Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

March 31, 2015 09:30 ET

Millrock Provides Update on Los Chinos Gold Project and Rio Sonora Copper Project in Sonora, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2015) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or "the Company") is pleased to provide an update on exploration activities at its Los Chinos gold project in Sonora, Mexico. Recent work has provided indications of a large gold-mineralized system. This new exploration discovery was made during regional reconnaissance for Herradura-type orogenic gold deposits.

The project site was initially targeted due to perceived geological similarities with the San Francisco gold mine located 35 km to the north of Los Chinos. Host rocks, structural setting, character of mineralization, and geochemical indicators at Los Chinos bear a strong resemblance to those at San Francisco.

Limited geologic mapping, rock and soil sampling have been completed by Millrock in the northern portion of the claim block, with encouraging results. In total, 199 rock samples and 158 soil samples have been collected and analyzed. Values in rock range from <detection limit to 8.6 gpt. Soil results ranged from less than detection to 249 ppb gold. Rock and soil sampling results along with mapping and prospecting have defined three mineralized areas with grade controlled by quartz veins and fault breccia zones; the Camino Zone, La Tinaja, and Albercas.

The Camino Zone contains numerous samples grading up to 8.6 gpt gold in quartz veins, stockwork and breccia zones. The sample grading 8.6 gpt is a grab sample composed of rock chips collected across a one meter interval. Mineralization at Camino has been traced for over 1,300 m on surface with gold values in a corridor up to 150 m wide. The Camino veins have a gold - tellurium - lead - bismuth signature. The mineralization at Camino occurs in an area of low topographic relief and consists largely of subcrop exposures, which are open under thin cover to the north and northeast. Preliminary prospecting to the south has indicated another 600 m of altered Proterozoic granite, with quartz vein samples assaying up to 0.17 gpt gold.

The historic La Tinaja workings were developed on quartz veins which assay 5.0 gpt gold over 1.0 m. Two select samples of iron oxide-bearing breccia within 400 m of this showing assayed 0.4 and 2.0 gpt gold. The La Tinaja veins are anomalous in gold - silver - lead - zinc and arsenic.

In the north-central portion of the claim block (Albercas Zone), red matrix breccias developed on the upper contact of Proterozoic basement rocks contain anomalous copper and gold mineralization. Rock sample values include a sample assaying 2.07 gpt gold.

The Los Chinos claims are located 104 km north of Hermosillo, Sonora, adjacent to Hwy 15, which connects the capital with Nogales and the US border. A network of ranch roads provide excellent access for exploration work.

Millrock plans to advance the project through additional prospecting, mapping, soil and rock sampling. Trenching may be done to expose mineralized bedrock under shallow cover. However, in keeping with its Project Generator business model, Millrock is seeking earn-in partners to share the risk of advancing this early-stage gold exploration project.

Millrock is also pleased to report completion of surveys at the Rio Sonora project and favourable results from the same. A program of surface soil and rock sampling was carried out in fall of 2014. Geological mapping was carried out and reprocessing and analysis of existing airborne ZTEM and magnetic surveys was done. It was found that almost the entire property is covered with Tertiary rock that does not contain porphyry mineralization. However, the Tertiary cover appears to be quite thin in the east. The soil geochemical surveys outlined four distinctly anomalous areas which coincided well with geophysical signatures indicative of porphyry deposits. The company that funded the work (see Millrock press release dated October 20, 2014) has elected not to exercise their exclusive right to enter an option to joint venture the project. Millrock is seeking new partners for the project.

Quality Assurance / Quality Control: All samples collected for the Los Chinos program were analyzed at A.L.S. Chemex de México, Bolevar Prof. Ignacio Salazar 688, 83127 Hermosillo, Sonora, Mexico. Millrock has relied upon the internal quality control and quality assurance protocols and procedures in place at this reputable laboratory. The controls included insertion of blanks and standard samples. Additionally, for this program, six select sample pulps were reanalyzed as a check on results.

The technical information within this document has been reviewed and approved by Gregory A. Beischer, President & CEO of Millrock. Mr. Beischer is a Qualified Person as defined in NI 43-101.

ABOUT MILLROCK RESOURCES:

Millrock Resources Inc. is a premier prospect generator to the mining industry. In the search for world-class metallic mineral deposits in mineral-rich Alaska, southwest USA, and Mexico, 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. Millrock currently has twenty active exploration projects, eight gold-copper and zinc properties in Alaska, a uranium project in New Mexico, and eleven gold, silver and copper projects in 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: First Quantum, Teck, Kinross, Vale, Inmet and Altius.

ON BEHALF OF THE BOARD

Gregory Beischer, President & CEO

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain of the information presented in this News Release may constitute "forward-looking statements" or "forward-looking information" within the meaning of Canadian securities legislation (together referred to as "forward-looking statements"). Specifically the Company mentions advancing exploration on Los Chinos and securing business partners for the Los Chinos and Rio Sonora projects. The forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including any delays in the receipt of consents or approvals. Although Millrock Resources has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this News Release and in any document referred to in this News Release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and Millrock Resources undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

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 or (877) 217-8978 toll free
    (907) 677-3599 (FAX)
    www.millrockresources.com