects throughout the year,
and anticipates securing partners to fund exploration on these new
projects. The following are highlights since the Company's last corporate
update:
General:
Millrock continues to strictly and rigorously apply the
Project Generator � Joint Venture business model upon which its business
has been founded. As the exploration operator for most of the projects
generated, Millrock receives management fees,
as well as option agreement payments during the earn-in phase. These
revenues largely offset overhead expenses. The Company currently has a
strong balance sheet with adequate cash resources to continue its
business operations for the foreseeable future.
Alaska
Uncle Sam Project, Tintina
Gold Belt, Alaska (target � disseminated or vein-style intrusion-related
gold deposit): Following on
the winter auger drilling program, Millrock
drilled nine holes, totaling 1,950 m at two main prospects, Lone Tree and
Wolf. This work was completed in July, 2011. Exploration on Uncle Sam is
being funded by Crescent Resource Corp. The Lone Tree drilling program
targeted a 500 m by 250 m portion of a larger gold-in-soil anomaly
measuring approximately 4,000 m by 1,000 m. Significant intersections
from drilling at Lone Tree include 6.8 m of 1.01 g/ t gold and 33.8 m of
0.58 g/t gold. At the Wolf prospect, Millrock
intersected 4.42 g/t gold over 11.4 m. The Wolf Prospect appears to be on
strike with Sumitomo Metal Mining Co. Ltd.'s ("Sumitomo")
recently discovered Naosi zone (Stone Boy
Project) located approximately two km to the southeast. Drilling by
Sumitomo at Naosi has returned intercepts up to
7.92 m averaging 7.8 grams per tonne gold and
19.7 grams per tonne silver (source Petroleum
News, May 23, 2011). Millrock controls the
mineral rights to most of the intervening land and, with its partner, is
planning further drilling to test the Wolf � Naosi
area.
Estelle Project, Kahiltna
District, Alaska (target � large, intrusion-related gold deposit): Field geological and geochemical surveys were
carried out starting on July 1, 2011. Drilling commenced several weeks
later, behind schedule, and the program has just been completed. Teck American Inc. is earning in to the project by
funding exploration. Four holes were drilled, totaling 1,500 m. At Oxide
Ridge, an IP geophysical survey response located near gold mineralized
outcrops, coincident with a large soil geochemical anomaly was explained
by disseminated arsenopyrite and chalcopyrite
in altered granodiorite. Sulfide mineralization
was observed over the entire 450 m length of the hole with locally more
intensely mineralized zones. Gold assay results from this hole are
expected in a few weeks. At Shoeshine, highly altered granite and granodiorite rocks intruded by feldspar porphyritic
dykes were intersected. The rocks contained arsenopyrite,
chalcopyrite, pyrite and other sulfide phases over wide zones; assay
results from this hole are also expected within a few weeks. The other
two holes were drilled at the Shadow and Discovery prospects. The hole
drilled at Shadow parallels and deepens a hole drilled previously by
Cominco in the 1980s that intersected 3.01 g/t gold over 29.6 m and ended
in mineralization at just 100 m depth. The analytical results for the
Shadow and Discovery prospect drilling are expected to be available in
approximately six weeks. Surface work has identified several previously
unknown mineralized zones that may be the focus for drilling programs in
the future.
Humble Project, Southwest Alaska (target �
porphyry copper-gold deposit): The planned drilling program commenced in mid-August but has been
problematic and has progressed poorly. Kinross Gold Corporation is
funding exploration work to earn a majority interest in the project.
Operations are continuing at this point but it remains to be seen whether
any useful amount of drill core will be obtained. Surface geochemical
sampling went very well and comprehensive coverage over the entire land
package is completed.
Project Generation, Alaska: The Company invested approximately $1 million
for regional project generation in 2011 and has staked seven new
properties that it may soon offer to other companies for earn-in
agreements. Work also continued on existing projects for which Millrock has not yet secured an earn-in partner. For
these projects, such as Fortymile, a gold
project situated at the Yukon border in a historic placer gold mining
district, Millrock has developed numerous
drill-ready targets.
Arizona
Galiuro Project, Arizona (copper porphyry):
Drilling of at least one hole to test the Fourmile target is about to commence. Vale
Exploration Canada is funding exploration on the project to earn an
interest in the claim group. In the spring of 2011, drilling at the Galiuro prospect detected extensive zones of porphyry
alteration and mineralization. Numerous drill targets remain. For the
immediate future, drilling will focus on the Fourmile
prospect.
San Jose and Dry Mountain projects, Arizona
(copper porphyry):
Drilling recently commenced in the northern part
of the San Jose property where coincident magnetic and ZTEM anomalies
were detected earlier in the year. Inmet Mining
Corp. is funding work on this project to earn a majority interest. At
least three holes totaling as much as 5,000 m are scheduled to be drilled
in 2011.
Project Generation, Arizona:
During summer 2011, Millrock
acquired the Rainville property, located in
southeastern Arizona near the New Mexico border. The property is on an
extension of the prolific Safford porphyry copper deposit trend. Millrock anticipates making an agreement with an
earn-in partner soon, and will shortly thereafter commence geophysical
surveys.
About Millrock
Resources Inc.
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 twelve active exploration
projects, eight gold-copper properties in Alaska, and four porphyry
copper prospects 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$15 million in
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.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer,
President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
750 World Trade Centre
999 Canada Place Vancouver, BC
V6C 3E1
Some statements in this news release contain
forward-looking information, including, without limitation, statements as
to the planned 2011 and 2012 exploration program and budgets for Millrock's exploration efforts in Alaska and Arizona
and that Millrock anticipates soon entering
into an earn-in agreement relating to its Rainville
property. These statements address future events and conditions and, as
such, involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by the statements. Such factors include without
limitation the completion of planned expenditures, the ability to
complete exploration programs on schedule, the success of exploration
programs and the successful conclusion of negotiations towards an earn-in
agreement relating to the Rainville property.
"NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE. "
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