VANCOUVER, BRITISH COLUMBIA, February 19, 2008 – Millrock Resources Inc. (MRO – TSX:V), along with its partner Alix Resources Corp. (formerly NPN Investments) is pleased to announce its plans for the 2008 exploration program at the Divide Project, near Nome, Alaska.
Millrock will operate the exploration program that is expected to cost approximately $1.5 million, with costs borne equally by the partners. The program will consist of:
- Ground magnetic and electromagnetic survey
- Lithological and structural mapping
- Core drilling of ~1,800 metres
- Reverse Circulation drilling of ~ 3,600 metres
- Trenching and channel sampling
Philip St. George, Vice-President of Exploration for Millrock, states: "The Divide Project offers an excellent opportunity to develop a high grade, near-surface gold resource. There is a lot of gold in this mineralizing system. The key to discovery of an economically exploitable resource at Divide is identifying places where structures intersect brittle rock units conducive to formation of large vein systems and stockworks. The aggressive program we have planned will determine whether such zones are present on the property."
The ground magnetic survey will be carried out in March, when snow conditions will permit rapid data calculation. The survey data will aid in identification and tracing of structures, lithological units, and alteration zones in an early June field mapping program. Reverse circulation drilling and trenching will also commence in June. The initial target area will be the Stoneman prospect. At this location, visible gold is observed at surface in talus and weathered, broken bedrock. Further along strike, previous trench sampling returned values of 16.21 g/t Au over 16.76 m. However, drill holes immediately undercutting the trench did not provide results of similar magnitude. To resolve the discrepancy, and to expose the mineralization for thorough observation and evaluation, the company will excavate a large trench or open cut. A bulldozer will be used to strip overburden, and an excavator used to dig trenches across the mineralized zone. Explosives will be used if necessary to expose fresh rock. Channel sampling will be achieved with a diamond saw. The zone will be undercut with a series of relatively closely spaced reverse circulation drill holes. The objective of this portion of the program is to determine if a high grade chute is present in the vein system, and if so, to delineate the resource. If the results warrant, a bulk sample will be collected in a contingent, late season program.
A core rig will be used to test at various places along the southern soil anomaly, and along projections of both anomalies beneath deeper cover.
The Divide Property is located in the prolific Cape Nome mining district about 45 kilometres north of Nome, Alaska. Access to the property is via the Nome-Taylor highway which crosses the eastern boundary of the 1,424 ha claim block. Millrock can earn a 50% interest in the project from Alix Resources Corp. (Alix) by paying 50% of all costs associated with the Divide Option, and a total of US$500,000 over a five year period. Additionally Millrock will issue 500,000 shares of the Company to Alix. Millrock is the exploration operator.
Underlain by structurally deformed, retrograde greenschist facies metasediments (turbidites and related deep water sediments); the rocks at the Divide Property are of late Proterozoic to Paleozoic age. These same rocks are the source of the alluvial gold deposits of the Nome camp, where approximately five million ounces of gold has been produced by placer mining methods. The Rock Creek Mine, a lode mine currently being commissioned by NovaGold Resources Inc., is located approximately 33 kilometres to the southwest. Gold mineralization at Rock Creek is hosted in a similar geological setting to that at Divide.
About Millrock Resources Inc.
Millrock Resources Inc. is a TSX Venture Exchange listed company focused on exploration of mineral deposits in Alaska. Alaska is a highly prospective, largely underexplored region, which boasts several world class deposits. Millrock’s goal is to target similar type deposits, through acquiring and exploring land packages that have the potential to host mineral deposits of global significance. To date, Millrock has acquired four promising projects, and intends on making further key acquisitions.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Patrick De Witt, Manager, Investor Relations
(604) 638-3164
Toll Free: (877) 217-8978
Millrock Resources Inc.
750 World Trade Centre - 999 Canada Place
Vancouver, BC V6C 3E1
Canada
FORWARD LOOKING STATEMENTS
Some statements in this news release contain forward-looking information. 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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