Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

February 09, 2011 09:33 ET

Millrock and Inmet Commence First Drilling Program on San Jose and Dry Mountain Projects, Arizona

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or "the Company") is pleased to announce that it has commenced drilling on its San Jose and Dry Mountain projects in southeastern Arizona. Funding for the work is provided by Inmet Mining Corporation (TSX:IMN) ("Inmet") under the terms of an Option to Joint Venture agreement executed in early 2010. Millrock is the exploration operator. The claims are situated southeast of the town of Safford, Arizona and southwest of the Morenci mine.

The initial drill program will consist of five holes totaling approximately 4,000 m to test coincident ZTEM-Mag anomalies with overlying geochemical anomalies. The targets may represent buried porphyry copper (+/- molybdenum and gold) deposits and are located directly along trend of the Safford copper deposits being developed by Freeport A budget of US$1.6 million has been established for this exploration phase.

Under the terms of the Option to Joint Venture Agreement Inmet has the opportunity to earn a 70% interest in the two claim blocks, San Jose and Dry Mountain, by making US$4.0 million in exploration expenditures and by making option payments of US$300,000.

Millrock's Vice President of Exploration, Phil St. George, stated: "There is every indication of porphyry copper deposits under shallow cover beneath Millrock's claims. Modern geophysical methods have identified excellent targets, and this aggressive drilling campaign will determine whether another large porphyry system exists."

The San Jose project is positioned right at the intersection of the exceptionally prolific Safford and Morenci porphyry trends. The Safford deposits, presently being actively developed by Freeport McMoran Copper & Gold, form a linear northwest striking trend. The San Jose project is located approximately six km from the Sanchez deposit at the southeast end of the Safford trend. Morenci is located approximately 30 km to the northeast. Together, Safford and Morenci account for approximately 10 billion tons of past copper production and future reserves and resources. A porphyry cell located on Millrock's claims was discovered by drilling done by Noranda Inc. in the early 1990s. ZTEM geophysical conductive zones surrounding magnetic highs are the primary target of the current drilling program. The geophysical signature appears very similar to that reported over the Safford deposits.

At the Dry Mountain claim block, which is located 20 km to the southeast of San Jose on the Morenci Trend, a geochemical anomaly measuring approximately 10 km in diameter is present. The multi-element anomaly is strong in copper and molybdenum. The anomaly appears to emanate from coincident ZTEM-Mag signatures. The area is completely covered in overburden.

The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, 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. In the search for world-class gold and copper deposits in mineral rich Alaska and Arizona, 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 and attendant shareholder dilution taken on by most exploration companies. Millrock currently has eleven active exploration projects, eight gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock plans to carry out exploration programs with a total value of more than US$14 million in 2011. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Ryan Gold, Brixton Metals and Crescent Resources.

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 the planned 2011 exploration program and budgets for Millrock's exploration efforts in Alaska and Arizona. 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."

Contact Information

  • Millrock Resources Inc.
    Gregory A. Beischer
    (604) 638-3164