Melkior Resources Inc

                

Highlights:

  • Results from seven holes drilled in the 4,194-meter drill program at the Genex Project.  

  • GEN-22-12 intersected 3.35% Cu, 0.46g/t Au and 9.6 g/t Ag over 6.0 metres, extending the shaft zone to the south. Mineralization encountered in GEN-22-12 is hosted in volcanogenic sulfides, opening a new southward down-dip satellite zone.  

  • GEN-22-07 intercepted 27.3 metres of zinc-rich mineralization, including 1.11% Zn over 8.1 metres. This stringer zone mineralization extends the Genex structure to the southwest. 

  • These results, combined with our first batch announced on March 16th, (GEN-22-01: 0.96% Cu and 0.22g/t Au over 27.0 metres, including 2.29% Cu and 0.32g/t Au over 7.78 metres) demonstrate the expansion potential to the north and south of the historical Genex Deposit.  

 

Timmins, Ontario – TheNewswire – May 9, 2023 – Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce results from seven holes in its maiden Melkior-operated 4,194-metre drill program at the Genex Project.  On April 21st, 2022, the Company announced an option agreement for the Genex Project to earn 100% over 7 years from International Explorers & Prospectors Inc (see news release dated April 21, 2022). The Genex Project is a polymetallic exploration target with near-term resource potential based on a high density of historical drilling around the former Genex deposit, which is located from surface down to 100 metres in depth. These results continued to demonstrate the wide development potential of this type of polymetallic and VMS target.

 

Program highlights include GEN-22-12, intersecting 3.35% Cu, 0.46g/t Au and 9.6 g/t Ag over 6.0 metres, possibly extending the Genex Shaft Zone to the south. GEN-22-07 intercepted 27.3 metres of zinc-rich mineralization, including 1.11% Zn over 8.1 metres extending the zone to the southwest.

 

Jonathon Deluce, CEO of Melkior, remarks, “We are excited about these results, which not only highlight the southern expansion potential of the Genex system but also support the historical deposit being open for expansion. Our maiden drill program has provided us with valuable insights, including identifying the geological indicators and geophysical response that hosts the stronger mineralization. With this knowledge, we are eager to plan our next phase of drilling and begin follow-up surface work this month. As numerous major producer CEOs have emphasized the demand for Gold-Copper deposits, we are confident that the excellent infrastructure in the Timmins Camp, coupled with the need for mill feed, bodes well for the Project’s prospects.”

 

Program Details:

These 7 holes total 980 metres, with lengths between 75 and 218 metres, located at the margin of the composite grade shell modelled using Leapfrog software (see news release dated October 27, 2022) for technical information). The program tested continuities and satellite lenses of base metals and gold mineralization around the historical Genex Mine.

 

Genex South and Southwest Extension:

A series of five holes were drilled to cover the possible southward continuity of the Genex system using 50 metres spacing drilled following northwest or southwest azimuths to crosscut a known geophysical conductor. The drill grid covered a target strike length of about 200 metres.

 

The Company made a new VMS (volcanogenic massive sulfide) lens discovery in hole GEN-22-12 possibly extending the zone to the south. The new mineralization consists of massive chalcopyrite-pyrite lenses hosted by volcanic tuffs from 106 to 117.5 metres. A volcanic contact at 33 metres marks a clear change from sericite to chlorite contact alteration. The copper mineralized interval of 3.35% over 6.1 metres is associated with gold (0.46 g/t), cobalt (0.025%,) with minor silver (9.6 g/t).

 

GEN-22-07 intersected close to the surface a sphalerite stringer zone hosted in polygenic breccia about 70 metres westward and quasi-along strike with hole GEN-22-12. The best-mineralized interval intercepted 1.1% zinc over 8.1 metres from 50.2 to 58.3 metres with anomalous gold at 0.3 g/t. The alteration system associated is heterogenous with moderate carbonate throughout the section. The best zinc grades with anomalous gold are hosted within a strong sericite overprint.

 

GEN-22-08 and GEN-22-09 cut the same carbonate altered and locally brecciated andesitic flow apart from having a metric felsic marker intercepted, respectively at 79.65m and 95.8 metres. A metric copper-silver grade of 0.84% Cu and 12.8 g/t Ag was obtained from hole GEN-22-08 in this environment.  

