|By Marketwired .||
|December 13, 2013 02:49 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/13/13 -- 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) 688-9620 (FAX)