(TheNewswire)
Highlights:
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In April, Melkior announced an optionagreement with International Explorers and Prospectors on the Genexgold rich VMS Project in the Timmins Camp, next to Melkior’sCarscallen Project.
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A drill has been secured to start inearly October to follow-up and expand on strong historical results,including:
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IG-20-21 historical hole intercepted2.12 g/t Au Eq over 33.85 metres (1.14 g/t Au, 0.45% Cu 0.58%Zn)
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G17-09 historical hole intercepted1.96 g/t Au Eq over 39.0 metres (0.20 g/t Au, 1.17% Cu 0.14%Zn)
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The Company’s objective is todelineate a polymetallic open-pitable resource while targeting a nearsurface multi-lense massive sulphide source and gold enrichmenttrends.
Timmins, Ontario – TheNewswire – September 28 th , 2022 - Melkior Resources Inc.(“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF)is pleased to announce that a drill has been secured for a first phasedrill program at the Genex Project, which will commence inearly-October. This first phase of drilling will follow up on a seriesof historical intercepts, which includes 2.12 g/t Au Eq over 33.85 metres (1.14 g/tAu, 0.45% Cu & 0.58% Zn) in drill hole IG-20-21 and 1.96 g/tAu Eq over 39.0 metres (0.20 g/t Au, 1.17% Cu & 0.14% Zn) in drill hole G17-09 within the main Genex Zone.
Additionally, a series of satellite and extension targets have beenidentified to the north and northeast of the main zone based on over300 surface holes compiled from different sources. Availablegeological data is under review to produce a geological interpretationand an initial 3D model of targets. To help define these new targets,the geophysical coverage will be extended up to 1km around the Genexhistorical deposit area to test the ultimate target footprint.
On April 21st, 2022, the Company announced an option agreement for theGenex Project to earn 100% over 7 years from International Explorers& Prospectors Inc ( see news release dated April 21, 2022 ). The GenexProject is an advanced gold-copper poly-type VMS exploration targetwith significant near-term resource potential. The zones have beenhistorically interpreted over approximately 300 metres wide with asub-vertical dip. Historical drilling completed along strike andacross inside 500 metres of a strongly altered volcanic sequencerevealed satellite gold-copper mineralization that proves theexpansion potential of the system.
Jonathon Deluce, CEO of Melkior, remarks, “We are very excited forour maiden drill program at Genex. Since optioning the project, wehave been busy compiling all historical data into a 3D model of thezones, which supports the near-resource and expansion potential. Welook forward to providing further details on the specific drilltargets upon commencement.”
Drill Program
The drill program will commence in early October, and the Company istargeting a program size of approximately 3,000 metres. The programwill consist of follow-up on historical intercepts and expansiondrilling along the Genex trend and new targets identified. Significanthistorical intercepts include:
Drill Hole | From (m) | To (m) | Length (m) 1 | Au Equivalent (g/t) 2 | Au (g/t) | Cu (%) | Zn (%) | Ag (g/t) |
IG-20-21 | 60.65 | 94.5 | 33.85 | 2.12 | 1.14 | 0.45 | 0.58 | |
G17-09 | 40.5 | 79.5 | 39 | 1.96 | 0.2 | 1.17 | 0.14 | |
G17-11 | 42.3 | 94.4 | 52.1 | 1.17 | 0.48 | 0.27 | 0.53 | |
G17-12 | 52.2 | 79.2 | 26.8 | 2.36 | 1.27 | 0.18 | 1.34 | 4.7 |
Incl. | 75.4 | 79.2 | 3.8 | 4.90 | 3.92 | 0.21 | 0.93 | 12.3 |
G17-13 | 14.7 | 20.8 | 6.1 | 3.84 | 0.601 | 2.00 | 0.32 | 16.1 |
Notes:
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True widths of mineralization are not known.
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Gold equivalent grades are based on the following metal prices: goldUS$1,600 per oz, zinc US$1.35/lb, copper US$3.35/lb, and silverUS$18.0 per oz. Metal recoveries of 100% are applied in the goldequivalent calculation.
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Gold Equivalent values (AuEq) were calculated using theformula AuEq = (($1600 x Au g/t ÷ 31.104) + ($18.0 x Ag g/t ÷31.104) + ($3.35 x % Cu ÷100 x 2204.63) +($1.35 x % Zn ÷100 x2204.63)) ÷ $1600 x 31.104
Since optioning the Project, the Company has systematically evaluatedall historical data and built a central database. The exploration teamhas completed:
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Compiled database of historical drilling to build a 3D model of thezones
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3D model has been evaluated in detail to determine the structure andidentify high-priority expansion targets
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Property wide collection and database incorporation of all geophysicaldata.
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Review of historical logs to model alteration patterns and structuraltrends as proximity indicators for mineralized systems.
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Planned an IP program on newly identified targets which will becompleted prior to the October drill program
The Company looks forward to providing further details on drilltargets upon commencement of the program.
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.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the
TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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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