Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

September 06, 2007 09:30 ET

Millrock Reports Completion of Divide Project Drill Program and Commencement of Drilling at Inmachuk Project, Seward Peninsula, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2007) - Millrock Resources Inc. (TSX VENTURE:MRO) is pleased to announce that it has completed an initial drill program on its Divide Project near Nome, Alaska. Millrock is earning a 50% interest in the project with NPN Investments Group (TSX VENTURE:NPN). Exploration costs are shared equally by the two companies with Millrock as operator.

Five holes totaling 1,841 feet (561.1 metres) were drilled to test an exceptional soil anomaly that has been found to exist on the Divide claims. The anomaly measures over 8,000 feet (2,600 m) long and 2,000 feet (660 m) wide. The strongest portions of the anomaly, which exceed 200 ppb gold over a broad area, had not been previously drill tested.

Millrock has elected to submit the entire core from mineralized intersections for analysis in order to avoid the possibility of gold loss during splitting or sawing. While no visible gold was observed, gold loss has been a problem at this property, and at the nearby Rock Creek Mine, currently being constructed by Novagold. All core has been logged and photographed, with depth markers showing and visible. In the interest of full disclosure, Millrock also notes that the core was logged in part by David Lajack, a principal of NPN Investment Group, and in part by Philip St. George, Millrock's vice-president of exploration. A sample quality control / quality assurance program is in place. The core has been kept in a secure location. Samples will be sealed for delivery to ALS Chemex in Fairbanks, Alaska. Each sample will be screened for metallics, and a two assay ton aliquot will be used for a fire assay atomic absorption finish. Core that is not sampled will be retained as a geological record and coarse rejects will be retained for review and further analysis if necessary. Results are anticipated to be available in late September.

The drill is currently being mobilized to the Inmachuk project. Millrock has the option to earn a 60% interest in the property from Full Metal Minerals (TSX VENTURE:FMM). Minimum exploration expenditures totaling US$335,000 are required by the option agreement this year. Drilling will focus on the Hannum zone, where a 2,500 foot (762 metre) program consisting of five holes is planned.

Both carbonate silver-lead-zinc and sediment-hosted gold prospects are located on the Inmachuk property, upstream from a placer district that has historically produced more than 300,000 ounces of gold. Two significant carbonate-replacement mineralized zones have been identified at Hannum and Harry's Creek. The occurrences are 4,300 feet (1,300 meters) apart and appear to be at the same stratigraphic level. Testing for continuity between the two has been difficult due to poor exposures, surface oxidation and permafrost. The Hannum Creek prospect is typified by an extensive surface gossan. Historic channel samples collected from trenches completed by Bunker Hill Mining Company in the 1960's include: 15% Pb, 1.5% Zn, 2.2 ounces of Ag/ton, and 0.23% Sb over a 51-foot (15.5 metre) width. The Bunker Hill soil program identified an anomalous area about 4,900 feet (1,500 metres) by 1,600 feet (500 metres) in which soils returned values greater than 250 ppm lead and 500 ppm zinc. In 1966, Bunker Hill completed 15 diamond core holes totaling 1,995 feet (608 meters). Due to an underpowered drill rig, the deepest hole was only 250 feet (75 metres) deep. Oxidized sulphide bearing carbonate rocks were reported. The unoxidized targets remain untested at depth. (Note: Millrock cautions that the Bunker Hill records, though relevant, are historical in nature and have not been independently reviewed, are not NI 43-101 compliant and should not be relied upon.

Work completed by Full Metal during 2006 identified a 3,600 foot (1,100 metre) by 1,300 foot (400 metre), northwest trending silver-lead-zinc anomaly between Harry's Creek and Hannum Creek. Lead values ranged from trace to 4,220 ppm, while zinc values ranged from trace to 5,390 ppm. The soil anomaly is coincident with an electromagnetic conductor identified previously by Bunker Hill. This target has not been previously drilled.

Millrock also announces the resignation of Philip St. George as the company's CFO. Mr. St. George has ably handled this role during Millrock's start-up phase, and the company thanks him for his service. This management change will allow Mr. St. George to fully focus on developing quality exploration targets and executing efficient, successful exploration programs in his role as the company's vice-president of exploration. Mr. St. George will be replaced, effective September 15, 2007, by Michael Chen. Mr. Chen is a proven finance executive with substantial hands-on experience in financial management and business leadership. He is a United States Chartered Public Accountant with a Masters in business administration, and is the principal of his own firm, DoubleOcean Financial Group. Mr. Chen has extensive and progressive experience in three Fortune 500 companies and is currently CFO of other TSX Venture Exchange companies including Commander Resources and Magnum Resources and OpenEC Technologies. Millrock will benefit from Mr. Chen's depth of financial experience and business acumen.

This press release has been prepared by Gregory Beischer, Certified Professional Geologist, President and CEO of Millrock Resources Inc. Mr. Beischer is a Qualified Person as defined by NI 43-101. Mr. Beischer approved the information contained in this release.

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 planned expenditures and exploration programs. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Millrock Resources Inc.
    Gregory Beischer
    President & CEO
    (604) 638-3164