Millrock and Centerra Gold Commence Exploration at Los Chinos and Los Cuarentas Gold Projects, Sonora, Mexico
VANCOUVER, BC--(Marketwired - June 01, 2016) - Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock") announces that surface exploration is underway at the Los Chinos and Los Cuarentas gold projects in Sonora State, Mexico. The projects are the subject of a previously-announced option to joint venture agreement with Centerra Gold Inc. ("Centerra"). Under the option agreement, Centerra can earn a 70% interest by completing US$5.0 million in exploration expenditures over a five-year period at Los Chinos, and US$2.0 million at Los Cuarentas.
Los Chinos:
At Los Chinos, a comprehensive program of geological mapping, soil sampling and rock sampling with concurrent magnetic and gradient induced polarization ("IP") geophysical surveys is being conducted. Early soil sample results show that the El Camino zone is of greater extent than initially indicated by prior work. Anomalous gold, lead and arsenic are detected over an area measuring 700 meters long and up to 500 meters wide. From the IP survey, resistivity highs seem to correlate with anomalous soil results. Mineralized quartz veins exposed at surface appear to have formed along shear zones developed along syn-metamorphic reverse faults. Specular hematite is commonly present near veins and pale green sericite-chlorite characterizes the altered wall rocks of the shear zones. Extensional structural conditions are indicated. Mapping has demonstrated that the typical characteristics of orogenic-type gold deposits area present on the Los Chinos project. Excavation of a number of trenches at El Camino is planned. Applications for permits to carry out trenching and drilling have been submitted and approvals are expected imminently.
Located just 100 kilometers north of Millrock's office in the city of Hermosillo, Mexico, the Los Chinos property is immediately adjacent to Highway 15. The Los Chinos property is located approximately 50 kilometers south of the San Francisco gold mine which is operated by Timmins Gold Corp. The Los Chinos property is in a very similar geological setting as the San Francisco mine and is prospective for mesothermal, orogenic gold deposits. Three zones of mineralization have so far been delineated by Millrock; El Camino, La Tinaja and Albercas. This link leads to a description of the project with maps.
Los Cuarentas:
Millrock's Los Cuarentas property lies 160 kilometers northeast of Hermosillo and is accessed by a series of gravel roads leading from Highway 89. The Mercedes Mine, a gold mine owned and operated by Yamana Gold Inc., is situated on claims immediately adjacent to the southwest. A stream sediment sampling program has been initiated. The main focus of current exploration will be at an area showing alteration typical of the upper levels of an epithermal mineralizing system. This link leads to a description of the project with maps.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is 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. 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. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects primarily comes from its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and Altius.
ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information. 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.
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Contact
FOR FURTHER INFORMATION PLEASE CONTACT:
Gregory A. Beischer
(604) 638-3164
Millrock Resources Inc.
800 - 789 West Pender Street
Vancouver, BC V6C 1H2