Millrock Announces Acquisition of Porphyry Copper-Gold Properties in Southeastern Arizona
VANCOUVER, BRITISH COLUMBIA, April 3, 2008 - Millrock Resources Inc. (MRO - TSX:V), is pleased to announce that it has acquired two properties in the Safford - Morenci area of southeastern Arizona. The properties, called San Jose and Dry Mountain, were acquired by staking of open ground, and are centered on geological - geochemical - geophysical targets thought to indicate the presence of porphyry copper (+/- gold and molybdenum) deposits.
"We are very excited to have secured these targets in the copper mining heartland of southeastern Arizona," said Company President, Gregory Beischer. "It was stunning to find such exciting targets available for staking in such close proximity, and directly on trend from the Safford and Morenci mining camps. Arizona is an excellent balance for the seasonality of Millrock's work in Alaska. This move will allow the Company to explore year round in geological terranes in which giant metal accumulations may be discovered. We will be seeking other opportunities in Arizona as we move to close additional property acquisitions in Alaska over the coming weeks".
Vice President of Exploration for Millrock, Philip St. George noted: "These properties have excellent potential for giant copper porphyry deposits. Strong geochemical anomalies and favorable geophysical signatures are right on trend with some of the largest copper deposits in North America. We will use cutting edge geophysical methods to refine drill targets, and expect to mount a major drill program in the coming winter of 2008 / 2009."
The San Jose claim block is located 32 kilometers east of the town of Safford. The property is situated at the intersection of two remarkable mineral trends. The claims are directly on strike with a linear series of porphyry copper - gold deposits known as the Safford Trend. This series of deposits contains in excess of six billion tons of potential ore. Deposits within the trend include Dos Pobres (400 million tons @ 0.98% copper) and Lone Star (4 billion tons @ 0.5% Cu), which are currently being mined and developed by Freeport. The claims are also on the Morenci Trend. The Morenci Mine (approximately ten billion tons of past production and current resources) is situated 24 kilometers from Millrock's property in a trend defined by a linear, structurally controlled series of magmatic intrusions. The Millrock claims are immediately adjacent to the San Jose prospect, a porphyry cell of undefined tonnage discovered by Noranda in the mid 1990s. Geologic and geochemical vectors identified at the San Jose porphyry indicate better potential to the northeast on Millrock lands. A strong biogeochemical anomaly exists on Millrock's San Jose property, which covers magnetic and induced polarization geophysical targets. The property covers 5,450 acres secured by staking of 265 federal mining claims and three state exploration permits. A paved highway passes close to the claims, and a power line traverses the property.
The Dry Mountain claim block is also located on the Morenci Trend, 41 kilometers southwest of Morenci Mine. Access is by road and trail. Magnetics and gravity indicate the presence of an intrusive complex beneath cover. A broad copper - molybdenum biogeochemical anomaly with values exceeding 50 part per million copper and six parts per million molybdenum covers much of the claims block. (To view a location map of the two projects please click: http://www.millrockresources.com/projects/arizona_property_location_map_040308.pdf).
The targets at both the San Jose and Dry Mountain properties were brought to Millrock's attention by Tucson, Arizona based geologist Michael Schaefer. A Finder's Fee of US$20,000 and issuance of 20,000 Millrock shares for each property is payable to Mr. Schaefer. A further US$10,000 and 15,000 shares is payable for each property annually as long as the Company holds the property, and a payment of US$2 million is to be paid upon commercial production.
About Millrock Resources Inc.
Millrock Resources Inc. is a TSX Venture Exchange listed company intent upon the discovery of high value mineral deposits, with a focus on Alaska and Arizona. Millrock currently has four active exploration projects in Alaska, and two in Arizona.
ON BEHALF OF THE BOARD
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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Patrick De Witt, Manager, Investor Relations
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