St. Eugene
Joint Venture: Altius
Status: Available for Option
 St. Eugene Photo Gallery
 St. Eugene Fact Sheet (2.0MB)
Target: The St. Eugene property hosts a copper-gold-molybdenum porphyry system initially discovered and staked in the 1970s by St. Eugene Mining Corporation. Rapid glacial retreat in the area over the past 40 years has exposed much more of the slope than was visible in the 1970s, improving the exposure and access to the area.
Location and Setting: The St. Eugene property is located in the Rainy Pass district about 150 km (93 miles) northwest of Anchorage. The property comprises 26 Alaska State mining claims covering 1,683 hectares (6.5 square miles). The St. Eugene claim block has been designed to keep a large buffer around the central area of interest as well as cover all color anomalies (gossans) noted by the Millrock field geologists.
The property has not received any documented exploration work since the 1970s. The mountainous terrain and presence of ice fields makes exploration challenging. However, the exposure has improved and developing access has become easier due to the significant reduction in size and thickness of the glaciers.
Agreement or terms: The prospect falls within the Kahiltna Area of Interest subject to the Strategic Alliance with Altius Minerals (see June 11, 2009 press release regarding the Millrock - Altius Strategic Alliance HERE). Under terms of the strategic alliance Alitus has elected to make this a Designated Project and therefore subject to a 1% royalty on gold and 0.5% royalty on base metals. Altius has also elected to form a 50-50 joint venture on the claims. The claims are available for option and both Millrock and Altius will reduce their ownership levels to allow an earn-in partner to take a majority interest.
Geology and Mineralization: The geologic environment at St. Eugene is similar to that which hosts many major copper-gold and gold porphyry systems found throughout the world and, of particular relevance, within Alaska's productive Tintina Gold Belt where the Donlin Creek gold and Pebble copper-gold projects are currently under development. Donlin Creek is jointly owned by NovaGold Resources Inc. (TSX:N\G) and Barrick Gold Corporation (TSX:ABX) which report from their website a resource of over 39 million ounces of gold; the Pebble deposit, a joint venture of Northern Dynasty Minerals Ltd. (TSX:NDM) and Anglo American plc (LSE:AAL.L), contains 81 billion pounds of copper, 107 million ounces of gold and 5.6 billion pounds of molybdenum, as reported on their website.
The St. Eugene property exhibits alteration which includes strong silicification and quartz stockworks with quartz-sericite assemblages, as well as chlorite-epidote assemblages typical of Cu-Au-Mo porphyry systems. Sulfide mineralization includes chalcopyrite with copper oxide minerals (chrysocolla, malachite, azurite etc.), molybdenite, pyrite, pyrrhotite and chalcopyrite found over the extent of sampling done by Millrock in 2009. Several of the rock samples collected were weakly-to-moderately oxidized, and diorite and feldspar porphyry rocks were also noted by the field team.
Two large copper-stained areas were noted on the cirque wall above the point where the highest grade samples were collected, and were the probable source areas of the best rocks. Encouraging values of over 2.0 g/t gold and over 1.2% copper were found in talus on both sides of a glacier-filled valley spanning 1.2 km (3/4 mile). These copper-bearing areas undoubtedly continue under the ice. A Jurassic batholith occurs near the southwest border of the St. Eugene claim block.
The results of Millrock's recent exploration work on the St. Eugene property establish the potential for discovery of large scale gold deposits.
Exploration Program: The 2010 exploration program is planned to consist of additional mapping and sampling to determine the extent of the mineralization and alteration zones.
Related News Releases:
July 22, 2010
Millrock Signs Exploration Agreement With Brixton Metals For Monte Cristo And St. Eugene Properties, Alaska
June 4, 2010
Millrock Announces Amended Alaskan Exploration Alliance with Altius Minerals
February 16, 2010
Millrock Stakes First Properties in Alaskan Alliance with Altius
June 11, 2009
Millrock Arranges Financing with Altius to Form Strategic Alliance
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