The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
MRO: TSX.V
President and CEO: Gregory Beischer
Chief Exploration Officer: Philip St. George
Executive Vice President: Sarah Whicker
Millrock Resources Inc. identifies and acquires grassroots mineral prospects and then seeks joint venture partners to help fund the exploration.
This project generator model lessens the company's need to raise money in the markets, minimizes the risks involved with grassroots exploration and exposes shareholders to a large amount of exploration expenditure per dollar invested.
Since its formation in 2007, Millrock has built a portfolio of 21 early-stage mineral exploration projects in Alaska, Mexico, Arizona and New Mexico.
In Alaska, the company has eight active projects prospect for gold, copper, zinc and associated metals.
One such project, Alaska Peninsula, has drawn the attention of First Quantum Minerals Ltd. In January, First Quantum agreed to fund an initial US$600,000 exploration program in exchange for an exclusive right to enter into an option to joint venture the large copper and gold project in Southwest Alaska.
The Alaska Peninsula project is a 650,000-hectare (1.6 million acres) tract of mineral lands owned by Bristol Bay Native Corp. Millrock has an exploration agreement with the option to secure a 100 percent leasehold interest for mining.
The property under the exploration agreement blankets three known porphyry copper-gold occurrences - Kawisgag, Mallard Duck Bay and Bee Creek.
The Kawisgag prospect hosts two main centers of mineralization and alteration which locally contain disseminated and vein-hosted chalcopyrite, molybdenite and pyrite at surface.
The Mallard Duck Bay prospect hosts a sizable zone of hydrothermal alteration that has seen very limited exploration.
Millrock says a strong chargeability anomaly coincident with exposed mineralization in a potassic alteration zone was identified by prior workers, but never drilled.
Mineralization at the Bee Creek prospect is hosted in hornfelsed sediments intruded by a multi-phase diorite intrusive rock containing mineralized veins and disseminated chalcopyrite, molybdenite and pyrite.
The prospect was initially explored by Bear Creek Mining with five drill holes in 1976.
In 2005 and 2006, Metallica Resources Inc. and Full Metal Minerals Ltd. carried out geochemical and geophysical surveys, and drilled two holes.
One of the holes cut 118 meters averaging 0.31 percent copper, 0.009 percent molybdenum and 0.126 grams per metric ton gold.
Mineralization, alteration and anomalous copper values in soils and rocks extend over a broad area at the Bee Creek prospect.
The initial phase of 2014 exploration funded by First Quantum involved 1,140 line-kilometers of high-resolution airborne magnetic and radiometric flown over these prospects.
This work was followed up by a mapping and sampling program that started in July.
The Alaska Peninsula project covers a number of other porphyry copper-gold-molybdenum prospects as well as intrusive-related deposits such as polymetallic skarn and replacement deposits, base metal veins and epithermal gold deposits.
First Quantum has until November 30, 2014 to decide whether it wants to enter an option to earn up to an 80 percent interest in the Alaska Peninsula project.
In April, Millrock added Lisburne, a large claim group in Northwest Alaska that is prospective for large-scale zinc-lead-silver deposits, to its Alaska portfolio.
The Lisburne project, situated 12 miles (20 kilometers) south of Cape Lisburne on the coast of the Chukchi Sea, consists of 13,100 acres (5,300 hectares) of State of Alaska claims staked by Millrock.
The claim blocks cover age-equivalent rock strata that are known to host the Red Dog district zinc-lead-silver deposits approximately 85 miles (140 kilometers) to the southeast.
Stream sediment samples collected by the United States Geological Survey indicate strong zinc and barium anomalies on the claims.
Millrock said regional and detailed geologic mapping is the first order of business for this grassroots zinc prospect.
Stellar, an Alaskan copper-gold project Millrock acquired through staking in 2012.
Situated some eight miles (13 kilometers) north of the Denali Highway and 42 miles (68 kilometers) west of the town of Paxson, the Stellar claims covers the Zackly copper-gold skarn deposit and surrounding lands considered prospective for porphyry copper-gold deposits.
Roughly 12,200 meters of historic drilling in some 85 holes has been completed at Zackly, outlining a historic resource of 218,944 ounces of gold and 66.9 million pounds of copper contained in a deposit of 1.13 million metric tons grading 6.03 grams-per-metric-ton gold and 2.69 percent copper.
Known areas of skarn mineralization occur over a strike length in excess of 3,000 meters with the known resource occurring within the main skarn zone which has a strike length of about 1,000 meters.
Extensive geochemical, geophysical and geological surveys have also been completed at the property.
All historical data, as well as sample pulps and core, were obtained by Millrock.
The company said Stellar has attracted several companies interested in a partnership.
Estelle, a copper-gold project in the Kahiltna Terrane region of Southcentral Alaska, is being explored under a joint venture between Millrock and Teck Resources. Exploration at Estelle was tabled in 2014.
Cash and Cash Equivalents: C$1.23 million (June 30, 2014)
Working Capital: C$1.27 million (June 30, 2014)
Market Capitalization: C$6.85 million (Sept. 26, 2014)
P.O. Box 200867
719 E 11th Ave., Suite C
Anchorage, AK 99520
Tel: 907-677-7479
Fax: 907-677-3599
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