Millrock Stakes Lisburne Zinc Project, Alaska
April 16 2014 - 8:30AM
Marketwired Canada
Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company")
announces today that through staking it has acquired a large claim group in
northwest Alaska that is prospective for large-scale zinc (+lead and silver)
deposits.
The claim blocks cover age-equivalent rock strata that are known to host the Red
Dog district zinc-lead-silver deposits approximately 140 km to the southeast.
Stream sediment samples collected by the United States Geological Survey
indicate strong zinc and barium anomalies on the claims.
The project is located 220 km northwest of the town of Kotzebue and 20 km south
of Cape Lisburne on the coast of the Chukchi Sea. It consists of 83 State of
Alaska claims covering approximately 5,300 hectares. For a brief summary
description of the project and location maps, please follow this link.
The Red Dog Mine is a joint venture between Teck Corporation and NANA Regional
Corporation and has been operating since 1989. The open pit mining operation is
one of the world's largest producers of zinc and lead. The sediment-hosted
replacement ores are of exceptional grade and the deposits are large. Of the
four known deposits at Red Dog, mining operations are currently extracting ore
from the Aqqaluk Deposit, which is reported to have 45.4 million tons of
probable reserves containing 15.8% zinc and 4.1% lead as of December 31, 2013
(source).
Phil St. George, Millrock's Chief Exploration Officer stated: "Red Dog is truly
a world-class zinc mine. We feel there is excellent potential to discover
similar deposits on our claim block. Our claims have strong zinc and barium
anomalies in areas that are underlain by Red Dog time equivalent stratigraphy.
Our geologists have extensive geologic knowledge of the Red Dog region rocks and
are familiar with the most effective exploration techniques for the deposit
type. Our local experience will allow for efficient exploration and will
hopefully lead to discovery of any zinc-lead-silver deposits that may exist in
this area."
Gregory Beischer, Millrock President & CEO commented: "We have seen an
increasing interest in zinc from mining and smelting companies. We can see the
potential for zinc shortages and price increases in the medium to long term and
therefore have decided to act on this conceptual target. We will be looking for
a strategic partner to advance the project to the drilling stage."
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry.
In the search for world-class metallic mineral deposits in mineral-rich Alaska
and southwest USA, Millrock identifies, packages and operates large-scale
projects for joint venture, thereby exposing its shareholders to the benefits of
mineral discovery without the usual financial risk taken on by most exploration
companies. Millrock currently has ten active exploration projects, eight gold
and/or base metal properties in Alaska, a porphyry copper prospect in Arizona
and a uranium project in New Mexico. Funding for Millrock's exploration projects
primarily comes from its joint venture partners. Business partners of Millrock
include some of the leading names in the mining industry: First Quantum, Teck
and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information,
including without limitation statements as to projected cash savings and use of
funds to generated mineral exploration projects. These statements address future
events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements to be materially different from any future results, performance
or achievements expressed or implied by the statements.
"NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."
FOR FURTHER INFORMATION PLEASE CONTACT:
Millrock Resources Inc.
Gregory A. Beischer
(604) 638-3164 or (877) 217-8978 toll free
Millrock Resources (TSXV:MRO)
Historical Stock Chart
From Nov 2024 to Dec 2024
Millrock Resources (TSXV:MRO)
Historical Stock Chart
From Dec 2023 to Dec 2024
Real-Time news about Millrock Resources Inc (TSX Venture Exchange): 0 recent articles
More Millrock Resources Inc. News Articles