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  • Millrock Resources to resume drilling at San Jose and Dry Mountain 0 comments
    Jul 19, 2011 11:41 AM | about stocks: MRO

    Millrock Resources (CVE:MRO) said Monday that together with its joint venture partner Inmet Mining (TSE:IMN), it will proceed to explore the San Jose and Dry Mountain copper-gold projects in southeastern Arizona, with drilling expected to resume in September.

    The claims are situated southeast of the town of Safford, Arizona and southwest of the Morenci mine. The upcoming drill program will consist of three holes totalling 4,000 meters, and will be funded by Inmet Mining under the terms of the joint venture.

    In early spring this year, two holes were drilled at Dry Mountain. The first hole intersected only Tertiary-aged rocks, with no clear explanation for the conductive zone that was identified through airborne geophysics, Millrock said. A previous geochemical anomaly measuring approximately 10 kilometres in diameter was identified on this block, strong in copper and molybdenum.

    No anomalous copper levels were detected, and a second hole was terminated before completion, due to strong water flow.

    However, Millrock and Inmet plan to re-drill the hole with equipment capable of dealing with these conditions.

    Since completion of the initial drilling, additional surface geochemical surveys have been completed over conductive zones in the south part of the claim block. The company said it is waiting for results before it decides whether to drill further in this part of the claim block.

    At the nearby San Jose project, two holes were also drilled. Laramide aged rocks were intersected, but no signs of porphyry alteration or mineralization were observed.

    Several high priority targets were identified after an airborne magnetic survey flew over this northern part of the claim block. An extra 289 claims were staked to cover extensions of the targets, Millrock said, and three holes will be drilled in September to test these extensions.

    Under the joint venture deal, struck early last year, Inmet can earn a 70% stake in the two claim blocks if it spends US$4 million in exploration expenditures and by making option payments of US$300,000. Thus far, Inmet has funded $1.7 million of exploration work on the properties.

    Millrock Resources is a mineral explorer focused on discovery and development of metallic mineral deposits in Alaska and Arizona.

    Currently, the company has 12 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, Millrock plans to carry out exploration programs worth more than US$15 million this year.

    Stocks: MRO
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