-- Posted Tuesday, 6 September 2011 | | Disqus
VANCOUVER, BRITISH COLUMBIA--(Marketwire -09/06/11)- Millrock Resources Inc. (TSX-V: MRO.V, MLRKF.PK) ("Millrock" or the "Company") is pleased to report that it has started a second phase of drilling at its San Jose project in the Safford area of southeastern Arizona. Inmet Mining Corporation ("Inmet") is funding the drilling as part of an earn-in option agreement. Millrock is operator.
Three holes will be drilled in the northern part of the San Jose claim block to test coincident magnetic high ZTEM conductor anomalies. Six geophysical anomalies were identified during a recent airborne survey and three have been selected for this drill program. Based on the survey results, Millrock staked an additional 289 claims, substantially increasing the property holding. The holes have been pre-collared using a reverse circulation rig, and will be completed with a core rig. Hole depths may be up to 1,700 m each.
The San Jose project is positioned right at the intersection of the prolific Safford and Morenci porphyry trends. The Safford deposits, presently being actively developed by Freeport McMoran Copper & Gold, form a linear northwest striking trend. The San Jose project is located approximately six km from the Sanchez deposit at the southeast end of the Safford trend. Morenci is located approximately 30 km to the northeast. Together, Safford and Morenci account for approximately 10 billion tons of past copper production and future reserves and resources. A porphyry cell located on Millrock's claims was discovered by drilling done by Noranda Inc. in the early 1990s. ZTEM geophysical conductive zones surrounding magnetic highs are the primary target of the current drilling program. The geophysical signature appears very similar to that reported over the Safford deposits.
The agreement with Inmet includes the Dry Mountain claim block, which is located 20 km to the southeast of San Jose on the Morenci Trend; a geochemical anomaly measuring approximately 10 km in diameter is present. The multi-element anomaly is strong in copper and molybdenum. The anomaly appears to emanate from coincident ZTEM-Mag signatures. The area is completely covered in overburden. Millrock recently completed additional biogeochemical sampling and is formulating drill plans.
The San Jose and Dry Mountain projects are the subject of an option agreement with Inmet. Under the terms of the Agreement Inmet has the opportunity to earn a 70% interest in the two claim blocks, San Jose and Dry Mountain, by making US$4.0 million in exploration expenditures and by making option payments of US$300,000.
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 prepared the information contained in this news release.
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
"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, 6 September 2011 | Digg This Article
| Source: GoldSeek.com
