Millrock Plans Drilling for Two Alaska Projects, Humble Project, Southwest Alaska and Council Project, Seward Peninsula
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/10/12 -- Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock" or the "Company") announced that it has confirmed programs and budgets with its funding partner for two drilling programs in Alaska in 2012. The first drilling program will be done at the Humble project in southwest Alaska, and the second will be done at the Council project on the Seward Peninsula in western Alaska.
The Humble project targets copper-gold porphyry deposits and is situated approximately 120 km to the southwest of the Pebble deposit in a similar geological setting. Five holes totaling 1,000 m are planned, and drilling is scheduled to begin in April 2012. The drilling targets conductive zones with coincident multi-element soil geochemical anomalies possibly indicative of a buried porphyry deposit.
The Council project targets sediment-hosted vein gold deposits. The planned program for this project consists of six holes totaling approximately 1,000 m, and drilling is scheduled to commence in July 2012. The drill holes will test a seven km long gold - arsenic soil anomaly that overlies a regional structural feature. At places the soil anomaly is up to 400 m in width.
Both exploration programs may be expanded if initial results are positive.
The two projects are the subject of option to joint venture agreements with Kinross Gold Corporation (NYSE: KGC) ("Kinross"), and both are presently still in the option phase. The work is funded by Kinross and carried out by Millrock. Under the terms of the agreements, Kinross may earn up to a 75% interest in the projects.
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 usual financial risk and attendant shareholder dilution taken on by most exploration companies. Millrock currently has twelve active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock plans to carry out exploration programs with a total value of more than US$10 million in 2012. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorer Crescent Resources.
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 the planned 2012 exploration program and budgets for Millrock's exploration efforts in Alaska and Arizona. 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."
Contacts:
Millrock Resources Inc.
Gregory A. Beischer
(604) 638-3164
(604) 688-9620 (FAX)
www.millrockresources.com