Millrock Resources Inc.

Millrock Resources Inc.

November 01, 2007 08:30 ET

Millrock Announces Positive Drill Results at Divide Project, Nome, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - Millrock Resources Inc. (TSX VENTURE:MRO) is pleased to announce results from drilling at the Divide Project, near Nome, Alaska. Highlights of the program include:

- 8.99 metres grading 1.5 g/t gold in hole DIV-07-03

- 3.05 metres grading 10.0 g/t gold in hole DIV-07-04

- 8.23 metres grading 5.8 g/t gold in hole DIV-07-05

"We are pleased with the outcome of the company's first drilling program," commented Gregory Beischer, Millrock President & CEO. "Encouraging near-surface intersections of gold mineralization were realized in three of the five short holes drilled. The drill sample results demonstrate that gold can occur in satisfactory concentration over significant thickness at the property. We will plan an aggressive program for 2008 in which we will test for continuity between these drill intersections, and to depth."

Five holes totaling 561.1 metres were drilled to test a strong gold - arsenic soil anomaly that was found to exist on the Divide claims. The anomaly measures over 2,600 metres long and 660 metres wide. The strongest portions of the anomaly, which exceed 200 ppb gold over a broad area, had not been previously drill tested. The following table provides a listing of all mineralized intersections using a cutoff grade of 0.62 g/t.

From To Length Gold
Hole ID (m) (m) (m) g/t
DIV-07-01 - - - -
DIV-07-02 7.16 8.08 0.91 3.0
41.00 41.61 0.61 2.0
52.21 53.13 0.91 3.0
67.91 68.73 0.82 2.7
DIV-07-03 47.85 56.85 8.99 1.5
DIV-07-04 7.16 7.77 0.61 4.0
40.63 42.43 1.80 1.2
80.31 81.08 0.76 4.6
93.42 96.47 3.05 10.0
DIV-07-05 2.13 10.36 8.23 5.8
13.87 14.17 0.30 1.1
81.84 82.97 1.13 1.0

These intercepts are thought to be close to true thickness, as the holes were drilled nearly perpendicular to the strike and dip of the mineralized vein sets.

The Divide Property is located in the prolific Cape Nome mining district about 45 kilometres north of Nome, Alaska. Access to the property is via the Nome-Taylor highway which crosses the eastern boundary of the 1,424 ha claim block. Millrock can earn a 50% interest in the project from NPN Investment Group Inc. ("NPN") by paying 50% of all exploration expenditures, and paying a total of US$500,000 over a five year period to the underlying property owner. Additionally Millrock will issue 500,000 shares of the Company to NPN. Millrock is the exploration operator.

Underlain by structurally deformed, retrograde greenschist facies metasediments (turbidites and related deep water sediments); the rocks at the Divide Property are of late Proterozoic to Paleozoic age. These same rocks are the source of the alluvial gold deposits of the Nome camp, where approximately 5 million ounces of gold has been produced by placer mining methods. The Rock Creek Mine, a lode mine currently under construction by NovaGold Resources Inc., is located approximately 33 kilometres to the southwest. Gold mineralization at Rock Creek is hosted in a similar geological setting to that at Divide.

The 2007 exploration program at the Divide Project was supervised by Gregory Beischer the company's president and chief executive officer and a Qualified Person as defined by NI 43-101, who also prepared and approved the information contained in this release. Mineralized intervals were sampled and placed in sealed bags and delivered to Alaska Assay Lab in Fairbanks, Alaska for analysis. Each sample was screened for metallics, and a two assay ton aliquot was used for a fire assay atomic absorption finish. Because of gold loss problems previously encountered at this property and other nearby properties, the core was not split. All core was carefully logged and photographed by David Lajack, a principal of NPN Investment Group, and in part by Philip St. George, Millrock's vice-president of exploration, with depth markers showing and visible. All unsampled drill core and coarse rejects from the core samples have been retained as a geological record. A sample quality control/quality assurance program was implemented, and results of the program determined to be acceptable.

About Millrock Resources Inc.

Millrock Resources Inc. is a TSX Venture Exchange listed company focused on exploration of mineral deposits in Alaska. Alaska is a highly prospective, largely underexplored region, which boasts several world class deposits. Millrock's goal is to target similar type deposits, through acquiring and exploring land packages that have the potential to host mineral deposits of global significance. To date, Millrock has acquired four promising projects, and intends on making further key acquisitions. The company has recently completed drilling programs at its Divide and Inmachuk projects on the Seward Peninsula in western Alaska.


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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Millrock Resources Inc.
    Patrick De Witt
    Manager, Investor Relations
    (604) 638-3164
    (604) 688-9620 (FAX)