Friday, 29 July 2011

Millrock intersects 4.86 g/t gold at Uncle Sam property in Alaska

Millrock Resources Inc (CVE:MRO) announced Thursday it intersected up to 4.86 grams per tonne (g/t) gold at its Uncle Sam gold project, located in the Tintina Gold Belt in Alaska.

The project generator announced the results of assays covering 621 metres in four holes at the Wolf prospect on the property.

Highlights from the drill campaign include 11.4 metres grading 4.86 g/t gold in hole WLF-002, and 2.74 metres grading 3.63 g/t gold in hole WLF-001.

These results, which also include 3.05 metres grading 3.27 g/t gold in hole WLF-003 and in hole WLF-004, 2.13 metres grading 1.81 g/t gold, confirm the presence of a strong, near-surface gold mineralization along the northwest-southeast- trending strike length. It is also open at depth.

This first phase of drilling concentrated on the southern end of the claim block and targeted a strong gold-in-soil anomaly measuring more than 2,000 metres long and over 1,000 metres wide.

The wolf prospect, where historic drilling intersected 4.45 g/t gold over 15.54 metres (USRC-22) and 13.72 metres grading 1.34 g/t gold (USR-055), is close in proximity to the Naosi zone owned by Sumitomo Metal Mining Co Ltd.

The Naosi zone recently announced an intersection of 7.92 metres grading 7.8 g/t gold and 19.7 g/t silver. Since the two zones are oriented along a similarly trending structure, Millrock said it suggests the possibility of a larger gold mineralization.

The Uncle Sam property is a joint venture between Millrock and Crescent Resources Corp (CVE:CRC), with Millrock managing the exploration and Crescent funding the project.

Crescent has an option to purchase a 100% interest in Millrock's rights to the property, subject to royalties, in exchange for US $2.5 million in exploration expenditures, $300,000 in cash and the issuance of 13% of Crescent common stock to Millrock, which already owns 5% of the company.

Millrock, whose stock on the TSX-Venture rose 3.13% to trade at $0.66 per share as of 1:48 pm EDT, also said it completed five diamond drill holes at the Lone Tree prospect, located northwest of the Wolf zone. Assays for these holes are pending.

No comments:

Post a Comment