Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to
report additional assay results from the sampling of historical
core from the Eureka Zone at its 100% owned Nikolai Project, which
hosts nickel (Ni) – copper (Cu) – cobalt (Co) – platinum group
elements (PGE) prospects.
The Nikolai Project is located within Alaska’s Delta Mining
District, approximately 130 kilometers by road south of Delta
Junction and approximately 280 kilometers southeast of Fairbanks.
The Eureka zone consists of disseminated Ni-Cu-Co-PGE
mineralization initially discovered by a subsidiary of INCO, and
further expanded by Pure Nickel Inc., as reported in their press
releases ranging between 2007-2014 (see Figure 1).
The new assay results confirm the existence of low-grade
Ni-Cu-Co-PGE mineralization immediately below and adjacent to the
Core Eureka Zone (“CEZ”). The new zone is named the Lower Eureka
Zone (“LEZ”). Along with the Upper Eureka Zone (“UEZ”), hole
FL-003, drilled by INCO in 1997, intersected 346 meters of nickel
mineralization, representing an approximate true width of 275
meters (Figure 2).
Millrock President and CEO Gregory Beischer commented: “From
historical drilling, it is clear that a large volume of mineralized
rock is present in the Eureka Zone. We believe the demand for
nickel, cobalt, and other Critical and Strategic Metals will be
exceptionally strong in the coming decades, making low-grade
mineralization such as at Eureka of interest.”
Figure 1. View looking east
along the Eureka Zone within a large mafic-ultramafic magmatic
complex. Note: Outline of the Ultramafic complex and Eureka zone
are
approximate.https://www.globenewswire.com/NewsRoom/AttachmentNg/5acad3e2-2e55-4a93-b702-d81009a2ae43
Figure 2. Cross section view of
Eureka Zone looking west, showing trace of holes FL-003 and FL-006
drilled by INCO in
1997.https://www.globenewswire.com/NewsRoom/AttachmentNg/3fd1b98e-77c8-481c-bd68-484ec28815d0
About Eureka Zone:Based on historical drill
hole results, Millrock identified a probable zone of mineralization
measuring approximately 1,200 meters by 400 meters by 300 meters
that contains low but potentially economic concentrations of
nickel, copper, cobalt, platinum, palladium, and gold. Upon further
review of the historical drill hole results, it was noted that only
incomplete, non-continuous sampling was done in rocks intersected
below the CEZ in hole FL-003. Drill core from this hole is
preserved at the Geologic Materials Center in Anchorage, Alaska.
Millrock collected and assayed samples from hole FL-003 in the
suspected LEZ.
Highlights of the core sampling program
include:
- FL-003: 100 samples were assayed between hole depths of 273.4
meters and 412.1 meters
- FL-003: mineralized interval of 135.6 meters grading 0.20% Ni,
0.05% Cu, 0.016% Co, 0.062 ppm Pd, 0.026 ppm Pt, and 0.014 ppm Au
(including eight historical intervals).
Based on the newly received assays and historical assays from
INCO holes FL-003 and FL-006, Millrock now interprets there to be
three distinct domains (UEZ, CEZ, and LEZ) within the Eureka Zone,
with an estimated true thickness at the drilled location of 275
meters (Figure 2).
These three domains consist of strongly serpentinized rocks:
1: Upper Eureka Zone (UEZ) – sulfur-poor peridotite,
with disseminated sulfides.
Drillhole |
To (m) |
From (m) |
Interval (m) |
Ni (%) |
Cu (%) |
Co (%) |
Pd (ppm) |
Pt (ppm) |
Au (ppm) |
NiEq% |
CuEq% |
FL-003 |
60.2 |
173.7 |
113.5 |
0.20 |
0.05 |
0.014 |
0.101 |
0.046 |
0.007 |
0.32 |
0.65 |
FL-006 |
185.0 |
298.1 |
113.1 |
0.21 |
0.06 |
0.018 |
0.093 |
0.046 |
0.006 |
0.35 |
0.70 |
2: Core Eureka Zone (CEZ) – sulfur-rich peridotite and
norite with disseminated sulfides.
