Humble
Status: Joint Venture
Target: At the Humble prospect, Millrock is targeting a Late Cretaceous-aged magmatic complex bearing geological, geochemical and geophysical similarities to those of a nearby world-class porphyry copper-gold deposit that Millrock Vice President, Exploration, Phil St. George, is credited with initially discovering in 1988. Encouraging signs include the presence of magnetite-rich pyroxenite similar in age and character to a magnetite-rich pyroxenite intrusion adjacent to and genetically-linked to Humble’s regional neighbor.
Separate airborne ZTEM geophysical surveys were conducted by Geotech over Humble’s regional neighbor and the Humble prospect with comparable anomalies between the two properties showing up in the results. Coincident, zoned, multi-element surface geochemical anomalies indicative of porphyry-style mineralization are also present at the Humble prospect.
The Humble prospect is in the earliest stages of exploration.
Property: Regional reconnaissance conducted by Millrock and funded through a strategic alliance with Altius Resources, Inc. ("Altius") led to acquisition of the mineral rights in 2010. The property consists of 366 State of Alaska mining claims that cover approximately 23,698 ha.
Location and Setting: The Humble claims are located approximately 80 km northeast of Dillingham, Alaska in the Togiak Terrane.
Agreement and Terms: Millrock presently holds a 100% interest in the Humble claim block. In 2010, Millrock entered into an Option to Joint Venture Agreement with a subsidiary of Kinross Gold Corporation ("Kinross") whereby Kinross may earn a maximum 75% interest in the Humble prospect. To earn its interest, Kinross must expend a minimum of US $10 million in exploration costs and make annual staged cash payments to Millrock totaling US $200,000 by December 31, 2016. During the option period Kinross is required to bear claim maintenance costs. Millrock is presently the exploration operator and is responsible for all activities on the property. Kinross will decide on an annual basis whether it wishes to continue funding exploration or assume operatorship. A successful earn-in by Kinross would create a joint venture partnership between Kinross and Millrock on the Humble prospect.
A portion of the Humble property is subject to a 2% net smelter return royalty ("NSR") on gold, and a 1% NSR on other metals production in favor of Altius.
Geology and Mineralization: The Humble claims are underlain by coastal plain glacio-fluvial gravel and sand deposits ranging from less than 30 m to more than 140 m in depth. There is no outcrop exposed on the property.
Humble (then known as the Kemuk prospect) was staked for iron ore in 1958 by the Humble Oil Company based on results of airborne magnetic surveys. Drilling occurred on the property in 1958 and 1959, totaling seventeen holes. The Humble prospect is thought to be one of strongest magnetic anomalies in North America, the source of which has been identified as magnetite-rich pyroxenite of similar age to the magnetite pyroxenite intrusion at the known porphyry copper-gold deposit in the region. The pyroxenite found at Humble’s regional neighbor is interpreted to be an early differentiate of the more evolved magma that eventually produced the porphyry copper-gold deposit.
The geology of the Humble intrusive is only known from drill cores obtained during the limited Humble Oil drilling program. Diorite intrusions make up a majority of the composite intrusive complex along with much less abundant andesite and felsic dikes. The sedimentary host rocks of the intrusive complex are Jurassic to Cretaceous graywackes, and Jurassic to Paleozoic chert, limestone, argillite, sandstone and quartzite. Metamorphism is noted throughout the region due to a widespread low-grade event and local thermal metamorphism caused by plutonism. Little else is known of the geology of the property other than the approximate boundaries of the intrusive rocks as indicated by geophysical surveys.
Exploration Program: A systematic program of data analysis and compilation followed by further geophysical and geochemical surveys and drilling is planned pending budget and program approval by Kinross.
Related News Releases:
April 10, 2012
Millrock Plans Drilling for Two Alaska Projects, Humble Project, Southwest Alaska and Council Project, Seward Peninsula
September 13, 2011
Millrock Provides Update of Exploration Activities and Results
November 29, 2010
Millrock Stakes the Humble Property, Southwest Alaska
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