Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

April 16, 2014 09:30 ET

Millrock Stakes Lisburne Zinc Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 16, 2014) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") announces today that through staking it has acquired a large claim group in northwest Alaska that is prospective for large-scale zinc (+lead and silver) deposits.

The claim blocks cover age-equivalent rock strata that are known to host the Red Dog district zinc-lead-silver deposits approximately 140 km to the southeast. Stream sediment samples collected by the United States Geological Survey indicate strong zinc and barium anomalies on the claims.

The project is located 220 km northwest of the town of Kotzebue and 20 km south of Cape Lisburne on the coast of the Chukchi Sea. It consists of 83 State of Alaska claims covering approximately 5,300 hectares. For a brief summary description of the project and location maps, please follow this link.

The Red Dog Mine is a joint venture between Teck Corporation and NANA Regional Corporation and has been operating since 1989. The open pit mining operation is one of the world's largest producers of zinc and lead. The sediment-hosted replacement ores are of exceptional grade and the deposits are large. Of the four known deposits at Red Dog, mining operations are currently extracting ore from the Aqqaluk Deposit, which is reported to have 45.4 million tons of probable reserves containing 15.8% zinc and 4.1% lead as of December 31, 2013 (source).

Phil St. George, Millrock's Chief Exploration Officer stated: "Red Dog is truly a world-class zinc mine. We feel there is excellent potential to discover similar deposits on our claim block. Our claims have strong zinc and barium anomalies in areas that are underlain by Red Dog time equivalent stratigraphy. Our geologists have extensive geologic knowledge of the Red Dog region rocks and are familiar with the most effective exploration techniques for the deposit type. Our local experience will allow for efficient exploration and will hopefully lead to discovery of any zinc-lead-silver deposits that may exist in this area."

Gregory Beischer, Millrock President & CEO commented: "We have seen an increasing interest in zinc from mining and smelting companies. We can see the potential for zinc shortages and price increases in the medium to long term and therefore have decided to act on this conceptual target. We will be looking for a strategic partner to advance the project to the drilling stage."

About Millrock Resources Inc.

Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class metallic mineral deposits in mineral-rich Alaska and southwest USA, 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 ten active exploration projects, eight gold and/or base metal properties in Alaska, a porphyry copper prospect in Arizona and a uranium project in New Mexico. Funding for Millrock's exploration projects primarily comes from its joint venture partners. Business partners of Millrock include some of the leading names in the mining industry: First Quantum, Teck and Altius.

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 projected cash savings and use of funds to generated mineral exploration projects. 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.

"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