Estelle

Click here to view enlarged version

View the Latest Results from our Estelle Project

Target: The Estelle property hosts high grade gold veins spanning most of its length and width (20 km by 5 km) . The gold veins alone are significant targets, but at the Shoeshine prospect, the veins are spatially associated with porphyritic intrusives rocks, quartz stockworks and hydrothermal breccias. This indicates potential for a large bulk minable deposit similar to the Donlin Creek project in western Alaska.

Location and Setting: Estelle is located in the Rainy Pass district about 100 miles northwest of Anchorage. The property is made up of 168 Alaska state mining claims, covering approximately 10,198 hectares (39 sq. mi.) in one large claim group, immediately southwest and north of Kennecott Corporation's recently announced Whistler copper-gold discovery, now managed by Geoinfomatics.

Agreement or Terms: Millrock has purchased the rights of International Tower Hill Mines (TSX-V: ITH) to acquire the project, by paying 650,000 Millrock shares. ITH retains a 1% royalty. By virtue of the purchase agreement, Millrock will have the option to earn up to a 70% interest in the project from the underlying property owners Hidefield Gold Plc (AIM: HIF and Mines Trust, a private Alaska firm) by spending US$5 million in exploration by the end of 2011. The Company can earn a further 10% to own a total of 80% by preparing a bankable feasibility study. A further 2.5% NSR royalty may become payable to Hidefield / Mines Trust under certain conditions. The maximum total royalty is 3.5% NSR.

Geology and Mineralization: Gold mineralization at Rainy Pass is associated with composite intrusive complexes of Cretaceous age (~65 million years old). The geologic environment is similar to that hosting many major copper-gold and gold porphyry systems found throughout the world and within Alaska's productive Tintina Gold Belt where Barrick's Donlin Creek gold (~ 70 million years old) and Northern Dynasty's Pebble copper-gold projects are currently under development.

High grade gold mineralization has been found in quartz-arsenopyrite veins, hosted primarily in the 65 million year old intrusive rocks which are predominantly granites. Quartz stockworks and breccias cemented with quartz, oxidized sulfides and tourmaline with highly anomalous gold values are evidence of porphyry-style mineralization.

Two of the most interesting prospects on the property are the Shoeshine and Train showings. These prospects have produced an impressive number of high-grade gold values and overall statistics, see table below.

* note – all samples above 34.28 g/t Au (1 oz/t) were cut to 34.28 g/t.

Exploration Program: Exploration will consist of detailed mapping, soil/talus fines sampling and drilling. A drilling program will be carried out in summer 2008 to test the Shoeshine and Train prospects.

Estelle Figure 1: Schematic Cross Section (Enlarge)
 

Estelle Figure 2: Geology and Rock Sampling Schematic (Enlarge)
 

Estelle Figure 3: Quartz veins and arsenopyrite with high gold content (Enlarge)
 

Estelle Figure 4: Alteration and Mineralization at Estelle Property (Enlarge)
 

Estelle Figure 5: South Stoney Vein oxidized sulfides and gold mineralization at the Stony Vein prospect (Enlarge)
 

Estelle Figure 6: Altered intrusive rocks at the Estelle project (Enlarge)
 

Estelle Figure 7: Rock sampling at the Shoeshine prospect (Enlarge)