Millrock Announces Resumption of Drilling at San Jose Copper Porphyry Project, Arizona
06 Settembre 2011 - 5:35PM
Marketwired
Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock" or the
"Company") is pleased to report that it has started a second phase
of drilling at its San Jose project in the Safford area of
southeastern Arizona. Inmet Mining Corporation ("Inmet") is funding
the drilling as part of an earn-in option agreement. Millrock is
operator.
Three holes will be drilled in the northern part of the San Jose
claim block to test coincident magnetic high ZTEM conductor
anomalies. Six geophysical anomalies were identified during a
recent airborne survey and three have been selected for this drill
program. Based on the survey results, Millrock staked an additional
289 claims, substantially increasing the property holding. The
holes have been pre-collared using a reverse circulation rig, and
will be completed with a core rig. Hole depths may be up to 1,700 m
each.
The San Jose project is positioned right at the intersection of
the prolific Safford and Morenci porphyry trends. The Safford
deposits, presently being actively developed by Freeport McMoran
Copper & Gold, form a linear northwest striking trend. The San
Jose project is located approximately six km from the Sanchez
deposit at the southeast end of the Safford trend. Morenci is
located approximately 30 km to the northeast. Together, Safford and
Morenci account for approximately 10 billion tons of past copper
production and future reserves and resources. A porphyry cell
located on Millrock's claims was discovered by drilling done by
Noranda Inc. in the early 1990s. ZTEM geophysical conductive zones
surrounding magnetic highs are the primary target of the current
drilling program. The geophysical signature appears very similar to
that reported over the Safford deposits.
The agreement with Inmet includes the Dry Mountain claim block,
which is located 20 km to the southeast of San Jose on the Morenci
Trend; a geochemical anomaly measuring approximately 10 km in
diameter is present. The multi-element anomaly is strong in copper
and molybdenum. The anomaly appears to emanate from coincident
ZTEM-Mag signatures. The area is completely covered in overburden.
Millrock recently completed additional biogeochemical sampling and
is formulating drill plans.
The San Jose and Dry Mountain projects are the subject of an
option agreement with Inmet. Under the terms of the Agreement Inmet
has the opportunity to earn a 70% interest in the two claim blocks,
San Jose and Dry Mountain, by making US$4.0 million in exploration
expenditures and by making option payments of US$300,000.
Millrock's President & CEO Gregory A. Beischer is a
Certified Professional Geologist and Mining Engineering
Technologist and is a 'qualified person' for the purposes of
National Instrument 43-101 Standards of Disclosure for Mineral
Properties of the Canadian Securities Administrators. Mr. Beischer
prepared the information contained in this news release.
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$15 million in 2011. Business
partners of Millrock include some of the leading names in the
mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as
junior explorers Ryan Gold, Brixton Metals and Crescent
Resources.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
"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
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