Millrock Resources Inc.
TSX VENTURE : MRO

Millrock Resources Inc.

October 20, 2010 09:03 ET

Millrock and Valdez Gold Drill 32.0 m of 3.8 g/t Gold and Extend Daniel's Creek Zone by 625 m at Bluff Gold Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2010) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company"), along with its partner Valdez Gold Inc. (TSX VENTURE:VAZ) ("Valdez Gold"), released today results of a drilling program at their Bluff gold project on the Seward Peninsula of western Alaska.

At Bluff, structurally controlled gold mineralization occurs within a 6.4 km long, arcuate band of schistose rocks near a contact with marble. Drilling by BHP Billiton Ltd. in the late 1980s identified three zones of mineralization. The Daniel's Creek zone, which was known to contain interesting intercepts drilled by prior workers, was the main focus of this year's efforts.

Fences of short (~130 m) holes were drilled by Millrock with funding provided by earn-in partner Valdez Gold. In total 2,800 m of reverse circulation drilling in 24 holes was completed. The Daniel's Creek zone mineralization was confirmed, and extended in a westerly direction by 375 m and in an easterly direction by 250 m. The mineralized zone now has a known strike extent of 940 m.

The best intersection of the program was in hole BLF2021, which consisted of 32.0 m grading 3.8 g/t Au including a section grading 9.0 g/t Au over 12.2 m. This intersection appears to be from a previously undiscovered, parallel zone situated at a lower stratigraphic level than the known Daniel's Creek zone. In addition, drill hole BLF2015 intersected 32 m at 1.93 g/t Au including 18.3 m at 3.03 m. Further drilling will be required to define the known zone and expand the newly discovered zone. The results of the program are listed in the table below. The intersections reported below are thought to be approximate true widths. However, since there is little geologic control on the intersection reported with BLF2021 the true width is not known.

Hole From (ft) To (ft) Width (ft) Width (m) Au (g/t)
BLF2002 130 145 15 4.6 0.48
  265 290 25 7.6 0.54
  340 350 10 3.1 2.69
  495 515 20 6.1 0.88
           
BLF2003 50 60 10 3.1 0.42
  150 190 40 12.2 0.88
  230 240 10 3.1 0.67
  315 325 10 3.1 0.82
  470 495 25 7.6 2.02
           
BLF2005 150 165 15 4.6 0.60
  375 395 20 6.1 1.78
  430 440 10 3.1 0.54
           
BLF2006 10 35 25 7.6 0.95
  130 140 10 3.1 2.54
           
BLF2007 25 40 15 4.6 1.62
  45 55 10 3.1 0.44
  335 345 10 3.1 0.54
  350 360 10 3.1 0.48
  500 510 10 3.1 2.31
           
BLF2008 10 50 45 13.7 0.81
  75 85 10 3.1 0.95
  115 140 25 7.6 0.43
  165 175 10 3.1 0.42
  195 210 15 4.6 0.39
           
BLF2009 155 165 10 3.1 1.22
           
BLF2012 95 115 20 6.1 0.74
           
BLF2013 110 120 10 3.1 0.39
           
BLF2014 50 85 35 10.7 1.44
Including 50 60 10 3.0 4.32
           
BLF2015 30 45 15 4.6 1.95
  165 270 105 32.0 1.93
Including 165 225 60 18.3 3.03
  275 225 50 15.2 0.44
           
BLF2017 5 20 15 4.6 0.54
  65 85 20 6.10 1.84
Including 65 75 10 3.1 3.30
  495 505 10 3.1 0.38
  515 525 10 3.1 4.08
           
BLF2018 30 45 15 4.6 1.51
  115 125 10 3.1 0.31
           
BLF2019 80 105 25 7.6 0.76
           
BLF2020 5 20 15 4.6 1.84
  130 150 20 6.1 0.49
           
BLF2021 0 30 30 9.1 1.66
  40 145 105 32.0 3.81
Including 40 80 40 12.2 9.00
* 200 ppb cut off used for composite calculations  

The Bluff property is comprised of a land tract covering a total 142 sq km approximately 80 km east of the town of Nome and 24 km east of the Big Hurrah gold deposit, which NovaGold is considering for production and processing at the Rock Creek Mine. The land is owned by the Bering Straits Native Corporation and the White Mountain Native Corporation. Millrock has an option to lease the lands for mining. Valdez Gold is funding exploration work on the property to earn up to a 75% interest in the project under the terms of an agreement announced originally on April 30, 2010 (for details see here). Millrock is presently the operator for exploration activities on the project.

Drill cutting samples from the Bluff drilling program were collected at the drill site, sealed in bags and shipped to Fairbanks, Alaska for assay at ALS Chemex, an international laboratory with stringent quality control and quality assurance programs. Millrock also had its own quality control / quality assurance programs in place.

The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, 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 financial risk and attendant shareholder dilution. Millrock currently has eleven active exploration projects, eight gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $7.5 million of exploration in 2010, include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorers Valdez Gold, Brixton Metals and Crescent Resources.

ON BEHALF OF THE BOARD
"Gregory Beischer"
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.

"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."

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