Fortymile

Status: Available for Option

Target: Fortymile is a historic mining district where over 300,000 ounces of placer gold is spatially related to porphyritic intrusive dikes and sills and most hard rock occurrences to date consist of quartz and calcite veins with various combinations of arsenopyrite, chalcopyrite, stibnite and other sulfide mineralization. These associations are similar to intrusive related gold mineralization elsewhere in Alaska, Yukon and Nevada, and could lead to the discovery of deposits similar to Donlin Creek, Fort Knox, Pogo and Brewery Creek.

Location and Setting: Millrock holds three claim blocks (see table below) in the historic Fortymile mining district, one of the oldest in Alaska. The claim groups are near the towns of Chicken and Boundary, which are on the Taylor Highway, approximately 100 km northeast of Tok, Alaska. The Taylor Highway links the towns of Tok, Alaska and Dawson, Yukon. An extensive network of roads and trails links the properties to the highway system.

Agreement or Terms: Millrock owns 100% of the State mining claims that make up the Fortymile property package. Alaska State mining claims require annual rental payments of $100 per 160 acre claim and a 10% net proceeds tax on production. Two of the claim groups, Chicken and Steele Dome, have claim in-holdings and deals with property owners may need to be arranged prior to any development of the Fortymile land packages.

Geology and Mineralization: The Fortymile district is entirely within the Yukon-Tanana Upland, an area that is considered to be within the “Golden Arch” of large gold deposits spanning from British Columbia to southwest Alaska. Young sediments, including coal, are underlain by metamorphic and igneous rocks in the Fortymile area. The metamorphic rocks are the oldest and most abundant rock type in the area and their age is dated from upper Paleozoic to Devonian with several units known to be Pre-Mississippian of unspecified age. These metamorphic rocks were primarily sedimentary rocks with some igneous rocks within the sequence. The metamorphic rocks are intruded by felsic-to-intermediate igneous rocks, which are equigranular to porphyritic. Placer deposits are spatially associated with igneous rocks dated at approximately 134 million years as well as 180 years million old. Gold mineralization is most commonly found in quartz and calcite veins and is associated with arsenopyrite, chalcopyrite cinnabar, stibnite and other sulfide mineralization. Mineralization is likely to be sourced from the 134 million old intrusives, so several different intrusive related gold deposits could be discovered in the Fortymile district.

A soil-sampling program was carried out on the Chicken, Napoleon and Steel Dome properties. The Chicken property generated samples up to 0.373 ppm gold over an anomalous area that is 2 km by 1 km and is open to the west, south and east. The Napoleon property generated samples up to 1.240 ppm gold and the Steel Dome property generated samples up to 0.010 ppm gold. Additionally, a preliminary stream sediment survey has been completed on Steele Dome and interesting gold arsenic anomalies are present.

Exploration Program:

Detailed surface sampling is planned to better define the existing anomalies. Rock sampling, geophysics and drilling will follow up on the surface sampling programs. Planned exploration will be conducted with several deposit types as the potential targets.

Fortymile Figure 1: Property Map (Enlarge)

Related News Releases:

May 12, 2010
Millrock Provides Corporate Update

February 11, 2008
Millrock Announces Acquisition of Fortymile District Gold Properties and Reconnaissance Sampling