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Millrock Resources Inc (2)
Symbol MRO
Shares Issued 49,007,150
Close 2017-03-22 C$ 0.53
Market Cap C$ 25,973,790
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Millrock Resources acquires Willoughby historical data

2017-03-23 10:14 ET - News Release

Mr. Gregory Beischer reports

MILLROCK ACQUIRES WILLOUGHBY PROJECT DATA, STEWART GOLDEN TRIANGLE DISTRICT, BRITISH COLUMBIA

Millrock Resources Inc. has located and acquired historical exploration information for its Willoughby high-grade gold-silver project in the Golden Triangle district of British Columbia. The information, which was never submitted to the British Columbia Department of Energy and Mines for assessment purposes, was generated in 1996 by Camnor Resources Ltd. and was contained in an internal company report titled "Report on the 1996 Program and Recommendations for Further Work, Willoughby Property, Stewart Area, British Columbia, Skeena Mining Division," written by David Visagie, PGeo, senior geologist of Camnor Resources, and dated Jan. 10, 1997. Exploration by Camnor in 1996 consisted of 31 surface holes, 40 metres of underground drifting and 30 underground drill holes. A highlight of the 1996 program was the delineation of a high-grade core at the North zone. The core of the North zone measures approximately 30 metres long, with true widths varying from one metre to eight metres, with the overall width being approximately three metres. Millrock purchased the Willoughby tenures in 2016, as previously announced here.

Gregory A. Beischer, Millrock's president and chief executive officer, commented: "There are some exceptionally high-grade gold and silver drill results noted in the 1996 Willoughby report. The Willoughby tenures are host to numerous zones of mineralization, and, while the grade is high, each appears to have limited extent. Nevertheless, we view these numerous zones as possible indicators of a more significant deposit at depth -- hopefully with similar grade. Alpine glaciers that characterize the upper reaches of the mountains have receded rapidly since the last serious exploration effort in 1996. We look forward to prospecting the rocks that have been uncovered over the past two decades."

Note: The qualified person for Millrock cannot verify the drill results or the other technical information set out in the 1996 report. The location of the drill cores from the program is presently unknown, and the drill cores have not been inspected by the Millrock qualified person, and, therefore, Millrock has not undertaken any relogging, resampling or check assays. However, Millrock has no reason to doubt the results and considers the results relevant and suitable for disclosure. The high-grade results compare favourably with high-grade results reported by Camnor in 1994 and 1995. The information in the 1996 report was created under the direct supervision of David Visagie, the geologist in charge of the Camnor work that year and author of the Camnor report. Millrock has discussed the work and the report with Mr. Visagie, who has confirmed the contents of the report. Mr. Visagie is a registered member of the Association of Professional Engineers and Geoscientists of British Columbia. Millrock has been informed that, under Mr. Visagie's supervision, a quality control/quality assurance program was in effect during the 1996 exploration program. Selected mineralized core samples were collected from split drill core and assayed locally near Stewart, B.C., at Westin Mines' Premier gold mine by fire assay using a one-assay-tonne technique. Sample pulps were forwarded to Chemex Labs in North Vancouver, B.C., and were analyzed for 30 elements by ICP analysis. Every 10th sample pulp was assayed for gold and compared with the results reported by the Premier mine lab. Additionally, all samples that exceeded, by ICP analysis, 100 parts per million silver, or 10,000 parts per million copper, lead or zinc, were also assayed. Chemex also completed screening and assaying of all samples containing visible gold. In addition, a limited number of reject samples were assayed to test for laboratory variance. Specific use of standards and blanks throughout the sampling sequence was not mentioned in the 1996 report, although laboratories commonly have their own internal standard and blank testing procedure. The 1996 report quality control/quality assurance section concluded that there were only minor variances between samples assayed at different labs. Chemex (now ALS Chemex) in North Vancouver is still currently in operation and is now an accredited ISO company. There is no reported or known relationship between the labs mentioned, Mr. Visagie or Camnor.

The 1996 Camnor exploration program consisted of 31 surface drill holes totalling 3,458.7 metres, 40 metres of drifting and 30 underground drill holes totalling 2,383.2 metres of underground drilling, at a reported cost of $1.3-million. The 61 drill holes were drilled in BQTK core diameter. Fieldwork performed on the property included mapping, remapping and/or sampling of the North zone, Wilby zone, and the Wilkie and Wombat zones. A structural interpretation of the North and Wilby zones was also completed during the 1996 program. True widths of mineralized intersections were referenced intermittently in the 1996 report and the tables with drill results appear to report apparent width. True width is not known with certainty by the qualified person.

The Willoughby property is located 26 kilometres east of the town of Stewart, B.C., on the eastern margin of the Cambria ice field, and covers 995 hectares. It is located three kilometres to the east of the Red Mountain gold property, which is being actively developed by IDM Mining Ltd. IDM reports a resource of 583,700 ounces of gold and 1,655,700 ounces of silver in the measured and indicated categories at Red Mountain. The geological setting at Willoughby is thought to be very similar to that at Red Mountain. The company cautions, however, that the mineralization identified on the Red Mountain property may not be indicative of the mineralization that may be found on the company's property.

Millrock owns three projects in the Golden Triangle district: Willoughby, Todd-Poly and Oweegee Dome. The projects have potential for high-grade epithermal or intrusion-related gold-silver deposits as well as precious-metal-enriched volcanogenic massive sulphide deposits. The company intends to find partner companies willing to finance exploration programs in order to earn an interest in the projects.

Millrock will recommend, to any future partner, an exploration program that includes prospecting and mapping of new rock exposures created by receding glacier ice, modelling, and analysis of airborne geophysical data, followed by diamond drilling. The company is presently digitizing all available information for the project and incorporating it into a database.

Except as noted above, the technical information within this news release has been reviewed and approved by Mr. Beischer, president, chief executive officer and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

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