Millrock Reports on Drilling at Galiuro Copper Project, Arizona
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/30/12 -- Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock" or the "Company") announced today that a hole being drilled on the Fourmile prospect on the Galiuro property was abandoned prior to reaching target depth. The work was being funded by Vale Exploration Canada Inc. ("VEC"), a wholly-owned subsidiary of Vale S.A. ("Vale") pursuant to an option agreement signed March 2, 2009. Vale has decided to terminate the option agreement.
Hole FM_1001 was a vertical hole being drilled to test a circular magnetic feature ringed by a strong conductive zone as identified by a ZTEM airborne geophysical survey. Intense argillic alteration is known from rock exposures and prior drilling on the west side of the structure. The hole was pre-collared to a depth of 453 m using a reverse circulation drill. Core drilling proceeded through Tertiary volcanic rock cover. Drilling conditions were very poor, and ultimately the hole was lost at a depth of 1,231.5 m. The hole was terminated before reaching target depth and the favourable Laramide-aged rocks expected beneath the Tertiary cover rocks.
The target at the Galiuro property is a large porphyry copper +/- gold deposit hidden beneath alluvium and Tertiary volcanic cover, similar in magnitude to the nearby Resolution deposit, which is being developed by Rio Tinto and BHP Billiton. The property is situated at the intersection of the Resolution and San Manuel / Kalamazoo porphyry copper trends. Because of the Tertiary volcanic cover, other companies have previously done little exploration work. Through careful geological mapping in combination with airborne magnetic and ZTEM geophysical surveys, Millrock has identified numerous targets that may represent porphyry deposits. With the withdrawal of Vale from the project, Millrock is seeking new partners to test the remaining targets.
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 usual financial risk and attendant shareholder dilution taken on by most exploration companies. Millrock currently has twelve active exploration projects, eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock plans to carry out exploration programs with a total value of more than US$10 million in 2012. Business partners of Millrock include some of the leading names in the mining industry: Kinross, Teck, Vale, Inmet and Altius, as well as junior explorer Crescent Resources.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to the planned 2012 exploration program and budgets for Millrock's exploration efforts in Alaska and Arizona. 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.
"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."
Contacts:
Millrock Resources Inc.
Gregory A. Beischer
(604) 638-3164
www.millrockresources.com
