Millrock Announces Drill Results and Further Drilling Plans, San Jose and Dry Mountain Copper Porphyry Project, Safford District, Southeast Arizona
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/17/12 -- Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock" or the "Company") announced results of recent drilling at its San Jose project located in the Safford District of southeast Arizona. Four drill holes were completed by Millrock with funding provided by Inmet Mining Corporation ("Inmet"). Inmet has the option to earn a 70% interest in the project. Also, Millrock and Inmet announced that they will proceed with an additional drill program on the project later in 2012.
The holes in the most recent program were drilled in the northern part of Millrock's San Jose property and targeted anomalies detected by airborne ZTEM geophysical methods. Weak mineralization was identified in one hole, and porphyry-style alteration was observed in two other holes. Geological observations indicate proximity to a porphyry deposit. Millrock and its partner Inmet have agreed to carry out further drilling to test magnetic anomalies in proximity to known porphyry mineralization and anomalous geochemical conditions. The program will consist of four holes totalling approximately 4,300 m of drilling (one hole will be drilled on the adjacent Dry Mountain claim block which is also subject to the agreement with Inmet). Down-hole geophysical surveys will be carried out if warranted. Additional geological and geochemical work will precede drilling which is anticipated to commence in the summer of 2012.
Following is a brief summary of the recent drill program results:
Hole J-1004 (vertical, total depth = 1,446.9 m) was drilled, in part, as a deep test of the San Jose deposit in an area highlighted by a conductive geophysical feature. The hole traversed 460 meters of intrusive dacite and tonalite showing intense phyllic alteration along with local zones of anomalous copper mineralization. Skarn mineralization containing pyrite and small amounts of sulfide copper minerals was developed near the bottom of the hole in marble adjacent to the intrusive rocks.
Hole J-1005 (vertical, total depth = 300 m) was drilled as a potential pre-collar on a geophysical feature but was abandoned. No mineralization was encountered.
Hole J-1006 (vertical, total depth = 751.9 m) was sited to test a conductive geophysical feature 4,500 meters south of the San Jose deposit but encountered no significant mineralization.
Hole J-1007 (vertical, total depth = 1,336.7 m) was drilled 2,800 meters northeast of the San Jose deposit on the flank of another large geophysical anomaly. The intrusive rocks intersected showed phyllic and propylitic alteration with the development of pyrite but no significant copper values.
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.
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Contacts:
Millrock Resources Inc.
Gregory A. Beischer
(604) 638-3164
(604) 688-9620 (FAX)
www.millrockresources.com