VANCOUVER, British Columbia, May 16, 2018 (GLOBE NEWSWIRE) — Millrock Resources Inc. (MRO.V) (MLRKF) (“Millrock”) is pleased to report that a second round of drilling is beginning at the La Navidad gold project. The project, located in Sonora State, Mexico, 100 km north of the City of Hermosillo, targets orogenic, bulk minable, run-of-mine, oxidized deposits that could be processed by heap leaching. Exploration work is being funded under an option to joint venture agreement by Centerra Gold Inc. (“Centerra”). The core drilling program will consist initially of 1,650 meters in seven holes ranging from 150 to 250 meters in depth. These holes will target the large, strong, gold-in-soil anomalies previously identified at the Cobre and Crossover prospects. Recent trenching has confirmed bedrock gold mineralization at surface in these prospect areas. Additionally, at least one hole from the initial program completed in late 2017 will be deepened to test for further mineralization at the Anchor prospect. Results of that program were reported in a prior press release here. Contingent upon results of the upcoming drilling phase, the drilling program may be extended.
Millrock crews have been actively exploring the Cobre and Crossover prospects since early February. Detailed geological mapping with rock sampling (341 samples) was completed. It was found that the strongest soil anomalies occur in folded, faulted, Jurassic metasedimentary rocks in close proximity to diorite and monzonite dikes which follow pre-existing fault structures. Also, three lines of in-fill induced polarization geophysical surveys totaling 5.4 kilometers are in progress. The induced polarization survey has identified low-angle structures and stratigraphy conducive for orogenic gold deposition. An extensive program of surface trenching (1,398 meters in 16 trenches) and rock chip sampling (661 samples) has been completed. Results from the first eight trenches are reported below. A 0.1 parts per million gold cutoff was used to calculate the composite intervals. Geological relationships are not clear enough to accurately estimate true width of the anomalous zones reported.
|Trench #||From (meters)||To (meters)||Length (meters)||Gold Grade|
Since forming an option to purchase agreementwith the underlying mineral right owner of La Navidad in June 2017, and a simultaneous option to joint venture agreement with Centerra, the companies have collaborated to execute a comprehensive exploration program. Centerra is funding the exploration work to earn a majority interest in the project.
Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Drill core and rock samples are kept in a secure location at all times. Rock samples are assayed at the Bureau Veritas laboratory in Hermosillo, Mexico. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current rock sampling program was PRP70-250. Analysis methods used include FA430 (30 gr/Fire Assay/ICP) and AQ-200 (Aqua Regia – ICP/MS). For every 20 rock samples a blank sample known to contain less than 3 parts per billion gold or a standard sample (Certified Reference Materials) of known gold concentration, or a duplicate sample was also analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.
The scientific and technical information disclosed within this document has been prepared, reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. 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. 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. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorers PolarX Limited. and Sojourn Exploration Inc.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(877) 217-8978 (toll-free)
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.