VANCOUVER, BC--(Marketwired - November 09, 2017) - Millrock Resources Inc. (
- 24 meters grading 0.9 grams per tonne gold;
- 12 meters grading 1.1 grams per tonne gold;
- 14 meters grading 0.8 grams per tonne gold.
A drilling program consisting of approximately 2,000 meters in nine drill holes is in progress and is planned for completion in December.
Since forming an option to purchase agreement with the underlying mineral right owner in June 2017, and a simultaneous option to joint venture agreement with Centerra Gold Inc. ("Centerra"), Centerra and Millrock have collaborated to execute a comprehensive exploration program. Centerra is funding the exploration work to earn an interest in the project.
The La Navidad project targets bulk minable, run-of-mine, oxidized deposits that could be processed by heap leaching. The prospects at La Navidad bear the characteristics of an orogenic gold system similar in nature to other gold deposits being mined in the district, including:
- Lluvia de Oro (Metallōrum Holding);
- Santa Gertrudis (Agnico Eagle Mines Limited); and the
- San Francisco Mine (Alio Gold Inc.).
Alio Gold's San Francisco Mine is a prime example of the type of deposit sought by Millrock and Centerra. On their website, Alio Gold reports:
- Measured & Indicated Resources (inclusive of Reserves) - 74.8 million tonnes grading 0.541 grams per tonne gold, containing 1.3 million ounces of gold
- Proven & Probable Reserves - 54.8 million tonnes grading 0.527 grams per tonne gold containing 0.9 million ounces of gold.
Exploration Program and Summary Results:
Soil sampling across the entire property was successfully completed. In total, 1,082 samples were collected and 886 samples have been analyzed. Results are still pending for 196 samples. Of the samples that have results, multiple zones of anomalous gold in soil were identified, with 248 of the 886 analyzed samples containing in excess of 50 parts per billion gold.
Three main prospect areas have been identified -- Anchor, Horseshoe, and Cobre -- and these are described in more detail below.
Magnetic geophysical surveys (82 kilometers) and dipole-dipole induced polarization ("IP") geophysical surveys (20 kilometers) were carried out to image bedrock features beneath surface. Magnetics helped map the lithological units. IP identified zones of strong chargeability and supports an interpretation of gently-dipping rock units. Known gold mineralization is hosted in low to moderately resistive rock units, enclosed above and below by moderately resistive rocks.
Geological mapping was carried out across the entire property. The geology is complex and contains multiple deformed rock types. Biotite gneiss and metasediments are intruded by granodiorite, diorite and granite. Hydrothermal alteration is widespread in these rocks and corresponds to northwest trending and northeast trending structural zones. Mineralization appears to be associated with iron carbonate minerals (siderite predominantly), fine disseminated pyrite, with sericitization and silicification of the metasedimentary and gneissic host rocks.
The numerous roads and trails present on the property were upgraded and refurbished with a bulldozer, creating continuous rock exposures in altered and mineralized zones. Detailed mapping was done along rock exposures in road cuts. Continuous chip-channel rock sampling was also done along the road cuts and strongly anomalous gold was detected over significant widths, as outlined under the prospect descriptions below. A total of 575 rock samples were collected. Of these, 83 samples contained gold grades above 0.5 parts per million (ppm) and 49 of the samples contained more than 1.0 ppm.
Anchor Prospect
A strong gold anomaly (with silver, lead, zinc, arsenic, antimony, tellurium and bismuth -- a suite typical of orogenic deposits) was detected at the Anchor prospect. The anomaly is strongest in the vicinity of prior drilling but extends northward for a distance of 800 meters. Prior workers reported reverse circulation drill holes with significant gold grades and intervals, as indicated in an earlier press release. These drill holes were drilled in the southernmost portion of the 800 meter long gold-in-soil anomaly that has been recently delineated.
Gold mineralization is predominately controlled by low angle structures containing siderite-quartz-calcite veinlets, striking in a northwesterly direction. Alteration is controlled by structures and lithology. In the areas containing biotite gneiss, the predominant alteration is sericite, iron carbonate and weak chloritization. In quartz feldspar gneiss, the predominant alteration is weak to moderate sericitization. These rocks also contain iron carbonates (predominantly siderite) and sulfide box works. The altered zones are oxidized.
While some sample results are pending, some of the better chip-channel intervals can be seen in Figure 1. The intervals reported represent apparent width. True width cannot be confidently determined at present.
Horseshoe Prospect
A strong gold anomaly (with silver, lead, bismuth arsenic, and zinc) was detected at the Horseshoe prospect. This is in an area which appears not to have been previously identified as prospective. The anomaly measures approximately 500 meters long by 450 meters wide. The Horseshoe area is underlain by medium grained biotite gneiss and fine grained quartz feldspar gneiss and metasediments. To the north these rocks are in contact with hornblende gabbro. Gold mineralization is associated with quartz-sericite-pyrite alteration and occurs in quartz-calcite-siderite veins and veinlets.
While some sample results are pending, some of the better chip-channel intervals can be seen in Figure 2. The intervals reported represent apparent width. True width cannot be confidently determined at present.
Cobre Prospect
A large, strong, gold and copper anomaly was also detected at the Cobre prospect. The anomaly measures approximately 2,000 meters by 1,000 meters. Rock types include gneiss with limestone and metasediment lenses. An east-west trending quartz-sericite alteration zone contains copper showings. Chip channel samples have been collected in select areas and results are pending. Systematic trenching and road cut sampling is in progress.
Quality Control-Quality Assurance:
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.
Millrock adheres to stringent Quality Control-Quality Assurance standards. Rock samples were delivered from the project site by Millrock personnel to Bureau Veritas lab in Hermosillo, Mexico for analysis. Samples were kept in a secure location prior to delivery to the laboratory. Analysis methods used include FA430 (30 gr/Fire Assay/AAS) and AQ-200 (Aqua Regia - ICP/MS). For every 20 rock samples a blank sample known to contain no gold and a standard sample of known gold concentration were also analyzed. Three different standards were utilized including MEG-Au 11.15 (3.4 ppm Au), MEG-Au 12.11 (1.5 ppm Au) and MEG-Au 13.01 (0.31 ppm Au). All results from blanks, standards and duplicates were reviewed and found to be accurate within acceptable tolerances for results obtained to date.
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: Kinross, Centerra Gold, First Quantum, Teck, Vale, Inmet, Altius, and Riverside. Millrock is a significant shareholder of junior explorers PolarX Limited and Sojourn Exploration Inc.
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)