 

Surface Footprint

Holes GEN-22-10, and GEN-22-13 were drilled about 30 metres east of the shaft area to test the near surface up-dip extension of the Genex structure. The strong brecciation, sericite alteration and pyritization observed in the first 30 metres from surface returned 0.5% and 0.86% copper over 2.5 metres from hole GEN-22-13.

 

A summary of drill results is reported in Table 1:

Hole ID

From (m)

To (m)

Length (m)

Cu (%)

Gold (g/t)

Ag (g/t)

Zn (%)

Co (%)

GEN-22-07

14.2

24

9.8

–

–

–

0.84

–

 

40.8

58.3

17.5

–

–

–

0.625

–

Including

50.2

58.3

8.1

–

0.3

–

1.11

–

 

99

100

1

–

0.52

–

–

–

                 

GEN-22-08

22.65

35.15

12.5

–

–

–

0.7

–

 

60.5

62

1.5

–

–

12.8

–

–

                 

GEN-22-09

84.1

86.1

2

0.83

 

12.2

   
                 

GEN-22-10

22

26.3

4.3

–

0.3

–

–

–

Including

25

26.6

1.6

–

–

–

0.59

–

Including

47

51.1

4.1

–

–

–

0.43

–

                 

GEN-22-11

No significant assays

                 

GEN-22-12

106

112

6

3.35

0.46

9.6

–

0.025

 

116

117.5

1.5

0.4

–

–

1.23

–

                 

GEN-22-13

29

31.5

2.5

0.51

   

0.86

 
                 

Note 1: Stated lengths are core lengths as drilled. True width for holes are unknown at this stage of work.

Note 2: Compared to previous releases, the reporting of individual metal grades is utilized to better represent local high-grade portions of the mineralization and to better model the geometry for follow-up drilling.  

 

Drill Hole Coordinates

DDH_No

UTMnad83_East

UTMnad83_North

Azimuth

Dip

Length

GEN-22-07

458773

5370091

330

-74

105

GEN-22-08

458773

5370091

150

-85

103

GEN-22-09

458648

5370058

60

-75

200

GEN-22-10

458815

5370155

60

-65

150

GEN-22-11

458848

5370061

330

-60

218

GEN-22-12

458813

5370122

150

-66

129

GEN-22-13

458813

5370122

60

-66

75

 

The field program was run by SL Exploration, and the drill core was split with half sent to AGAT in Timmins, ON, and fire assayed with an AA, with any samples over 10 g/t being assayed with gravimetric finish. Whole metallic assays are performed on samples if they contain visible gold. Additionally, for base metals, Metals Package by 4 Acid Digest, ICP-OES Finish was used with over limits tested by 4-Acid dilution testing. Duplicates, standards, and blanks were inserted into the sample stream.

 

Qualified Person

All technical information in this press release has been reviewed and approved by Martin Demers, P.Geo. (PGO registration #3785).  Mr. Demers is a consultant for Melkior and a Qualified Person for the purposes of National Instrument 43-101.

 

About Melkior Resources

Melkior Resources is an exploration stage resource company in world-class mining jurisdictions with a strong partner. Melkior’s flagship Carscallen Project is being advanced by Agnico Eagle Mines Limited through an option agreement pursuant to which Agnico Eagle has the option (but not the obligation) to acquire up to a 75% interest to the Carscallen Project by spending $110 million on the Carscallen Project over a 10-year period. See the Company’s news release dated September 28, 2020 for more information. Melkior, under 100% ownership, is focused on advancing its Genex, Val D’Or, White Lake and Maseres Projects. Agnico Eagle also owns approximately 6% of the issued and outstanding common shares of Company.

 

ON BEHALF OF THE BOARD

Jonathon Deluce, CEO

 

For more information, please contact:

Melkior Resources Inc.

E-mail: [email protected]

Tel: 226-271-5170

 

The reader is invited to visit Melkior’s web site www.melkior.com.

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.

 

Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation.  All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, and include statements with respect to the anticipated timing of the Agreement and payments thereunder and statements with respect to the non-43-101 compliant resource estimates on the property to be acquired by the Company. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.  Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the failure to complete the terms of the Agreement, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects.; the business and operations of the Company; unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the Company’s public filings under its SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions or changes in factors affecting such forward-looking statements.

     

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