Posted in | Copper | Mining Business

Millrock Grants Right of First Refusal to Major Mining Company

On August 6, 2013 Millrock Resources Inc. 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 (~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.


Gregory Beischer, President & CEO



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