VANCOUVER, BRITISH COLUMBIA, September 23, 2010 - Millrock Resources Inc. (MRO - TSX:V) ("Millrock" or the "Company") today released results of exploration work carried out at its Estelle Project in south-central Alaska. Chip sampling of mineralized outcrops at the Shoeshine prospect in the southern portion of the claim block returned the following anomalous intervals:
|Chip Sample||Grade Au||Width|
At the Oxide Ridge prospect, 20 km to the north, two more anomalous intervals were sampled:
|Chip Sample||Grade Au||Width|
Additionally, discovery of a new mineralized zone with disseminated arsenopyrite and tourmaline returned anomalous values in talus fines sampling. This zone, named Oxide North, is located approximately 2.5 km north of the original Oxide Ridge showing. Millrock is currently conducting induced polarization geophysical surveys to test for disseminated sulfides in the valley separating the two gold occurrences. Soil geochemical surveys in the valley have returned widespread arsenic anomalies with gold.
Millrock has expended approximately US$500,000 on the Estelle property in 2010 using funds raised from Teck Resources Limited (“Teck”) in a private placement financing completed in May, 2010. Teck's subsidiary, Teck American Incorporated ("TAI"), upon completion of the initial exploration program now being carried out by Millrock, has the right to elect to enter into an earn-in agreement. TAI can earn an initial 55% interest in the property by incurring US$3.6 million in expenditures over two years, and then a further 10% interest by sole funding an additional US$5 million in exploration expenditures on the property and making cash payments to Millrock totaling US$400,000 prior to the end of 2014.
The Estelle property, located 160 km northwest of Anchorage Alaska, was purchased by Millrock in 2009 from Hidefield Gold plc., (HIF - AIM), and Mines Trust Co. a privately held Alaska-based company. Presently, Millrock owns a 100% interest in the property which is subject to a 3.0% royalty. Consisting of 214 claims covering 13,157 hectares, the property is adjacent to Kiska Metals' Whistler copper-gold deposit, with a resource totaling over five million ounces of gold equivalent (Indicated resource: 30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper [1.31Moz Gold Equivalent] and an 134 million tonnes grading 0.64 g/t gold, 2.18 g/t silver and 0.20% copper [4.44Moz Gold Equivalent], as reported on Kiska's website). Estelle is in the Kahiltna Terrane, an assemblage of rocks that hosts Northern Dynasty/Anglo American's giant Pebble copper-gold-molybdenum-silver deposit, with a resource totaling 107.4 million ounces of gold, 80.6 billion pounds of copper and 5.6 billion pounds of molybdenum (Measured & Indicated 5.942 billion tonnes at 0.42% copper, and 0.35 g/t gold and 250 ppb molybdenum using a 0.3% cutoff plus 4.835 billion tonnes at 0.24% copper and 0.26 g/t Au and 215 ppb molybdenum using a 0.3% cutoff, as reported on Northern Dynasty's website).
Previous work by Millrock at Estelle has identified high-grade gold veins spanning the property which measures approximately 5 km by 20 km. These gold-bearing veins are significant targets, but at the Shoeshine and Oxide Ridge prospects the veins are spatially associated with porphyritic intrusive rocks, quartz stockworks and hydrothermal breccias. These features, and extensive surface geochemical anomalies, indicate the potential for large, bulk minable, intrusive-related or porphyry style deposits.
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, a Qualified Person as defined in NI 43-101.
ABOUT MILLROCK RESOURCES INC. Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class gold and copper deposits in mineral rich Alaska and Arizona, Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the financial risk and attendant shareholder dilution. Millrock currently has eleven active exploration projects in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $5.8 million of exploration in 2010, include some of the leading names in the mining industry: Kinross, Teck, VEC, Inmet and Altius.
ON BEHALF OF THE BOARD "Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Gregory A. Beischer (604) 638-3164 Millrock Resources Inc. 750 World Trade Centre 999 Canada Place Vancouver, BC V6C 3E1
Some statements in this news release contain forward-looking information, including without limitation statements as the ability to confirm the presence of uranium deposits underlying the densely drilled areas of the property, the potential to expand resources by drilling, the forward-looking price of uranium, the potential for amenability to ISR mining, the ability to secure a funding partner for the project, the completion of the option to purchase some of the claims, and the ability to secure funding to carry out the planned exploration and development . 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.
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