VANCOUVER, BRITISH COLUMBIA, January 22, 2010 - Millrock Resources Inc. (TSX-V: MRO) ("Millrock" or “the Company”) is pleased to announce that it has staked a block of 36 claims (2,331 hectares) covering a pluton-hosted gold target in the Kahiltna Terrane northwest of Anchorage, Alaska. The property is located west of Millrock’s Estelle property, west of Kiska Metals Corporation (TSX-V: KSK) Whistler copper-gold property, and northwest of the Terra gold property owned by International Tower Hill Mines (TSX: ITH). The Kahiltna Terrane hosts the Pebble deposit, a porphyry deposit that is reported to contain an estimated 72 billion pounds of copper and 94 million ounces of gold (measured and indicated mineral resource of 3.09 billion tonnes @ 0.96% CuEq and inferred mineral resource of 1.16 billion tonnes @ 0.93 CuEq using 0.6% CuEq cutoff grade) (Northern Dynasty Minerals Limited website).
A very large multi-element stream sediment anomaly measuring approximately 177 square kilometers surrounds the Revelation property. Porphyritic diorite and altered sedimentary rocks are present on the claims. Alteration and oxidized sulfide minerals occur over a broad area. Initial rock and soil sampling returned encouraging results. A 600 metre long soil anomaly consisting of 10 samples with values ranging between 95 and 1,200 ppb gold was identified in a first pass reconnaissance program. Strong quartz stockworks were noted in talus
Philip St. George, Millrock VP of Exploration noted “This is exciting country to prospect. Glaciers are receding and the melting has been spurred by ash fall from Mount Redoubt volcano which erupted last spring. In some cases we are the first geologists to ever see the mineral occurrences that are emerging from beneath the ice. The mineralization and alteration observed indicates a porphyry system.”
Millrock staked the claims following the purchase of maps, data and other information from consulting geologist Gerald Booth. Mr. Booth provided data that was proprietary and not in the public domain which led the Millrock team directly to the mineralized site. The purchase agreement consists of payments of US$45,000 made over four years and issue of 40,000 Millrock shares (provided the claims are held for those four years). In the event that an ore body is discovered, a payment of US$2.0 million will be made to Mr. Booth upon commencement of commercial production.
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 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 five active exploration projects in Alaska, and three in Arizona. Four 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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