SOURCE: Millrock Resources Inc.

Millrock Resources

March 23, 2017 09:00 ET

Millrock Acquires Willoughby Project Data, Stewart Golden Triangle District, British Columbia

VANCOUVER, BC--(Marketwired - March 23, 2017) - Millrock Resources Inc. (TSX VENTURE: MRO) (OTCQX: MLRKF) ("Millrock" or "the Company") announces that it has located and acquired historic exploration information for its Willoughby high-grade gold-silver project in the Golden Triangle District of British Columbia. The information, which was never submitted to the British Columbia Department of Energy and Mines for assessment purposes, was generated in 1996 by Camnor Resources Ltd. ("Camnor") and was contained in an internal company report titled "Report on the 1996 Program and Recommendations for Further Work, Willoughby Property, Stewart Area, British Columbia, Skeena Mining Division", authored by David Visagie, P. Geo., Senior Geologist, Camnor Resources Ltd. and dated January 10, 1997 (the "1996 Report"). Exploration by Camnor in 1996 consisted of 31 surface holes, 40 meters (m) of underground drifting, and 30 underground drill holes. A highlight of the 1996 program was the delineation of a high-grade core at the North Zone. The core of the North Zone measures approximately 30m long with true widths varying from 1 to 8m with the overall width being approximately 3m. Millrock purchased the Willoughby tenures in 2016, as previously announced here.

Gregory A. Beischer, Millrock's President & CEO, commented: "There are some exceptionally high-grade gold and silver drill results noted in the 1996 Willoughby Report. The Willoughby tenures are host to numerous zones of mineralization, and while the grade is high, each appears to have limited extent. Nevertheless, we view these numerous zones as possible indicators of a more significant deposit at depth - hopefully with similar grade. Alpine glaciers that characterize the upper reaches of the mountains have receded rapidly since the last serious exploration effort in 1996. We look forward to prospecting the rocks that have been uncovered over the past two decades".

The table included indicates some of the highest grade intercepts of the 1996 Camnor program.

A copy of the 1996 report can be viewed here. A project summary description can be seen on Millrock's website at this link.

Note: The Qualified Person ("QP") for Millrock cannot verify the drill results reported in the table above or the other technical information set out in the 1996 Report. The location of the drill cores from the program is presently unknown and they have not been inspected by the Millrock QP, and therefore Millrock has not undertaken any re-logging, resampling or check assays. However, Millrock has no reason to doubt the results and considers the results relevant and suitable for disclosure. The high-grade results compare favourably with high grade results reported by Camnor in 1994 and 1995. The information in the 1996 Report was created under the direct supervision of Mr. David Visagie, the geologist in charge of the Camnor work that year, and author of the Camnor report. Millrock has discussed the work and the report with Mr. Visagie who has confirmed the contents of the report. Mr. Visagie is a registered member of the Association of Professional Engineers and Geoscientists of British Columbia. Millrock has been informed that, under Mr. Visagie's supervision, a Quality Control and Quality Assurance (QAQC) program was in effect during the 1996 exploration program. Selected mineralized core samples were collected from split drill core and assayed locally near Stewart, BC at Westin Mines' Premier Gold mine by fire assay using a one assay ton technique. Sample pulps were forwarded to Chemex Labs in North Vancouver, BC and were analyzed for 30 elements by ICP analysis. Every 10th sample pulp was assayed for gold and compared to the results reported by the Premier Mine lab. Additionally, all samples that exceeded, by ICP analysis, 100 ppm silver, or 10,000 ppm copper, lead or zinc were also assayed. Chemex also completed screening and assaying of all samples containing visible gold. In addition, a limited number of reject samples were assayed to test for laboratory variance. Specific use of standards and blanks throughout the sampling sequence were not mentioned in the 1996 Report although laboratories commonly have their own internal standard and blank testing procedure. The 1996 Report QAQC section concluded that there were only minor variances between samples assayed at different labs. Chemex (now ALS Chemex) in North Vancouver is still currently in operation and is now an accredited ISO company. There is no reported or known relationship between the labs mentioned, Mr. Visagie, or Camnor.

The 1996 Camnor exploration program consisted of 31 surface drill holes totaling 3,458.7m, 40m of drifting, and 30 underground drill holes totaling 2,383.2m of underground drilling, at a reported cost of $1.3 million. The 61 drill holes were drilled in BQTK core diameter. Field work performed on the property included mapping, remapping, and/or sampling of the North Zone, Wilby Zone, and Wilkie and Wombat Zones. A structural interpretation of the North and Wilby Zones was also completed during the 1996 program. True widths of mineralized intersections were referenced intermittently in the 1996 Report and the tables with drill results appear to report apparent width. True width is not known with certainty by the QP.

The Willoughby Property is located 26km east of the town of Stewart, British Columbia on the eastern margin of the Cambria ice field, and covers 995 ha. It is located 3km to the east of the Red Mountain gold property which is being actively developed by IDM Mining Ltd. ("IDM"). IDM reports a resource of 583,700 ounces of gold and 1,655,700 ounces of silver in the Measured and Indicated Categories at Red Mountain, as indicated at this link. The geological setting at Willoughby is thought to be very similar to that at Red Mountain. The Company cautions, however, that the mineralization identified on the Red Mountain property may not be indicative of the mineralization that may be found on the Company's property.

Millrock owns three projects in the Golden Triangle District: Willoughby, Todd-Poly, and Oweegee Dome. The projects have potential for high-grade epithermal or intrusion-related gold - silver deposits, and precious metals enriched volcanogenic massive sulfide deposits. The Company intends to find partner companies willing to fund exploration programs in order to earn an interest in the projects.

Millrock will recommend, to any future partner, an exploration program that includes prospecting and mapping of new rock exposures created by receding glacier ice, modelling and analysis of airborne geophysical data, followed by diamond drilling. The Company is presently digitizing all available information for the project and incorporating it into a database.

Except as noted above, the technical information within this news release has been reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is 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. 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 taken on by most exploration companies. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Newcrest, Teck, Kinross, Vale, Inmet, Altius, and Riverside.

ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO

Some statements in this news release contain forward-looking information. 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."

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Contact Information

  • FOR FURTHER INFORMATION, PLEASE CONTACT:
    Melanee Henderson
    Investor Relations
    (604) 638-3164
    (877) 217-8978 (toll-free)

    Millrock Resources Inc.
    2300-1177 West Hastings Street
    Vancouver, V6E 2K3