VANCOUVER, BRITISH COLUMBIA, Jul. 21, 2010 (Marketwire) -- Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") released today an update on its drilling of two gold projects in the Seward Peninsula of western Alaska, Council and Bluff.
At the Council gold project, a joint venture with Kinross Gold Corporation ("Kinross"), with Millrock as operator, completed 2,062 metres of reverse circulation drilling to test for hardrock deposits in the historical placer mining region east of Nome, Alaska. The Millrock-Kinross joint venture at Council (for details see here: http://www.millrockresources.com/index.php/news/millrock_commences_drilling_at_council_joint_venture_with_kinross_gold) entails a large land package where over 300,000 ounces of past placer gold production have been recorded. Drilling was done at the Albion prospect, and on a large geochemical anomaly located on lands owned by the Bering Straits Native Corporation and Council Native Corporation.
Samples from the 17-hole Council drilling program have been shipped to Fairbanks Alaska for assay; preliminary XRF analysis indicated numerous intercepts with anomalous gold pathfinder elements of arsenic and antimony. A supplemental geological mapping, prospecting and geochemical program designed to identify additional targets for 2011 drilling has been authorized by Kinross. Rock chip samples collected during the reverse circulation drilling program will be compiled as they are received from the laboratory over the coming weeks. It is anticipated that all results will be in hand and ready for publication in late August or early September.
At the Bluff gold project, a joint venture with Valdez Gold Inc. ("Valdez"), initial drilling by the partners, with Millrock as operator, is scheduled to begin July 23rd. Approximately 4,500 metres of reverse circulation drilling is planned as part of a US$1.2 million 2010 exploration budget. Valdez can earn up to a maximum 75% interest in Bluff with expenditures of US$6 million in exploration, US$900,000 in option payments and share issuance of two million Valdez shares. (For details see here: http://www.millrockresources.com/index.php/news/millrock_finalizes_option_agreement_with_valdez_exploration_of_bluff_gold_p).
The Bluff property is comprised of a land tract covering a total 142 sq km approximately 80 km east of the town of Nome and 24 km east of the Big Hurrah gold deposit, which NovaGold is considering for production and processing at the Rock Creek Mine. The land is owned by the Bering Straits Native Corporation and the White Mountain Native Corporation. Millrock and Valdez have an option to lease the lands for mining.
At Bluff, structurally controlled gold mineralization occurs within a 6.4 km long, arcuate band of schistose rocks near a contact with marble. Drilling by BHP Billiton Ltd. ("BHP") in the late 1980s identified three zones of mineralization. The zones contain several significant intersections including 5.48 g/t gold over 10.9 meters, 4.19 g/t gold over 4.5 meters, and 1.93 g/t gold over 16.3 meters.
Millrock explored the property in 2008 with geological mapping and soil sampling identifying new zones of mineralization and high priority drill targets. Drilling and resampling of BHP core confirmed the presence of gold mineralization. Significant drilling is required on all zones to establish and delineate gold resources. There are numerous drill targets adjacent and down-dip from known gold zones and untested surface geochemical anomalies.
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, 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 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 financial risk and attendant shareholder dilution. Millrock currently has eleven active exploration projects, eight gold-copper properties in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $3.5 million of exploration in 2010, include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
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