-- Posted Thursday, 28 July 2011 | | Disqus
VANCOUVER, BRITISH COLUMBIA--(Marketwire -07/28/11)- Millrock Resources Inc. (TSX-V: MRO, MLRKF.PK) ("Millrock" or the "Company") is pleased to report results from the first phase of drilling at the Uncle Sam gold project in the Tintina Gold Belt, Alaska. The project is located 65 km southeast of Fairbanks, Alaska, 60 km west of the Pogo gold Mine and adjacent to a recent gold discovery reported by Sumitomo Metal Mining Co. Ltd. ("Sumitomo"). The work on Uncle Sam is being funded by Crescent Resources Corp. (TSX-V: CRC) ("Crescent"); Millrock is managing the exploration. Crescent has an option to purchase a 100% interest in Millrock's rights to the property subject to a royalty. Millrock presently owns approximately 5% of the issued and outstanding common shares of Crescent.
Wolf Prospect
The first phase of the current drilling program concentrated on the Wolf Prospect at the southern end of the claim block. Drilling targeted a very strong gold in soil anomaly measuring over 2,000 m in length and 1,000 m in width. Prior, historic drilling by previous explorers had returned encouraging results such as reverse circulation drill hole USRC-22, where an intersection graded 4.45 g/t gold over 15.54 m and USR-055, which contained an interval of 13.72 m averaging 1.34 g/t gold. In the current program at Wolf a total of 621 m in four holes were drilled. The Wolf Prospect results confirm the presence of strong, near-surface gold mineralization and continuation along strike. A summary of significant results follows:
Gold mineralization at the Wolf Prospect appears to strike in a northwest - southeast orientation with a gentle southwest dip, and is open to depth and in both strike directions. The mineralization appears to have the same orientation as a new gold zone recently announced by Sumitomo at their Stone Boy Project (view here: http://www.petroleumnews.com/mnarch/05-23-1.html), the new zone, called Naosi by Sumitomo, is located just 500 m southeast of the Uncle Sam project claim boundary and two km southeast of the Wolf zone. Sumitomo reports that the Naosi zone consists of a vein system continuous over at least a 1,500 m strike and 500 m in the down-dip direction. The zone includes a highlight intersection of 7.92 m averaging 7.8 grams per metric ton gold and 19.7 g/t silver. The proximity of the two zones, and the similar orientation along a controlling northwest trending structure suggests the possibility of a larger gold mineralized system.
Lone Tree Prospect
Five diamond drill holes have also been completed at the Lone Tree prospect which is located further to the northwest from the Naosi and Wolf prospects in the northern part of the Uncle Sam property. Assay results for these holes are awaited. Drilling targeted a very strong gold in soil anomaly that measures approximately 4,000 m in length and up to 1,000 m wide. Previous drilling by other operators has returned encouraging results such as drill holes USC-011, which contained an intersection of 19.22 m averaging 2.03 g/t gold and USC-013, which contained 6.0 m averaging 1.79 g/t gold and 14.0 m averaging 1.65 g/t gold. The drilling program was designed to expand upon the area of known gold mineralization. Results are expected soon.
Signed in January of 2011, the agreement with Millrock gives Crescent the exclusive option to earn a 100% interest in the Uncle Sam claim group in return for a cumulative US$2.5 million in exploration expenditures, US$300,000 in cash payments and Crescent share issuances to Millrock. Crescent has issued 1,583,281 common shares to Millrock and these shares represent approximately 5% of the currently issued and outstanding Crescent shares. If the earn-in agreement proceeds to December 31, 2011, Crescent will issue to Millrock that number of common shares to give the Company 18% of the issued and outstanding shares of Crescent on that date. Millrock may be entitled to receive more Crescent shares in the event that an independently verified gold resource is defined on the property. Millrock obtained rights to the Uncle Sam property by virtue of an agreement with Kiska Metals.
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. All samples from the project were delivered by Millrock personnel to ALS Chemex, Fairbanks, Alaska. 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.
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, President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to the planned 2011 exploration program and budgets for Millrock's exploration efforts in Alaska and Arizona. 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 Thursday, 28 July 2011 | Digg This Article
| Source: GoldSeek.com
