Tuesday, 17 April 2012

Millrock Resources unveils drill results from San Jose, to start another drill program in 2012

Millrock Resources (CVE:MRO) unveiled Tuesday recent drill results from its San Jose copper project in the Safford District of southeast Arizona, and said it agreed on another drilling program at the site.
The four holes completed in the most recent program were drilled in the northern part of Millrock’s San Jose property, and targeted anomalies detected by airborne geophysical methods.
The company said that while weak mineralization was seen in one hole, porphyry-style alteration was found in two other holes, with geological observations indicating proximity to a porphyry deposit.
Inmet Mining Corp (TSE:IMN) has the option to earn a 70 percent interest in the project, with funding for the four holes drilled provided by Inment.
Millrock and Inmet also said Tuesday that they will proceed with an additional drill program on the project later this year.
Highlights of the results reported today include hole J-1004, which Millrock said traversed 460 metres of intrusive dacite and tonalite, showing "intense phyllic alteration", along with local zones of anomalous copper mineralization.
This hole was drilled in part as a deep test of the San Jose deposit in an area highlighted by a conductive geophysical feature.
Meanwhile, hole J-1007, which was drilled 2,800 metres northeast of the San Jose deposit on the flank of another large geophysical anomaly, intersected phyllic and propylitic alteration with the development of pyrite, despite no significant copper values.
Millrock said that the company and partner Inmet have agreed to carry out further drilling to test magnetic anomalies nearby known porphyry mineralization and anomalous geochemical conditions.
This program will consist of four holes totalling approximately 4,300 metres of drilling, with one hole to be drilled on the adjacent Dry Mountain claim block, which is also subject to the agreement with Inmet.
Additional geological and geochemical work will be carried out prior to drilling, which is expected to start in the summer.
Millrock Resources currently has twelve active exploration projects, including eight gold-copper properties in Alaska, and four porphyry copper prospects in Arizona.  With funding primarily coming from its joint venture partners, the company plans to carry out exploration programs of more than US$10 million in 2012.

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