SOURCE: Millrock Resources Inc.

Millrock Resources

September 06, 2016 10:30 ET

Millrock and Centerra Gold Commence Drilling at Los Chinos Gold Project, Sonora, Mexico

VANCOUVER, BC--(Marketwired - September 06, 2016) - Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock") announces that it has initiated a drilling program at its Los Chinos gold project in Sonora State, Mexico. The project is the subject of a previously-announced option to joint venture agreement with Centerra Gold Inc. ("Centerra"). Under the option agreement, Centerra can earn a 70% interest by funding US$5.0 million in exploration expenditures over a five year period. Millrock manages the exploration work in close consultation with Centerra.

The drilling program is planned to consist of at least ten holes totaling approximately 2,000 meters. The first target to be tested will be the El Camino zone. At this prospect anomalous gold, lead and arsenic are detected over an area measuring 700 meters long and up to 500 meters wide. Other pathfinder elements present within the anomaly include zinc and silver. From a recently-completed induced polarization survey, resistivity lows bounding resistive blocks seem to correlate with anomalous soil results. Mineralized quartz veins exposed at surface appear to have formed along shear zones developed along syn-metamorphic, low-angle reverse faults. Specular hematite is commonly present near veins and pale green sericite-chlorite characterizes the altered wall rocks of the shear zones. Extensional structural conditions are indicated. Mapping has demonstrated that the typical characteristics of orogenic-type gold deposits area present on the Los Chinos project.

Located just 100 kilometers north of Millrock's office in the city of Hermosillo, Mexico, the Los Chinos property is immediately adjacent to Highway 15. The Los Chinos property is located approximately 50 kilometers south of the San Francisco gold mine, which is operated by Timmins Gold Corp. The Los Chinos property is in a very similar geological setting as the San Francisco mine and is prospective for mesothermal, orogenic gold deposits. Three zones of mineralization have so far been delineated by Millrock; El Camino, La Tinaja and Albercas. This link leads to a description of the project with maps.

The technical information within this document 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 primarily comes from its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and Altius.

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 THE 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."

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Melanee Henderson
    Investor Relations
    (877) 217-8978
    Millrock Resources Inc.
    2300-1177 West Hastings Street
    Vancouver, BC Canada
    V6E 2K3