Millrock Resources Inc.

Millrock Resources Inc.

June 23, 2008 09:30 ET

Millrock Seeks to Expand Historical Gold Resource at the Bluff Prospect, Seward Peninsula, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") announces that it will proceed with an 1,800 meter core drilling program at the Bluff prospect, Alaska. The program, which will consist of approximately 10 holes, is designed to confirm prior drill intersections and to expand the historical gold resource that was reported to exist by BHP-Utah Minerals Int. (now BHP-Billiton Plc) ("BHP"). The Bluff project is located on one of three land tracts owned by the Bering Straits Native Corporation with which Millrock has made a previously announced exploration agreement.

During the period from 1986 to 1990, BHP discovered three zones of lode gold mineralization: Daniels Creek, Saddle, and Koyana, in a seven kilometer long belt of schistose rocks. The gold mineralization was discovered by drilling strong surface gold - arsenic geochemical anomalies. A highly productive placer deposit has been previously mined downstream. In a 1991 summary report, which was recently provided to Millrock, BHP reported the following historical resources:

Grade Tonnage Potential
Tons grade (opt) grade (g/t) Ounces
Daniels Creek 3,000,000 0.1 3.43 300,000
Saddle 1,500,000 0.11 3.77 165,000
Koyana 2,000,000 0.02 0.69 40,000

Millrock cautions that these reported resources are historical, and have not been independently reviewed, and should not be relied upon. The 1991 BHP report presents the resource estimates using the term "grade / tonnage potential". The estimates are based on sparsely spaced drill intersections and projections along geological trends, and up dip to surface trenches and geochemical anomalies. A 1.0 ppm cutoff grade was used. Millrock does not believe that the estimates made by BHP in 1991 would meet the definition of Inferred Resource set out in Section 1.2 of NI43-101.

"Millrock is pleased to be working on this excellent prospect. When we made the exploration agreement with Bering Straits Native Corporation, we were aware of the gold mineralization at Bluff. However, now that we have had an opportunity to evaluate the project data in more detail, it has become apparent that this is a significant gold resource that can be readily expanded. We will work quickly to verify the past results and perform the needed work to bring this to NI43-101 compliance. Additionally, we feel there is excellent potential for discovery of previously undetected deposits," said Company President, Gregory Beischer.

The Daniel's Creek zone is reported to contain one or two closely spaced, gently dipping to flat-lying deposits. The deposits are thought to be 3.3 meters to 6.6 meters true width, have a 100 meter to 200 meter depth extent, and are hosted within thrust fault structures. Only five holes have penetrated the mineralized zone, which is open to the northeast.

The Saddle zone mineralization is reported to have an average true width of 4.9 meters and a minimum 730 meter strike extent. The deepest intersection is 152 meters. The tonnage / grade estimate is based upon only three drill holes. The zone is open in all directions.

The Koyana zone has also been penetrated with only three drill holes. A 10.7 meter true width is indicated. The deepest intersection is 83 meters and the known strike extent is 1,036 meters. The zone is open in all directions. The intervening area between the Saddle zone and the Koyana, which measures more than two kilometers, has not been drill tested, but similarities in geology suggest that there is continuity between the zones.

The Bluff prospect is situated on one of three land parcels that are the subject of a previously announced agreement between Millrock and the Bering Straits Native Corporation, owner of the mineral rights. Surface access at the Bluff prospect is controlled by the White Mountain Native Corporation (WMNC). The Company is pleased to report that is has recently signed a surface use agreement with WMNC. Consideration of US$20,000 will be paid. With the execution of this surface use agreement, a finder's fee of US$10,000 is payable to Donald Stevens, an Anchorage-based consulting geologist that brought the project to the attention of the Company.

The Bluff project is located approximately 120 kilometers west of Nome, Alaska, on the Bering Sea coast. A gravel road passes within 20 kilometers of the prospect. An airstrip is located on the property.

Gregory A. Beischer, President & CEO of Millrock is the qualified person who prepared or supervised the preparation of the technical information that forms the basis of this news release.

Millrock Resources Inc. is a TSX Venture Exchange listed company intent upon the discovery of high value mineral deposits, with a focus on Alaska and Arizona. Millrock currently has five active exploration projects in Alaska, and three in Arizona.


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.
    Patrick De Witt
    Manager, Investor Relations
    (604) 638-3164
    (604) 688-9620 (FAX)