VANCOUVER, BRITISH COLUMBIA, February 16, 2010 - Millrock Resources Inc. (TSX-V: MRO)("Millrock" or "the Company") announced today that it has staked two claim blocks in the Kahiltna Terrane of Alaska that will form the basis of two 50% - 50% joint ventures with Altius Resources Inc., a wholly-owned subsidiary of Altius Minerals Corporation ("Altius", TSX: ALS). The prospects, which have been named St. Eugene and Monte Cristo, were identified through the activities of the Millrock – Altius strategic alliance (for details of this agreement see Millrock press release dated June 11, 2009 here). The Kahiltna Terrane is emerging as a prolific mineral belt that hosts the giant Pebble copper-gold-molybdenum-silver deposit, the Whistler copper-gold deposit, and the Terra gold deposit, as well as Millrock's Estelle gold prospect. Gregory Beischer, President & CEO of Millrock stated: "Millrock continues to make great early-stage surface discoveries of gold and copper mineralization in the Kahiltna Terrane of Alaska. True to our business model, we will continue to generate projects such as these, and advance them with funding from joint venture partners."
The Monte Cristo project, located 130 km (81 miles) northwest of Anchorage, consists of 29 claims covering 1,878 hectares (7.25 square miles). The claims target a large tonnage, intrusive-related gold-rich porphyry deposit. Millrock's field team identified porphyritic intrusive rocks containing anomalous gold values in rock and soil over a distance of 1.5 km. Soil samples ranged up to 400 ppb gold and averaged 86 ppb gold in a population of 22 samples. Rock assays ranged up to 4.2 g/t gold and averaged 0.493 g/t gold in a population of 17 samples. An associated alteration assemblage of carbonate - quartz – sericite typical of many Alaska gold porphyry systems occurs over a broad area of the property. For a summary description of the Monte Cristo property click here.
The St. Eugene project, located 150 km (93 miles) northwest of Anchorage, consists of 26 claims covering 1,683 hectares (6.5 square miles). The claims are situated on a copper-gold-molybdenum porphyry system initially discovered in the 1970s. Millrock's field team identified an extensive zone of strong silica, sericite and chlorite-epidote alteration. Sulfide mineralization including chalcopyrite and copper oxide minerals, plus molybdenite, pyrite and pyrrhotite was found over the extent of sampling and traversing done by the Company. Rock samples with values of over 2.2 g/t gold and 1.0% copper were found in talus on both sides of a glacier-filled valley spanning 1.2 km. The average of 13 samples was 0.54 g/t gold and 0.27% copper. Soil samples ranged up to 200 ppb gold and averaged 67 ppb gold in a population of 20 samples. For a summary description of the St. Eugene property click here.
The primary objective of the Millrock-Altius alliance and joint venture is to identify and explore highly prospective areas in the Kahiltna Terrane for large copper-gold deposits and to attract other exploration and development companies to partner in their advancement.
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 is a TSX Venture Exchange listed company intent upon the discovery of high value mineral deposits, with a focus on Alaska gold deposits and Arizona copper-gold porphyries. The Company follows a project generator-joint venture business model that capitalizes on Millrock's knowledge and ability in two outstanding mining jurisdictions. This model shares risk by partnering with other companies that invest capital to move exploration projects toward development and production. Millrock currently has eight active exploration projects in Alaska, and three in Arizona. Six of the projects are the subject of joint venture agreements in which other companies are making exploration expenditures to earn an interest in Millrock's projects. Drilling is planned on at least four of the Company's projects in 2010.
FOR FURTHER INFORMATION, PLEASE CONTACT
Gregory A. Beischer, President & CEO
Phone: (604) 638-3164
Toll Free: (877) 217-8978
Millrock Resources Inc.
750 World Trade Centre - 999 Canada Place
Vancouver, BC V6C 3E1
FORWARD LOOKING STATEMENTS
Some statements in this news release contain forward-looking information. 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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