Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

November 13, 2008 09:30 ET

Millrock Announces Positive Sampling at Estelle Gold Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2008) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company"), is pleased to announce results of sampling at its Estelle gold property 160 km northwest of Anchorage, Alaska in the Rainy Pass district. The Company is targeting bulk tonnage intrusive-related gold deposits at this location.

Geological signs of a large-scale disseminated, porphyry-style gold deposit were documented during surveys carried out in August. The indicators include hydrothermal breccias, quartz stockwork veining, porphyritic intrusive rocks, widespread hydrothermal alteration and abundant high grade vein-style gold occurrences over a 30-kilometer strike length. Two intrusive-hosted occurrences of interest are named Shoeshine and Oxide Ridge. Gold occurs with arsenopyrite and chalcopyrite that is present in disseminated form within the magmatic rocks, and in quartz stockworks and zones of sheeted quartz veins.

"Sampling of talus fines and rocks indicate two large gold mineralizing systems at the Shoeshine and Oxide Ridge occurrences. The potential for large gold deposits is clearly demonstrated and an aggressive drilling program is warranted to test these zones," said Philip St. George, VP Exploration.

Recent results show gold geochemical anomalies that corroborate the geological observations, and indicate potential for large scale gold deposits. At Oxide Ridge sampling of talus fines has outlined an anomalous zone measuring 200 meters by 300 meters. Talus fines are representative of bedrock immediately uphill from the sample site. The results are strongly anomalous. The average of all 24 talus fines samples in the anomalous zone is 2.32 grams per ton gold. Several samples of altered porphyritic magmatic rocks with arsenopyrite bearing quartz stockworks assay in the 1.0 to 4.0 grams per ton gold range. At Shoeshine the anomalous zone is over one kilometer in length, and 300 meters wide. Of the 49 samples that comprise the anomaly, the average is 0.585 grams per ton gold. Numerous rock samples exhibiting porphyry style mineralization commonly contain 1.0 to 5.0 grams per ton gold. One sample of porphyry rock cut by sheeted quartz veinlets assayed 13.13 grams per ton gold. Individual high grade quartz veins within the anomalous zone contain multi-ounce levels of gold. The results indicate potential for large scale gold deposits and provide justification for 2009 drilling program.

Maps and sample results can be seen by clicking on the following link: http://millrockresources.com/presentations/estelle2008slides.pdf

Millrock has the option to earn up to an 80% interest in the property from underlying property owners Hidefield Gold Plc (AIM:HIF) and Mines Trust (a private Alaska firm). The property consists of 168 claims covering 10,198 hectares.

Gold mineralization at the Rainy Pass district is associated with composite intrusive complexes of Cretaceous age (approximately 65 million years old). The geologic environment is similar to that hosting many major copper-gold and gold porphyry systems found throughout the world and within Alaska's productive Tintina Gold Belt where Barrick's Donlin Creek gold (approximately 70 million years old) and The Pebble Partnership's Pebble copper-gold projects are currently under development. Estelle is located within the Talkeetna Arch, a belt of magmatic intrusive rocks flanked by related volcanic and sedimentary rocks. Pebble is situated in a similar geological position approximately 400 kilometers to the southwest.

This press release has been prepared by Gregory Beischer, Certified Professional Geologist, President and CEO of Millrock Resources Inc. Mr. Beischer is a Qualified Person as defined by NI 43-101. Mr. Beischer approved the information contained in this release.

About Millrock Resources Inc.

Millrock Resources Inc. is a TSX Venture Exchange listed Company intent upon the discovery of high value mineral deposits, with a focus on Alaska and Arizona. Millrock currently has four active exploration projects in Alaska, and three in Arizona.

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.

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)
    Website: www.millrockresources.com