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Last C$0.24 CAD
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As of 3:52 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).

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millrock resources inc (MRO) Details

Millrock Resources Inc. engages in the acquisition, exploration, and development of mineral properties in Alaska and Arizona. As of July 09, 2015, it had 22 active exploration projects, including 8 gold, copper, and zinc properties in Alaska; a uranium project in New Mexico; and 12 gold, silver, and copper projects in Mexico. The company has strategic alliances with Vale Exploration Canada Inc.; Vale Exploration USA, Inc.; and Altius Resources Inc. Millrock Resources Inc. was founded in 1979 and is headquartered in Vancouver, Canada.

Founded in 1979

millrock resources inc (MRO) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: C$176.5K
Chief Financial Officer
Total Annual Compensation: C$113.3K
Chief Exploration Officer
Total Annual Compensation: C$156.8K
Compensation as of Fiscal Year 2014.

millrock resources inc (MRO) Key Developments

Millrock Resources Inc. Begins Drilling on Alaska Peninsula Copper Gold Project, Alaska

Millrock Resources Inc. announced a drilling program is underway at the Alaska Peninsula copper-gold project. Millrock is managing the program, which is being funded by First Quantum Minerals Ltd. FQM has an option to earn up to an 80% interest in the project by funding exploration. FQM has authorized a 2015 exploration budget of USD 2.0 million. A drilling program consisting of approximately eight holes, totaling approximately 2,400 m, has been planned. Two areas will be tested: the Dry Creek prospect and the MDB prospect. Porphyry style copper-gold mineralization is the target at both locations. Surface and airborne surveys conducted by Millrock and FQM in 2014 identified and characterized zoned rock alteration and metallic mineral distribution patterns typical of this deposit type. Located on the Alaska Peninsula of southwest Alaska, the project covers 203,000 hectares (roughly 500,000 acres). Drilling will be carried out on surface lands owned by Far West Inc. and Chignik Lagoon Native Corporation, two Alaska Native corporations with which Millrock has made surface access agreements. Bristol Bay Native Corporation owns the subsurface mineral rights and surface rights at certain locations. Millrock has an exploration agreement with an option to lease the mineral rights from BBNC.

Millrock Enters Option to Joint Venture Agreement with First Quantum Minerals

Millrock Resources Inc. announced that it has entered into an Option to Joint Venture Agreement (“Option Agreement”) on the Alaska Peninsula copper-gold project with First Quantum Minerals Ltd. (“FQM”). The Option Agreement follows on from a Binding Letter Agreement in which Millrock granted the exclusive right to enter this new agreement. By virtue of the new Option Agreement, FQM may earn up to an 80% interest in the project. To further assess the subsurface resources, a drilling program consisting of 8 holes, totaling approximately 2,400 m, has been authorized by FQM. Millrock will manage the drilling program, which is planned to start in July 2015. Two areas will be tested: the Dry Creek prospect and the MDB prospect. Porphyry style copper-gold mineralization is the target at both locations. Surface and airborne surveys conducted by Millrock and FQM in 2014 identified and characterized zoned rock alteration and metallic mineral distribution patterns typical of this deposit type.

Millrock Resources Inc. Provides an Update on Exploration Activities At its Los Chinos Gold Project in Sonora, Mexico

Millrock Resources Inc. provided an update on exploration activities at its Los Chinos gold project in Sonora, Mexico. Recent work has provided indications of a large gold- mineralized system. This new exploration discovery was made during regional reconnaissance for Herradura-type orogenic gold deposits. The project site was initially targeted due to perceived geological similarities with the San Francisco gold mine located 35 km to the north of Los Chinos. Host rocks, structural setting, character of mineralization, and geochemical indicators at Los Chinos bear a strong resemblance to those at San Francisco. Limited geologic mapping, rock and soil sampling have been completed by Millrock in the northern portion of the claim block, with encouraging results. In total, 199 rock samples and 158 soil samples have been collected and analyzed. Values in rock range from detection limit to 8.6 gpt. Soil results ranged from less than detection to 249 ppb gold. Rock and soil sampling results along with mapping and prospecting have defined three mineralized areas with grade controlled by quartz veins and fault breccia zones; the Camino Zone, La Tinaja, and Albercas. The Camino Zone contains numerous samples grading up to 8.6 gpt gold in quartz veins, stockwork and breccia zones. The sample grading 8.6 gpt is a grab sample composed of rock chips collected across a one meter interval. Mineralization at Camino has been traced for over 1,300 m on surface with gold values in a corridor up to 150 m wide. The Camino veins have a gold – tellurium – lead – bismuth signature. The mineralization at Camino occurs in an area of low topographic relief and consists largely of subcrop exposures, which are open under thin cover to the north and northeast. Preliminary prospecting to the south has indicated another 600 m of altered Proterozoic granite, with quartz vein samples assaying up to 0.17 gpt gold. The historic La Tinaja workings were developed on quartz veins which assay 5.0 gpt gold over 1.0 m. Two select samples of iron oxide-bearing breccia within 400 m of this showing assayed 0.4 and 2.0 gpt gold. The La Tinaja veins are anomalous in gold – silver – lead – zinc and arsenic. In the north-central portion of the claim block (Albercas Zone), red matrix breccias developed on the upper contact of Proterozoic basement rocks contain anomalous copper and gold mineralization. Rock sample values include a sample assaying 2.07 gpt gold. The Los Chinos claims are located 104 km north of Hermosillo, Sonora, adjacent to Hwy 15, which connects the capital with Nogales and the US border. A network of ranch roads provide excellent access for exploration work.


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