Millrock Enters Letter of Intent on the Rio Sonora Project, Mexico
October 20, 2014 (Source: Marketwired) — Millrock Resources Inc. (TSX VENTURE:MRO) (“Millrock”) announces that it has entered into a letter of intent with a third party in respect of the Rio Sonora project in northern Sonora, Mexico, pursuant to which the third party will fund a $250,000 initial exploration program and may subsequently earn into a joint venture on the project. The program, which is already underway, will consist of regional geochemical sampling, geological mapping, prospecting, modelling of existing airborne magnetic and ZTEM surveys, and a report documenting activities, results and drill target recommendations.
Gregory Beischer, President & CEO of Millrock, stated, “We are pleased to be able to advance this project with a new partnership, our first since purchasing Pembrook Mexico Holdings Corp. – now known as Millrock Mexico Holdings Corp. – in June of this year”.
The target sought at the Rio Sonora project is a large-scale porphyry copper/molybdenum deposit. The project is located near the town of Arizpe in northern Sonora State, Mexico mid-way between the long-producing Cananea and La Caridad copper mines. Porphyry copper/molybdenum deposits in this area occur along a discrete linear trend that extends from Sacaton in Arizona through Silver Bell and the Pima district to Cananea and La Caridad in Mexico. Deposit clusters along this trend show a remarkably even spacing of 65 to 70 km, except between Cananea and La Caridad which are located approximately 120 km apart. Exploration at Rio Sonora is partially based on the concept that there may be a third buried copper/molybdenum porphyry deposit located halfway between Cananea and La Caridad. Airborne magnetic and ZTEM anomalies indicate the possibility of a mineralized copper-bearing porphyry buried beneath cover on the property. The initial exploration program will help discriminate these anomalies and develop targets for drill testing.
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President & CEO of Millrock. Mr. Beischer is a Qualified Person as defined in NI 43-101.
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, southwest USA, and Mexico, 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 twenty-two active exploration projects, eight gold-copper and zinc properties in Alaska, a porphyry copper prospect in Arizona, a uranium project in New Mexico, and twelve gold, silver and copper projects in Mexico. Funding for drilling at Millrock’s exploration projects primarily comes from its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: First Quantum, Teck, Kinross, Vale, Inmet and Altius.
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ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information including the statement that an initial exploration program will be completed on the Rio Sonora project in 2014. 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. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule, the success of exploration programs and whether the third party will exercise its option to earn into a joint venture on the Rio Sonora project.
“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.”
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