Millrock Resources Inc. is pleased to report it has completed the second phase of an exploration program on its Alaska Peninsula Project, located in southwest Alaska. This follows the completion of Phase 1, announced on July 7, 2014. Geological mapping, as well as rock and soil sampling, were carried out.
This work compliments the airborne magnetic and radiometric surveys that were executed in the first phase of exploration. Geochemical results are expected soon. From this work targets will be selected and recommended for drilling.
Funding for these two phases of exploration has been provided by First Quantum Minerals Ltd. ("First Quantum"). Through an agreement announced on January 27, 2014, First Quantum has the exclusive right, until November 30, 2014, to enter into an Option to Joint Venture Agreement with Millrock under predetermined business terms.
The Alaska Peninsula project is comprised of lands owned by five Alaska Native village corporations and the Bristol Bay Native Corporation (BBNC). Millrock has previously made an Exploration Agreement with Option to Lease with the BBNC, through which it can secure a 100% leasehold interest. The villages of Chignik Bay and Chignik Lagoon are located roughly central to the land package, which is more than 120 km long and up to 60 km wide, covering an area of approximately 650,000 ha. The agreement includes a tract of land that covers three known porphyry copper-gold occurrences on the Alaska Peninsula. The known porphyry occurrences, named Kawisgag, Mallard Duck Bay and Bee Creek, are located near deep tidewater coastlines.