-- Posted Tuesday, 26 July 2011 | | Disqus
VANCOUVER, BRITISH COLUMBIA--(Marketwire -07/26/11)- Millrock Resources Inc. (TSX-V: MRO, MLRKF.PK) ("Millrock" or the "Company") announced today that it is continuing with exploration at its Galiuro porphyry copper-gold property in southeastern Arizona. A third phase of drilling is scheduled to resume in September 2011 along with additional geological mapping. Phase two drilling was completed in May 2011 and results have now been received and are reported below. The property is the subject of an earn-in agreement with Vale Exploration Canada Inc., a wholly-owned subsidiary of Vale S.A. ("Vale"). Vale is funding work on the property with Millrock conducting exploration operations.
The Phase two drilling program consisted of two holes, and deepening of a hole originally drilled in 2010 for a total of 7,385 feet or 2,251 meters.
Hole Gal-1002, originally drilled to a depth of 679.4 meters in 2010, was re-entered and deepened for a total depth of 1,279.3 meters. In the original drilling, phyllic dominated alteration had been observed, along with minor copper mineralization and it was thought that a porphyry copper deposit may exist beneath the original foot of hole. Upon deepening the hole, numerous zones of weak copper mineralization were intersected from 934.8 meters to 1,181.7 meters. A potassic altered porphyry was cut from 1,002.5 to 1,068.6 meters and contained strongly elevated copper values including a zone that assayed 0.05% copper over 48.2 meters. The mineralized intervals are shown in the table below.
Hole Gal-1004 was drilled to a depth of 1,054.6 meters to test the Cone ZTEM anomaly. Porphyry copper style propylitic alteration was intersected with traces of chalcopyrite, bornite and elevated molybdenum values at the bottom of the hole. The mineralization is hosted by Proterozoic Apache Group shale and diabase. Secondary alteration consists of weak potassic (k-spar veinlets) and silicification. While mineralization is very weak, the trace amounts of copper and anomalous molybdenum values along with the associated alteration package in geologically permissive rocks suggests that a porphyry copper deposit is nearby. Millrock has recommended further drilling in the area.
Gal-1005 was drilled to a depth of 596.5 meters to test an MT conductor with a coincident magnetic high. A potassic intrusion with traces of chalcopyrite is present at surface near the drill hole collar. Laramide granodiorite with moderate potassic alteration was intersected throughout the hole, along with traces of chalcopyrite. Low level copper anomalies are present locally. No conclusive explanation for the MT anomaly was observed.
The third phase fall 2011 drilling program will focus on the Fourmile target. This circular magnetic feature is ringed by a strong conductive zone as identified by a ZTEM airborne geophysical survey. Intense argillic alteration is known from rock exposures and prior drilling on the west side of the structure.
The target at the Galiuro property is a large porphyry copper +/- gold deposit hidden beneath alluvium and Tertiary volcanic cover. The property is situated at the intersection of the Resolution and San Manuel / Kalamazoo porphyry copper trends. Because of the Tertiary volcanic cover, little exploration work has been previously done by other companies. Through careful geological mapping in combination with airborne magnetic and ZTEM geophysical surveys, Millrock has identified numerous targets that may represent porphyry deposits. Drilling by Millrock and Vale in spring 2010 resulted in the discovery of porphyry copper mineralization and alteration in Cretaceous - aged rocks hidden beneath Tertiary volcanic cover rocks.
Vale has the option to earn a 60% interest in the project through exploration expenditures totaling US$3.5 million and payments totaling US$850,000. The earn-in agreement is in its second year, and Vale has expended approximately US$2.5 million on the property to date. Vale may earn an additional 10% interest, for a total of 70%, by funding a feasibility study.
Millrock's President & CEO Gregory A. Beischer is a Certified Professional Geologist and Mining Engineering Technologist and is a 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators. Mr. Beischer has verified the data (including sampling and analytical data) and prepared the information contained in this news release. Millrock personnel delivered all samples from the project to Skyline Assayers and Laboratories of Tucson, Arizona. A quality assurance / quality control program has been implemented to ensure all core and sample handling procedures are in accordance with the best possible practices. The assay protocol includes the insertion of standards, blanks and duplicates into the sample stream. The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, a Qualified Person as defined in NI 43-101.
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.
About Vale S.A.
Vale is the second-largest metals and mining company in the world and the largest in the Americas, based on market capitalization. Vale is the world's largest producer of iron ore and iron ore pellets and the world's second largest producer of nickel. Vale also produces manganese ore, ferroalloys, copper, thermal and coking coal, phosphates, potash, cobalt, kaolin, and platinum group metals ("PGMs"). To support Vale's growth strategy, the company is actively engaged in mineral exploration efforts in 24 countries around the globe.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. 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 and the success of exploration programs.
"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."
Contacts:
Millrock Resources Inc.
Gregory A. Beischer
(604) 638-3164
(604) 688-9620 (FAX)
www.millrockresources.com
-- Posted Tuesday, 26 July 2011 | Digg This Article
| Source: GoldSeek.com
