VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2011) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") announced today results from drilling at the Shoeshine, Shadow and Discovery prospects of the Estelle gold property northwest of Anchorage, Alaska. The work is being managed by Millrock on behalf of Teck American Incorporated ("Teck American"), a subsidiary of Teck Resources Limited ("Teck"), which has the option to earn up to a 65% interest in the project from Millrock.
Hole SE-002 was drilled to a depth of 388.8 m (azimuth 260°, dip -70°) to test below gold mineralization at surface from the Shoeshine prospect. Variably altered rock with quartz veins and stockworks were intersected over much of the length of the hole. The best assay interval in the hole was from 118.8 m to 360.6 m (241.8 m) averaging 0.24 g/t gold. This interval included two higher grade intersections. From 233.0 m to 241.3 m an 8.32 m intersection graded 1.18 g/ t gold, and from 313.5 m to 319.3 m a 5.82 m intersection graded 1.62 g/t gold. Gold values in the core are associated with arsenopyrite, and minor chalcopyrite. Sulfides were seen in narrow veins and veinlets and disseminated in small grains throughout the intrusive rocks. The multitude of vein orientations precludes determination of the true width on any particular intercept.
Hole SE-003 was drilled to a depth of 367.5 m (azimuth 234°, dip -60°) to test the Shadow prospect. The entire hole, from 3.1 m to 367.5 m (364.4 m) averaged 0.17 g/t gold. The upper portion of the hole contained the strongest mineralization. A 139.0 m zone from 3.1 to 142.1 m graded 0.4 g/t gold.
Hole SE-004 was drilled to a depth of 379.9 m (azimuth 050°, dip -60°) to test the Discovery prospect. The hole was drilled to test gold-bearing structures observed at surface. Several zones with elevated gold values were intersected, but no high grade values were obtained.
Along with the drilling program, Millrock's exploration further evaluated and sampled a variety of other potential drill targets on the property. Excellent progress was achieved with the identification of new gold prospects that will be proposed for drilling in 2012.
The property is adjacent to Kiska Metals Corp.'s Whistler copper-gold deposit and in the same assemblage of rocks that hosts Northern Dynasty/Anglo American's giant Pebble copper-gold-molybdenum-silver deposit. Geologic features, and extensive surface geochemical anomalies at Estelle, indicate the potential for large, bulk-minable, reduced-intrusion-related or porphyry-style deposits. Six main zones of large-scale anomalous gold and pathfinder element geochemistry have been identified over the past two years at the Shoeshine, Shadow, Train, Oxide Ridge, RPM and Stoney prospects. At the Shoeshine and Oxide Ridge prospects surface mineralization is spatially associated with porphyritic intrusive rocks, quartz stockworks and hydrothermal breccias. At RPM rusty, pyritic, hornfelsed sediments with anomalous gold indicate the potential for an auriferous intrusion at a shallow level. The Stoney prospect is a high-grade, polymetallic vein occurrence located near a strong, circular magnetic high pointing to the possibility of nearby porphyry mineralization.
The 2011 exploration drill program and sampling protocol has been reviewed, verified and compiled by Millrock's geologic staff. All work was supervised directly by Philip St. George, Millrock's Chief Exploration Officer. A rigorous QAQC protocol was used on the project, including insertion of blank, duplicate and standard reference samples per every 20 samples delivered to the assay lab. Drill cores were split lengthwise and half of the core was collected as a sample and placed in a sealed bag. All drill core samples were securely shipped to ALS Chemex Labs in Fairbanks, Alaska for preparation, with fire assay and multi-element ICP analyses done at ALS Chemex Labs facility in Reno, Nevada. Duplicate core samples were collected by quarter-splitting drill cores. Low repeatability of results was obtained from the duplicate sample QAQC work, indicating a possible "nugget effect". Further assaying work will be done to investigate this issue and if there are significant changes, an update of results will be published.
Presently, Millrock owns a 100% interest in the property. The agreement between Millrock and Teck American grants two options, and was initially announced on February 14, 2011 (http://www.millrockresources.com/news/millrock_announces_partner_elects_to_proceed_with_first_option_at_este/). The first option grants Teck American the right to earn an initial 55% interest in the project by incurring exploration expenditures totaling US$3.6 million. Upon meeting the requirements of the first option, Teck American would then have the right to proceed to the second option that would allow it to earn an additional 10% interest, for a total 65% interest by incurring an additional US$5 million in exploration expenditures and making cash payments to Millrock of US$400,000. Portions of the property are subject to third-party royalties.
The technical information in this news release was reviewed and approved by Gregory Beischer, Millrock's President and Chief Executive Officer, 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 twelve active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock is on track to carry out exploration programs with a total value of more than US$15 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 2012 exploration program and budgets and expenditures for Millrock's exploration efforts at the Estelle project. 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:
Gregory A. Beischer
(604) 638-3164