Monte Cristo
Joint Venture: Altius
Status: Available for Option
 Monte Cristo Photo Gallery
 Monte Cristo Fact Sheet (2.0MB)
Target: The target at Monte Cristo is a large tonnage intrusive-related gold deposit or gold-rich porphyry. Millrock was drawn to the area by color anomalies caused by iron staining and carbonate alteration. There is no record of any work previously done in the area.
Location and Setting: The Monte Cristo property is located in the Rainy Pass district about 130 km (81 miles) northwest of Anchorage. The property comprises 29 claims covering 1,877.7 hectares (7.25 square miles).
The property has not received any documented work; the mountainous terrain and presence of ice fields makes it challenging for exploration. However, the exposure has improved and developing access has become easier due to the significant reduction in size and thickness of the glaciers since the 1970s.
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 the terms of the strategic alliance, Altius 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 Monte Cristo 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 of the Monte Cristo property is similar to the geologic environment that 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. The claims are approximately 24 km (15 miles) southeast of the Whistler deposit, a copper-gold porphyry deposit.
Donlin Creek is jointly owned by NovaGold Resources Inc. (TSX:NG) and Barrick Gold Corporation (TSX:ABX) 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. (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, according to their website; the Whistler deposit is owned by Kiska Minerals Corporation (TSX-V:KSK) 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.
Specific to the Monte Cristo project, 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 Au porphyry systems.
The results of Millrock's recent exploration work on the Monte Cristo property establish the potential for discovery of large scale gold deposits and warrant additional surface exploration work.
Exploration Program: The 2010 Monte Cristo exploration program is planned to consist of additional mapping and sampling to determine the extent of the mineralization and alteration zones.
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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