Millrock hits 0.24 g/t gold over 241.8 metres at Estelle project

Millrock Resources (CVE:MRO) announced Thursday additional drill results from its wholly-owned Estelle project, located northwest of Anchorage, Alaska, sending shares up.

The results are from the company's drill program at the Shoeshine, Shadow, and Discovery prospects on the property, which are located approximately 18 kilometres to the south of the Oxide Ridge prospect.

Drilled to a depth of 388.8 metres, hole SE-002 was intended to test below the gold mineralization at surface. On the Shoeshine prospect, it intersected 241.8 metres grading 0.24 g/t gold, including 8.32 metres at 1.18 g/t gold, and including 5.82 metres at 1.62 g/t gold.

Hole SE-003, which was drilled to a depth of 367.5 metres on the Shadow prospect, intersected 0.17 g/t gold over the entire 364.4 metre length, including 139.0 metres at 0.4 g/t gold.

Meanwhile, on the Discovery prospect, hole SE-004 was drilled to a depth of 379.9 metres in order to test the gold-bearing structures observed at surface. Several zones with elevated gold values were intersected, Millrock said, though no high-grade values were obtained.

The work at the property is being managed by Millrock on behalf of a subsidiary of Teck Resources (TSE:TCK.B), which has the option to earn up to a 65 percent interest in the project from Millrock by funding exploration expenditures and making cash payments.

The company said that along with this drilling, further exploration yielded new gold prospects that could be the subject of drilling in 2012.

The Estelle property is adjacent to Kiska Metals' Whistler copper-gold deposit. Geologic features, and extensive surface geochemical anomalies at Estelle, indicate the potential for large, bulk-minable, deposits.

Six main zones of large-scale anomalous gold and pathfinder element geochemistry have been identified over the past two years at Shoeshine, Shadow, Train, Oxide Ridge, RPM and Stoney.

On the TSX-Venture, Millrock's share price increased 1.25 percent to $0.405, as of 2:34 am EDT.