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MRO Millrock Resources Inc

0.035
0.00 (0.00%)
31 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Millrock Resources Inc TSXV:MRO TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.035 0.03 0.04 0 01:00:00

Millrock Reports on Exploration Results and Right of First Refusal, Stellar Copper-Gold Project, Alaska

08/11/2013 9:14pm

Marketwired Canada


On August 6, 2013 Millrock Resources Inc. (TSX VENTURE:MRO) reported that it had
granted a Right of First Refusal (ROFR) to a major mining company ("the Miner").
In return for the ROFR the Miner agreed to fund a minimum of US$200,000 worth of
exploration work. 


The exploration work was completed during August 2013 and consisted of 1)
airborne magnetic, electromagnetic and radiometric surveys (approx. 950 line
km), 2) property-wide soil geochemical surveys on 500 m centers (792 samples),
and 3) rock sampling (198 samples). Additionally, 452 rock samples were
collected at a majority of soil sample sites and a hand-held spectrometer was
used to analyze the specimens, primarily for the presence of hydrothermal
alteration minerals. The surveys were designed to provide a property-scale data
set with which to assess the property's overall potential to host a large-scale
copper-gold deposit.


Broad scale copper anomalies were identified by the soil geochemical survey and
there is evidence for widespread hydrothermal activity. Three areas of
particular anomalism -Jupiter, Mars and Gemini - are evident. 


The Jupiter target area lies along the northern margin of the same diorite stock
that occurs adjacent to and possibly responsible for the formation of the Zackly
copper-gold skarn deposit located two km to the southeast. The area is underlain
almost entirely by andesite and basalt commonly exhibiting albite and chlorite
alteration. The Jupiter multi-element geochemical anomaly measures 2.3 km by 1.7
km and occurs with a corresponding magnetic high. The anomaly consists of 33
soil samples with copper results range between 246 ppm to 3850 ppm and have an
average copper value of 832 ppm. Gold values in these soil samples average 92
ppb and range from 5 ppb to 178 ppb. In addition to high copper and gold the
soils contain anomalous silver and cobalt. The anomaly is lineated to the NNE
and the WNW and seems to be formed along an offset structural intersection.


Additional sampling at the previously identified Mars prospect better defined
the geochemical anomalous zone discovered in 2012. The soil anomaly is based on
28 samples and measures approximately 1.4 km by 0.8 km. The area is
characterized by strong copper-in-soil values, along with anomalous molybdenum
and gold, centered on a magnetic high. Copper values within the anomaly range
from 258 ppm to 3510 ppm and averaging 977 ppm copper. Gold values range from 38
ppb to 339 ppb and average 116 ppb. The anomaly is underlain by locally altered
andesite, basalt, gabbro and diorite in a structurally complex setting. Rock
grab samples of altered bedrock and float were collected from the prospect.
Seven of those samples assayed over 1% copper with values up 7.4% Cu and up to
1.78 ppm Au. 


The Gemini target area is a newly discovered anomaly generated in the recent
exploration program. It is a strong copper-in-soil anomaly centered on a
chlorite (+skarn +potassic) alteration zone in andesite and basalt. The anomaly
is defined by 12 samples over an area measuring 3.0 km by 1.8 km with copper
values ranging from 356 ppm to 1130 ppm and averaging 568 ppm copper.


Despite the results, the Miner has elected not to exercise its ROFR. The
property remains available for earn-in agreements with other companies. In
addition to the target areas described above, the Zackly skarn remains a strong
target for further exploration. See press release issued September 19, 2012 for
a description of this prospect.


The technical information within this document has been reviewed and approved by
Gregory A. Beischer, President & CEO of Millrock Resources Inc. 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.
In the search for world-class metallic mineral deposits in mineral-rich Alaska
and southwest USA, 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. Millrock currently has nine active exploration projects, seven
copper-gold properties in Alaska, and two porphyry copper prospects in Arizona.
Funding for Millrock's exploration projects primarily comes from its joint
venture partners. Business partners of Millrock include some of the leading
names in the mining industry: Teck, First Quantum and Altius.


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."


FOR FURTHER INFORMATION PLEASE CONTACT: 
Millrock Resources Inc.
Gregory A. Beischer
(604) 638-3164 or (877) 217-8978 toll free
(907) 677-3599 (FAX)
www.millrockresources.com

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