Millrock Stakes First Properties in Alaskan Alliance with Altius
Wednesday, February 17th, 2010
Millrock Resources Inc. (TSX-V: MRO) announce 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 (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.
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.