Millrock Reports Results of Seismic Geophsyical Survey and Drilling at Monsoon Project, Arizona
14 December 2013 - 6:49AM
Marketwired
Millrock Reports Results of Seismic Geophsyical Survey and Drilling
at Monsoon Project, Arizona
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 13, 2013) -
Millrock Resources Inc. (TSX-VENTURE:MRO) ("Millrock" or "the
Company") recently completed a seismic geophysical survey and
drilling of a single reverse circulation borehole at its Monsoon
copper project in southeast Arizona. The survey results and the
drill hole indicate that it is unlikely that a large porphyry
copper deposit exists within 500 m of surface. The project was the
subject of an option agreement with FQM (Akubra) Inc, formerly
Inmet Mining Corporation, a wholly owned subsidiary of First
Quantum Minerals Ltd. ("FQML") whereby FQML may have earned a 70%
joint venture interest. FQML has advised Millrock that it will
withdraw from the option agreement. Millrock believes there is
potential for discovery of a porphyry copper deposit at greater
depth and intends to seek a new funding partner to further test the
targets developed.
Prior to the recent
exploration phase Millrock had carried out property-wide
biogeochemical sampling, soil sampling, water well sampling, and
airborne ZTEM and magnetic surveys. The work was designed to search
for buried porphyry copper deposits along the projected trend of
the Safford copper deposits in Laramide-aged rocks that host copper
mineralization in the district.
Reprocessing and
interpretation of historic seismic data had led Millrock to believe
that an upthrown structural block of Laramide-aged rock may be
present, and that copper mineralization may exist in the shallow
subsurface. A modern 2D seismic reflection survey was carried out
to confirm the historic survey in an area where Millrock had
discovered polymetallic anomalies in various geochemical surveys.
Two lines totaling approximately 17 km were surveyed. Two possible
interpretations could be made from the seismic data. One
interpretation indicated the favourable Laramide contact was at an
approximate depth of 500 m below surface. Another interpretation
indicated a depth of approximately 1,000 m.
A
vertically-oriented 500 m reverse circulation hole was drilled as a
stratigraphic test and to determine the source of the geochemical
anomaly. Results of the drilling suggest that an upthrown
structural block does exist in the area tested. Tertiary volcanic
rock was intersected at only 100 m below surface; a much shallower
level than in holes drilled by prior explorers elsewhere on the
property. However, the contact with the Laramide aged rocks must
lie deeper than 500 m; most likely at an approximate depth of 1,000
m.
The technical
information within this document has been reviewed and approved by
Gregory A. Beischer, President & CEO of Millrock. Mr. Beischer
is 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 metallic mineral deposits in mineral-rich
Alaska and southwest USA, Millrock identifies, packages and
operates large-scale projects for joint venture, thereby exposing
its shareholders to the benefits of mineral discovery without the
usual financial risk taken on by most exploration companies.
Millrock currently has nine active exploration projects, seven
gold-copper properties in Alaska, and two porphyry copper prospects
in Arizona. Funding for Millrock's exploration projects primarily
comes from its joint venture partners. Business partners of
Millrock include some of the leading names in the mining industry:
Teck and Altius.
ON BEHALF OF THE
BOARD
Gregory Beischer,
President & CEO
Some statements in
this news release contain forward-looking information including the
statement that Millrock will seek a new funding partner for the
project. 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 success that Millrock
may have in finding a new funding partner and the ability to
maintain the property in good standing.
"NEITHER
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE."
Millrock Resources Inc.Gregory A. Beischer(604) 638-3164 or Toll
Free: (877) 217-8978(604) 688-9620www.millrockresources.com
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