Millrock and First Quantum Report on Drilling at the Dry Mountain Project, Safford Copper District, Arizona
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/10/13 -- Millrock Resources Inc. (TSX VENTURE: MRO) ("Millrock" or "the Company") reports that a single drill hole has been completed at its Dry Mountain project in Arizona. The project is a joint venture between Millrock and First Quantum Minerals Ltd. ("First Quantum") (TSX: FM)(LSE: FQM) following First Quantum's recent acquisition of Inmet Mining Corporation. The hole was completed to a depth of 1,165.9 m to test for a porphyry copper deposit buried beneath Quaternary alluvium and Tertiary cover rocks. The favourable Laramide rocks were intersected at approximately 900 m below surface. No copper mineralization was intersected and no evidence of hydrothermal alteration of significance was observed.
The Dry Mountain project is located at the southwestern end of the Morenci porphyry copper trend. The trend is defined by structural features, and a series of magmatic intrusive complexes identified in bedrock and traced by geophysical methods under post-mineralization volcanic cover and alluvium. A copper + molybdenum biogeochemistry anomaly at Dry Mountain measures five kilometers by six kilometers. The anomaly indicates the potential for a large buried porphyry copper deposit. The Dry Mountain geochemical anomaly is the southernmost in a string of significant anomalies that starts at the Safford deposits, large porphyry copper deposits that are being mined by Freeport-McMoRan Copper & Gold. Gravity data defines a regional pre-mineral basement high. The recently completed drill hole pierced the rocks below the anomaly but did not explain it. Therefore, Millrock interprets that the geochemical anomaly is derived from a remote bedrock source. Millrock and First Quantum will evaluate the results in context of the prior exploration work accomplished and determine the next step forward.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President & CEO of Millrock Resources Inc. 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 gold and copper 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 and attendant shareholder dilution taken on by most exploration companies. Millrock currently has eleven active exploration projects, seven gold-copper properties in Alaska, and four porphyry copper prospects in Arizona. With funding primarily coming from its joint venture partners, Millrock projects that it will carry out exploration programs with a total value of more than US$5M in 2013. Business partners of Millrock include some of the leading names in the mining industry: Teck, First Quantum and Altius.
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 Dry Mountain drilling program, overall 2013 program and budgets for Millrock's exploration efforts in Alaska and southwest USA. 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
(604) 688-9620 (FAX)
www.millrockresources.com
