Tuesday, 24 July 2012

Millrock Resources says drilling begins at Council project with Kinross in Alaska

Millrock Resources (CVE:MRO) said Tuesday that drilling has begun at its Council project on the Seward Peninsula in western Alaska.
Exploration at the Council project will target sediment-hosted vein gold deposits and the program consists of six holes totaling around 1,000 metres.
Drill holes will test a seven kilometre long gold–arsenic soil anomaly that overlies a regional structural feature, the company noted.
In places, the soil anomaly is up to 400 metres in width.
Millrock crews discovered stockwork and vein hosted gold mineralization near the target area in 2011. Placer gold occurrences are also known to exist downstream, the miner said.
The Council project is the subject of an option agreement with Kinross Gold (NYSE:KGC) (TSE:K), which can earn up to a 75 per cent interest in the property.
Millrock Resources holds gold and copper deposits in mineral rich Alaska and Arizona. It currently has twelve active exploration projects, 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 with a total value of more than US$10 million in 2012.

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