Drillhole |
To (m) |
From (m) |
Interval (m) |
Ni (%) |
Cu (%) |
Co (%) |
Pd (ppm) |
Pt (ppm) |
Au (ppm) |
NiEq% |
CuEq% |
FL-003 |
173.7 |
271.9 |
98.2 |
0.22 |
0.12 |
0.019 |
0.141 |
0.064 |
0.018 |
0.42 |
0.85 |
FL-006 |
298.1 |
382.8 |
84.7 |
0.26 |
0.13 |
0.020 |
0.143 |
0.069 |
0.025 |
0.47 |
0.94 |
3: Lower Eureka Zone (LEZ) – sulfur-poor melanorite,
with disseminated sulfides.
Drillhole |
To (m) |
From (m) |
Interval (m) |
Ni (%) |
Cu (%) |
Co (%) |
Pd (ppm) |
Pt (ppm) |
Au (ppm) |
NiEq% |
CuEq% |
FL-003 |
271.9 |
407.5 |
135.6 |
0.20 |
0.05 |
0.016 |
0.062 |
0.027 |
0.014 |
0.32 |
0.64 |
FL-006 |
Hole was ended prior to the LEZ |
Note: NiEq% and CuEq% in this press release are calculated using
the following metal prices:Nickel = $7.00/lb., Copper = $3.50/lb.,
Cobalt = $25.00/lb., Palladium = $1800/oz., Platinum = $900/oz. and
Gold = $1600/oz.
In order to determine the deportment of nickel, copper, cobalt,
and the precious metals, Millrock has submitted samples for
laboratory analysis to identify which minerals are host to the
valuable metals. From this information, an idea of metal
recoverability can be gleaned. This will be very important
information to have for a project of this type and scale.
Quality Control – Quality AssuranceMillrock
adheres to stringent Quality Assurance – Quality Control (“QA/QC”)
standards. Core samples are kept in a secure location at all times.
In this case, the samples were assayed at the Bureau Veritas
laboratory in Vancouver, Canada. Preparation and analysis methods
are described in further detail here. The sample preparation
method code being utilized for the current sampling program was
PRP70-250. Analysis methods used include MA370 – 4-acid digestion
ICP-ES Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES.
For every 10 core samples, a blank, duplicate, or standard sample
(Certified Reference Materials) of known copper, nickel, platinum,
palladium, and gold concentration was analyzed. The Qualified
Person is of the opinion that the results reported in this press
release are reliable.
Historical assay results for core samples originally obtained by
INCO in 1997 were used, in part, for the composite grade
calculation for the LEZ in hole FL-003. Millrock has not
independently verified the results. However, the drilling work
completed in 1997 was done under the direct supervision of Gregory
Beischer in his prior role as Exploration Manager for INCO. Mr.
Beischer is the Qualified Person responsible for the contents of
this disclosure. The historical samples were assayed at Chemex Lab,
Inc. Appropriate quality control measures were in place.
Qualified PersonThe technical information
within this document has been reviewed and approved by Gregory A.
Beischer, President, CEO, and a director 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.
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. The company is
recognized as the premier generative explorer in Alaska, is a
significant shareholder of junior explorer ArcWest Exploration Inc.
and owns a large shareholding in Resolution Minerals Limited and
Felix Gold. Funding for drilling at Millrock’s exploration projects
is primarily provided by its joint venture partners. Business
partners of Millrock have included some of the leading names in the
mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck,
Kinross, Vale, Inmet and, Altius as well as junior explorers
Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD“Gregory Beischer”Gregory
Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:Melanee
Henderson, Investor RelationsToll-Free: 877-217-8978 | Local:
604-638-3164Twitter | Facebook | LinkedIn
Some statements in this news release contain forward-looking
information. 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 the
ongoing metal deportment study, and the completion of planned
expenditures, the ability to complete exploration programs on
schedule and the success of exploration programs.
“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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