(TheNewswire)
Highlights:
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Gold and base metal zones aremodelled to a vertical depth of 300 metres, 300 metres down dip and500 metres along strike.
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Mineralized intervals at the limit ofthe model result in the Genex Zone being open in alldirections.
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Phase 1 of the 3,000m drill programunderway will focus on infill and extensions around the historicalGenex Mine.
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The 3D model supports the potentialto delineate a polymetallic open-pitable resource while targeting anear-surface multi-lense volcanogenic sulphide source and goldenrichment trends.
Timmins, Ontario – TheNewswire - Melkior Resources Inc.(“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF)is pleased to announce the completion of the first 3D model ofgold-base metal mineralization historically drilled at the GenexProject. Genex hosts gold-rich volcanogenic polymetallicmineralization, with comparable targets primarily located in theRouyn-Noranda area.
The model concludes the compilation of historical assays fromdifferent sources, some from the public domain and other supplied byInternational Explorers and Prospectors, “IEP”. Melkior completedthe essential data organization and integration steps before goingahead with a first drill program. Based on this compilation, theCompany completed a first preliminary geological interpretation fordrill planning. Strong targets support a first drill phase of 3,000metres currently underway. Drilling commenced in early October, withapproximately 1,500 metres completed to date, and first batches ofsamples have been delivered to the lab.
Figure 1: Angled long view looking NW(“AA”)
Phase 1 of Drill Program:
Phase 1 includes 14 holes over approximately 1,800 metres of drilling.These holes are designed to infill areas within the historical GenexMine and test extension targets focusing on the area south of thehistorical zones. This southern limit drilling will target extendinghistorical results such as 1.96 g/tAu Eq over 39.0 metres (0.20 g/t Au, 1.17% Cu & 0.14% Zn) from hole IG-17-09 and 2.36 g/t Au Eqover 26.8 metres (1.27 g/t Au, 0.18% Cu, 1.34% Zn & 4.7 g/tAg) from hole IG-17-12.
Figure 2: 3D Plan view of the GenexGold-Copper system. Leapfrog software grade shells using inversedistance interpolation of a gold equivalent grade for gold + copper +zinc + silver
Figure 3: Phase 1 drilling angledlong view looking NW (“BB”)
3D Model Details:
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Melkior has assumed the supplied drilling information represents theProject's integral historical database, with approximately 330 holescollared on the Property for a total of approximately 69,000 metres.Of this historical drill data, 150 holes representing about 50,000metres have assay data recorded. The total assay length is 8,109metres.
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The spacing between holes is variable, ranging between 20 to 200metres.
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During the data integration exercise, key geological features such aslithological contacts, alteration, fracturing and brecciation werecoded from drill journals and integrated into the database.
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The 3D model is the first tool to capture the spatial distribution ofgold, copper, zinc and silver assays. This pre-drilling exercise wasbuilt around the calculation of gold equivalent factor weighting thegrade of each metal in accordance with fixed metal prices (see detailsbelow).
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The model shows three main mineralized clusters over approximately 500metres along a north-south trend. Mineralization is connected to avertical depth of 300 metres, limited by historical drill coverage.According to the geological model, the maximum down dip extension ofthe drilled mineralized stratigraphy is also about 300 metres (seeFigure 1).
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Gold equivalent grades are based on the following metalprices: gold US$1,600 per oz, zinc US$1.35/lb, copper US$3.35/lb, andsilver US$18.0 per oz. Metal recoveries of 100% are applied in thegold equivalent calculation. Gold Equivalentvalues (AuEq) were calculated using the formula AuEq = (($1600 x Aug/t ÷ 31.104) + ($18.0 x Ag g/t ÷ 31.104) + ($3.35 x % Cu ÷100 x2204.63) +($1.35 x % Zn ÷100 x 2204.63)) ÷ $1600 x 31.104
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 Genex, Val D’Or, White Lake and Maseres Projects. AgnicoEagle Mines currently 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 .
Head Office: 66 Brousseau Ave., Suite207, Timmins, ON P4N 5Y2 Canada
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Cautionary NoteRegarding Forward-Looking Information
This newsrelease contains statements that constitute “forward-lookinginformation” (collectively, “forward-looking statements”) withinthe meaning of the applicable Canadian securities legislation. Allstatements, other than statements of historical fact, areforward-looking statements and are based on expectations, estimatesand projections as at the date of this news release, and includestatements with respect to the anticipated timing of the Agreement andpayments thereunder and statements with respect to the non-43-101compliant resource estimates on the property to be acquired by theCompany. Any statement that discusses predictions, expectations,beliefs, plans, projections, objectives, assumptions, future events orperformance (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” orvariations 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 ofhistorical fact and may be forward-looking statements. Consequently,there can be no assurances that such statements will prove to beaccurate and actual results and future events could differ materiallyfrom those anticipated in such statements. Except to the extentrequired by applicable securities laws and the policies of the TSXVenture Exchange, the Company undertakes no obligation to update theseforward-looking statements if management’s beliefs, estimates oropinions, or other factors, should change. Factors that could causefuture results to differ materially from those anticipated in theseforward-looking statements include risks associated with the failureto complete the terms of the Agreement, possible accidents and otherrisks associated with mineral exploration operations, the risk thatthe Company will encounter unanticipated geological factors, thepossibility that the Company may not be able to secure permitting andother governmental clearances necessary to carry out the Company’sexploration plans, the risk that the Company will not be able to raisesufficient funds to carry out its business plans, and the risk ofpolitical uncertainties and regulatory or legal changes that mightinterfere with the Company’s business and prospects.; the businessand operations of the Company; unprecedented market and economic risksassociated with current unprecedented market and economiccircumstances due to the COVID-19 pandemic, as well as those risks anduncertainties identified and reported in the Company's public filingsunder its SEDAR profile at www.sedar.com. Accordingly, readers shouldnot place undue reliance on the forward-looking statements andinformation contained in this news release. Except as required by law,the Company disclaims any intention and assumes no obligation toupdate or revise any forward-looking statements to reflect actualresults, whether as a result of new information, future events,changes in assumptions or changes in factors affecting suchforward-looking statements.
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