Fortymile

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Target: Over 300,000 ounces of placer gold has been produced in the Fortymile district. Bedrock gold mineralization is spatially and genetically related to porphyritic intrusive dikes and sills.  Most hard rock occurrences discovered to date in the district consist of quartz veins with various combinations of arsenopyrite, chalcopyrite, stibnite and other sulfide mineralization.  These associations are similar to intrusive related gold mineralization elsewhere in Alaska and Yukon and could lead to the discovery of deposits similar to Donlin Creek, Fort Knox, Pogo and Brewery Creek.  

Location and Setting: Millrock holds three claim blocks in the historic Fortymile mining district, one of the oldest in Alaska (see table below).  The claim groups are near the towns of Chicken and Boundary, which are on the Taylor Highway, approximately 100 km northeast of Tok, Alaska.  The Taylor Highway links the towns of Tok, Alaska and Dawson, Yukon.  An extensive network of roads and trails links the properties to the highway system. 

Agreement or Terms: Millrock owns 100% of the state mining claims that make up the property package.  Alaska state mining claims require annual rental of $100 per 160 acre claim, and a 10% net proceeds tax on production.  Two of the claim groups, Chicken and Steele Dome have claim in-holdings, and deals property owners may need to be arranged prior to development.

Geology and Mineralization: The Fortymile District is entirely within the Yukon-Tanana Upland, and this area is considered to be within the “Golden Arch” of large gold deposits spanning from British Columbia to southwest Alaska.  Rocks of the Fortymile area consist of young sediments, including coal, which are underlain by metamorphic and igneous rocks.  The metamorphic rocks are the oldest and most abundant rock type and their age is dated from upper Paleozoic to Devonian, with several units known to be Pre-Mississippian of unspecified age. These metamorphic rocks were primarily sedimentary rocks with some igneous rocks within the sequence.  The metamorphic rocks are intruded by felsic to intermediate igneous rocks, which are equigranular to porphyritic.  Placer deposits are spatially associated with igneous rocks dated at approximately 134 million years as well as 180 years million old.  Gold mineralization is most commonly found in quartz and calcite veins and is associated with arsenopyrite, chalcopyrite, cinnabar, stibnite and other sulfide mineralization.  Mineralization is likely to be sourced from the 134 million old intrusive rocks.

Exploration Program: Millrock has carried out a very limited reconnaissance stream sediment and rock sampling in the road accessible portions of the properties. Rock samples grading up to 3.54 g/t gold were found (see table below). Stream sediment sampling of one of the properties defined a multi-sample gold and arsenic stream sediment anomaly that will be targeted for grid sampling follow-up work in 2008.

Plans for the 2008 season include a comprehensive biogeochemical survey, mapping, and trenching where feasible. Drilling may be carried out late in the season contingent upon results.

Fortymile Figure 1: Property Map (Enlarge)