(TheNewswire)
Highlights:
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Drilling is underway at Carscallen,with 4,200 meters currently budgeted for this program across 3 targets
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Drilling has started in the ShenkmanZone, with targets being finalized to follow up on recent discoveriesnorth of the ZamZam Zone and new targets surrounding the MysteryZone
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The Shenkman Zone has the potentialto deliver high-metal factor intercepts as seen in 2012 with 51.9 g/tGold over 3.7 Meters, 2019 with 23.5 g/t Gold over 8.0 Meters and 2020with 25.7 g/t Gold over 6.0 Meters.
Timmins, Ontario – TheNewswire – June 14, 2022 - Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce anupdate on its drilling commencement for the $110 million strategicinvestment and partnership with Agnico Eagle Mines (PreviouslyKirkland Lake Gold) at the Carscallen Project located approximately 25kilometres southwest of Timmins Ontario. This program is beingoperated by Agnico Eagle Mines (“Operator”) under the option /joint venture announced on Sept 28, 2020. As of May 2022, there wasapproximately $1.2M of work commitment left to be spent by September2022 to meet the minimum commitment.
Drill Program
Drilling at the Project is currently underway, with a minimum of 4,200meters budgeted over this summer program. Details of the drill targetswill be provided in a subsequent news release, but the program willstart by targeting the Shenkman Zone, which has the potential todeliver high-metal factor intercepts as seen in 2012 with 51.9 g/t gold over 3.7 meters , 2019with 23.5 g/t gold over 8.0meters and 2020 with 25.7 g/tgold over 6.0 meters. This drill program will target areasimmediately along strike and dip of these strong historicalintercepts.
This drill program will also target the area north of the ZamZam Zoneto follow-up on recent intersected high-grade values in anunder-drilled area up to 300 meters north of the current surfacetrenching. CAR-21-18, collaredapproximately 50 meters northwest of the ZamZam/Jowsey Zone,intersected 6.88 g/t gold over 1.5meters from 384.5 to 386 meters, including 19.6 g/t gold over 0.5 meters from385.5 to 386.0 meters. Drill hole CAR-21-19 , collared 300 meters north of CAR-21-18,intersected 5.84 g/t gold over1.5 meters from 400.0to 401.5 meters including 16.1 g/tAu, 83.6 g/t Ag, .33% Cu and .23% Zn over 0.5 meters from 401.0to 401.5 meters.
Both vein intersections in drill holes CAR-21-18 and CAR-21-19 areinterpreted to be the same vein system, with CAR-21-18 intersected atapproximately 280 meters vertically below surface and CAR-21-19 atapproximately 300 meters vertical. In addition, with multiple veinintersections in CAR-21-18, these intercepts open this 300-meter gapbetween the two drill holes for additional drill testing and extends the ZamZam/Jowsey Zones by 350meters , which is open to the north.
Jonathon Deluce, CEO of Melkior, remarks, “We are very excited thatdrilling has resumed at Carscallen. The Carscallen Project hasdemonstrated the potential to be a high-grade gold system withcontinuity amongst numerous zones. We push to make that game-changingdiscovery hole with every drill program, and we are confident that wehave the best partner to achieve this goal.”
Qualified Person
All technical information in this press release has been reviewed andapproved by Peter Caldbick, P.Geo. Mr.Caldbick is a consultant for Melkior and a Qualified Person for thepurposes of National Instrument 43-101.
About Melkior Resources
Melkior Resources is an exploration stage resource company inworld-class mining jurisdictions with a strong partner. Melkior’sflagship Carscallen Project is being advanced by Kirkland Lake Gold(Now Agnico Eagle Mines) through a $110M option/joint ventureagreement. Melkior under 100% ownership, is focused on advancingit’s Val D’Or, White Lake and Maseres Projects. Agnico Eagle Minescurrently owns approximately 6% of the Company.
ON BEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, pleasecontact:
Melkior Resources Inc.
E-mail: info@melkior.com
Tel: 226-271-5170
The reader is invited to visit Melkior's web site www.melkior.com.
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