Millrock Resources has announced that it has stopped drilling at the Fourmile prospect in Galiuro property without reaching its target.
This was the result of termination of an options agreement by Vale Exploration Canada, a 100% subsidiary of Vale S.A. The exploration work was funded by Vale Exploration Canada.
Hole FM_1001 was drilled vertically to test a circular magnetic feature which is surrounded by a conducting zone. This was discovered by the airborne geophysical survey ZTEM. Concentrated argillic changes can be discovered on the west side of the structure and through rock exposures. The hole was drilled to a depth of 453 m by using the reverse circulation method. However, the company was not able to continue drilling due to unfavourable conditions and hence the hole was lost at a depth of 1,231.5 m before reaching the target and discoving Laramide-aged rocks.
The Galiuro property contains a large copper +/- gold deposit under the volcanic cover and is similar to the Resolution deposit which is developed by BHP Billiton and Rio Tinto. Other companies were unsuccessful in exploring the deposit due to the presence of volcanic cover. Millrock has conducted ZTEM geophysical survey and airborne magnetic surveys to identify various targets that represent porphyry deposits. The company is actively seeking new partners due to the withdrawal of Vale Exploration Canada. Millrock conducts exploration work in search of gold and copper deposits particularly in Arizona and Alaska.
Source: http://www.millrockresources.com