"While Vale will not continue with the strategic partnership, we are pleased with what has been accomplished," said president and CEO of Millrock, Gregory Beischer, in a statement.
"As a result of the work, Millrock has generated five highly prospective projects, two of which have been advanced to the drill-ready stage. There is an excellent chance that we will find other partner companies to test the prospects we developed with Vale."
The work led to recommendations for five "designated projects"by Millrock, one of which was accepted by Vale - the AUDN project.
Under a separate budget, Vale funded $700,000 for soil geochemical and ZTEM-magnetic airborne geophysical surveys at AUDN, but has still advised that it will not fund further work on this property.
Millrock Resources is a project generator to the mining industry, and identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the financial risk and shareholder dilution taken on by most exploration companies.
It currently 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, the company plans to carry out exploration programs with a total value of more than US$10 million in 2012.
Last month, the Vancouver-based company closed a non brokered private placement financing, raising $2.2 million. It said the new funds would be used for project marketing, project generation and general corporate purposes.
The company also said in October that drilling at its Council gold property in Alaska resulted in the discovery of a new gold zone. Results from the 2012 drilling program included exploration drilling done at the Elkhorn and Upper Ophir prospects, totalling 1,242 metres in nine core holes.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.