Welcome!

News Feed Item

Millrock Grants Right of First Refusal to Major Mining Company Concerning Alaska Peninsula Copper-Gold Project, Alaska

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/27/14 -- Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or "the Company") announces that it has entered into a Binding Letter Agreement with First Quantum Minerals Ltd. ("FQM") whereby the Company has granted an exclusive right to enter into an Option to Joint Venture Agreement concerning the Alaska Peninsula Project, located in southwest Alaska. In consideration of the exclusive right grant, FQM will fund an initial exploration program estimated to cost US$600,000. The program is planned to consist of regional geochemical sampling, geological mapping, prospecting and airborne magnetic surveys, which are to be carried out in summer of 2014 by Millrock. FQM may also elect to increase the expenditure to fund drilling of several holes. Subject to exercise of the exclusive right by November 30, 2014, FQM will have an option to earn up to an 80% joint venture interest in the property through a two-stage option agreement.

Gregory Beischer, President & CEO of Millrock, stated, "We are pleased to be able to advance this project with a new major mining company partnership. Our staff looks forward to performing systematic exploration and making great discoveries on these lands. It is important to understand the scale of this project. The land package exceeds 200,000 hectares. This is the sort of district-scale exploration project at which Millrock excels."

The Alaska Peninsula project is comprised of mineral lands owned by Bristol Bay Native Corporation. Millrock has previously made an Exploration Agreement with Option to Lease through which it can secure a 100% leasehold interest for mining (click here to view press release). The agreement covers a tract of land that covers three known porphyry copper-gold occurrences on the Alaska Peninsula. The village of Chignik is located roughly central to the land package which is more than 120 km long and up to 60 km wide and covers an area of approximately 650,000 ha. The known porphyry occurrences are named Kawisgag, Mallard Duck Bay and Bee Creek which are located near deep tidewater coastlines.

At the Kawisgag prospect, targets are immediately ready to drill. There are two main centers of mineralization and alteration which locally contain disseminated and vein-hosted chalcopyrite, molybdenite and pyrite at surface.

The Mallard Duck Bay prospect is a zone of hydrothermal alteration covering an area greater than fifteen square km. The zone has seen very limited exploration, but mineralization appears to be associated with a diorite stock. A strong chargeability anomaly coincident with exposed mineralization in a potassic alteration zone was identified by prior workers, but never drilled.

Mineralization at the Bee Creek prospect is hosted in hornfelsed sediments intruded by a multiphase diorite intrusive rock containing mineralized veins and disseminated chalcopyrite, molybdenite and pyrite. A broad, central, potassic alteration zone bordered by a discontinuous halo of phyllic alteration is exposed at surface. The prospect was initially explored by Bear Creek Mining with five drill holes in 1976. In 2005 and 2006, Metallica Resources Inc. and Full Metal Minerals Ltd. carried out geochemical and geophysical surveys, and drilled two holes. One of the holes intersected 118 m averaging 0.31% Cu, 0.009% Mo and 0.126 ppm Au with 20 m of 0.66% Cu and 0.255 ppm Au (see Full Metal Minerals news release dated October, 23, 2006 entitled "Full Metal and Metallica Encounter Copper Mineralization at Bee Creek" under their SEDAR profile, at www.SEDAR.com). Mineralization, alteration and anomalous copper values in soils and rocks extend over a broad area at the Bee Creek prospect indicating the potential for a significant porphyry Cu-Mo-Au deposit near surface. A qualified person has not fully verified the data disclosed in this paragraph for Millrock.

In addition to these three known prospects, the region is prospective for porphyry copper-gold-molybdenum systems and other intrusive-related deposits such as polymetallic skarn and replacement deposits, base metal veins and epithermal gold deposits. However, very little exploration has been done. A more detailed description of the lands with maps can be viewed at the following link: http://www.millrockresources.com/projects/alaska_peninsula/

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, First Quantum 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 an initial exploration program will be carried out on the Alaska Peninsula project in 2014. 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. It is not known whether First Quantum will exercise its exclusive right or fund the initial exploration program.

"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 or (877) 217-8978 toll free
(907) 677-3599 (FAX)
www.millrockresources.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.