Millrock Announces New Drilling Program at La Navidad Gold Project, Results from El Picacho Gold Project Sonora State, Mexico and General Corporate Update
VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) (“Millrock”) is pleased to report that another drilling program is underway at the La Navidad gold project in Sonora State, Mexico. The program will focus on the northwestern portion of the project. Four holes are planned at the El Tigre prospect, where gold has been detected by soil sampling in the vicinity of historic mine workings. Northwest trending high angle structures appear to control mineralization. Three holes are planned to test the El Chupadero prospect where alteration (decalcification and jasperoid replacement of limestone) points to the possibility of an intrusion-related gold deposit. In total, seven holes totaling 1,500 meters are planned. The exploration work is being funded under an option to joint venture agreement by Centerra Gold Inc. (“Centerra”).
At El Picacho, a drilling program consisting of 2007.8 meters in eleven holes was recently completed. Only narrow gold-bearing intersections were detected. The table on the following page indicates core sample assay results exceeding 0.1 gram of gold per tonne.
|Drill hole #||Sample #||From (m)||To (m)||Length (m)||Au ppm|
Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. For the El Picacho and La Navidad drill programs 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.
Millrock recently sold 9,203,968 shares for A$497,014. While Millrock continues to be a strong believer in the Alaska Range Project, from an overall corporate standpoint it made sense to realize some profit, while still retaining significant upside exposure for shareholders. Millrock continues to hold 10,000,000 shares of PolarX and is entitled to a production royalty, an advanced minimum royalty, and certain milestone payments.
Liberty Bell Project
A wholly – owned subsidiary of Kinross Gold Corporation has provided notice to Millrock that it will terminate its option on the Liberty Bell project. The termination will be effective December 8, 2018. Millrock intends to seek another partner to test by drilling the numerous targets that have been developed by Kinross and Millrock over the past two years. Millrock thanks Kinross for the investment it has made and its technical contributions to the project.
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, 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.