Cristo
Status: Joint Venture
Cristo Photo Gallery
Target: The target at Cristo is a large intrusion-related gold or porphyry copper-gold deposit. Numerous rusty zones indicative of sulfide mineralization were sampled by Millrock in 2009 and 2010 and extensive alteration zones with strongly anomalous gold and copper values were discovered.
Location & Setting: Early in 2010 Millrock staked the St. Eugene and Monte Cristo claims as part of its regional reconnaissance strategic alliance with Altius Minerals and in July combined the two groups into one by staking additional claims. The resulting contiguous claim block was named Cristo. In September 2010 Millrock staked the entire Brixton-Millrock AOI. The current Cristo group comprises 328 Alaska state claims covering approximately 21,238 ha located approximately 140 km (87 miles) northwest of Anchorage in the Rainy Pass district. There has been little past exploration in this area due to the challenges posed by the mountainous terrain and alpine glaciers. However, the glacial retreat of recent years has improved exposure and access affording Millrock exploration crews the opportunity to examine surface occurrences of mineralization never before revealed.
Agreement terms: Millrock and Brixton have entered into an agreement whereby Brixton has the exclusive option to earn a 100% interest in the Cristo claim group. To earn its interest, Brixton must make cumulative US $5 million in exploration expenditures and US $350,000 in cash payments, and issue 1.5 million Brixton shares, and 1.5 million Brixton share purchase warrants with an exercise price of $1.00 per share over a four-year term.
The Cristo claims are subject to a 2% net smelter royalty (NSR) on gold and 1% NSR on all other metals production in favor of Altius Minerals Corp. ("Altius"). Altius is Millrock's partner in a strategic alliance of regional prospecting in Alaska which resulted in the staking of the Cristo property in early 2010. Upon full exercise of the option, Brixton will grant a further royalty interest to Millrock, an NSR of 1.0% on gold and 0.5% on all other metals.
Geology & Mineralization: The Cristo group is located in the Kahiltna Terrane, a geologic assemblage that hosts the Pebble copper-gold-molybdenum-silver deposit, the Donlin Creek gold deposit, and the Whistler copper-gold deposit. Donlin Creek is jointly owned by NovaGold Resources Inc. and Barrick Gold Corporation which have reported from their website a resource of 39 million ounces of gold; the Pebble deposit, a joint venture of Northern Dynasty Minerals Ltd. and Anglo American plc, contains 81 billion pounds of copper, 107 million ounces of gold and 5.6 billion pounds of molybdenum, according to their website; the Whistler deposit is owned by Kiska Minerals Corporation which reports from its website a resource of over 5 million ounces of gold equivalent.
Gold mineralization in the Rainy Pass district is associated with 65 to 75 million year old intrusive rocks and porphyries of Cretaceous age - a prolific age for gold mineralization in Alaska.
The western portion of the Cristo group 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 and 2010. 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.
Specific to the eastern portion of the Cristo claim group, samples of porphyritic intrusive rock collected contain highly anomalous gold values over 2.0 g/t. Alteration is dominated by carbonate with quartz-sericite assemblages typical of many gold porphyry systems.
Exploration Program: While Brixton Metals will be the operator of the Cristo claim group in 2011, Millrock recommends an aggressive rock and soil geochemical sampling to test areas presumed to be underlain by favorable geology and to expand the geochemical expression of mineralized zones.
Millrock's Kahiltna District land holdings, Alaska.
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Related News Releases:
January 12, 2012
Millrock Announces Termination of Option on Cristo Property, Kahiltna Region, Alaska
January 11, 2011
Millrock Signs Definitive Agreement with Brixton Metals for Cristo Gold Property, Alaska
October 29, 2010
Millrock Finalizes Exploration Agreement with Brixton Metals and Reports on Exploration Results, Cristo Property, Alaska
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
May 12, 2010
Millrock Provides Corporate Update
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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