VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 13, 2015) -
Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock") announces that
it has entered into an agreement under which it has been granted the
option to purchase the Liberty Bell gold-copper project located near the
town of Healy, Alaska. The property is comprised of 188 claims covering
6,150 ha.
The Liberty Bell project is prospective for
a)
replacement-style gold mineralization,
b) gold-bearing quartz veins,
stockworks and shears, and
c) intrusion hosted gold.
The claim area is
host to a small, former producing mine - the Liberty Bell Mine - which
was operated by Eva Creek Mining. As reported in a U.S. Geological
Survey Bulletin, production records for the Eva Creek Mining Company for
1932 and 1933 indicate that 8,400 ounces of gold were produced from
17,500 short tons of ore (Smith, P. S., 1933, Mineral Resources of
Alaska in 1930: U.S. Geological Survey Bulletin 836-A, p. 1-83). In 1987
NERCO reported a resource estimate of approximately 150,000 ounces of
gold in rock grading 0.08 to 0.10 ounces of gold per ton. (Freeman, L.K,
Hannemann, N.L., and Flanders, R.W., 1988, Liberty Bell Joint Venture
Report of 1987 Exploration: Resource Associates of Alaska Report 70p).
Note:
The resource estimate was produced prior to the institution of NI43-101
guidelines for reporting mineral resources. A qualified person has not
done sufficient work to classify the historical estimate as current
mineral resources or mineral reserves and Millrock cannot presently
verify the relevance or reliability of the historical estimate. Millrock
is not treating the historical estimate as current mineral resources or
mineral reserves. Re-sampling and re-logging of existing drill cores
and confirmatory and infill drilling from surface will be required to
determine the significance of the historical resource. A qualified
person has not verified the production reports or mineral resource data
reported by NERCO.
The most recent exploration done on the property was
completed from 2007 to 2010, by New Gold Inc.'s subsidiary Metallica
Resources Alaska Inc. Metallica carried out a comprehensive program and
focused drilling efforts on the western portion of the property rather
than in proximity to the old Liberty Bell Mine. Further drilling is
warranted in the Liberty Bell mine area, as well as several other
virtually unexplored areas of the property, to test for the presence of a
large gold deposit.
The presence of significant levels of copper within the
Liberty Bell gold mineralization is unlike most other copper-deficient
intrusive-related gold occurrences in the Tintina Gold Belt of Interior
Alaska-Yukon Territory. However, recent exploration by Contango ORE,
Inc. at their Tetlin project near Tok, Alaska, revealed the presence of a
previously unrecognized type of late Cretacous gold-copper
mineralization that shares many similarities with the alteration and
mineralization described at Liberty Bell. At a 0.5 gram per tonne (gtp)
gold cutoff, current resources at Tetlin's Peak deposit include
indicated resources of 5.97 million tonnes grading 3.46 gpt gold, 11.0
gpt silver and 0.25% copper, and inferred resources of 3.85 million
tonnes grading 2.07 gpt gold, 14.28 gpt silver and 0.23% copper
(Contango Ore, New Release, January 23, 2014). Gold and copper at the
Peak deposit are associated with elevated silver, bismuth and arsenic in
a pyrrhotite-bearing distal skarn setting similar to mineralization at
the Liberty Bell property. Peak deposit style gold skarn mineralization
was unknown in Alaska when the most recent exploration was conducted at
Liberty Bell, opening up new possibilities to the Millrock for
high-grade gold-copper skarn mineralization and/or porphyry-related
gold-copper mineralization.
The Liberty Bell project is located 100 km southwest of
Fairbanks by air, in the Bonnifield Mining District of central Alaska.
Infrastructure is excellent. The Alaska railway and the paved,
year-round George Parks Highway lie just 10 km to the west of the
property. A 230 kV electrical transmission line traverses the project
area. At the small village of Ferry (15 km north of the town of Healy)
the railway crosses the Nenana River. From the crossing, a series of
gravel roads provide access for heavy equipment and fuels to the project
site 13 km to the east.
The option was granted by the property owner Boot Hill Gold,
Inc. Millrock may purchase a 100% interest in the property (free of any
royalty) by paying the annual claim rentals (approximately US$32,000 in
2015) and performing adequate assessment work to maintain the property
in good standing during the option period. Millrock may exercise the
option to purchase a 100% interest by paying US$600,000 in accordance
with the following schedule (or at an accelerated schedule if it so
desires.)
| Payment Schedule | US$ |
| Upon signing | $0 |
| March 31, 2016 | $25,000 |
| March 31, 2017 | $50,000 |
| March 31, 2018 | $525,000 |
| Total | $600,000 |
Millrock intends to review existing data and build a
comprehensive exploration plan. The Company will seek joint venture
partners to fund exploration and thereby earn an interest in the
project.
The technical information within this document has been
reviewed and approved by Gregory A. Beischer, President, CEO and a
director 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, southwest USA, and Mexico, 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 twenty-two active exploration
projects, nine gold, copper and zinc properties in Alaska, a uranium
project in New Mexico, and twelve gold, silver and copper projects in
Mexico. Funding for drilling at Millrock's exploration projects
primarily comes from its joint venture partners. Business partners of
Millrock have included some of the leading names in the mining industry:
First Quantum, Teck, Kinross, Vale, Inmet and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking
information. 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."
Contact Information
Millrock Resources Inc.
Gregory A. Beischer
(604) 638-3164
800 - 789 West Pender Street
Vancouver, BC V6C 1H2
www.millrockresources.com
