(TheNewswire)
Highlights:
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Summer field program is currently underway at the GenexProject consisting of prospecting, MMI soil, Beepmat and stripping channel sampling. This will target the surface footprint expansion ofthe historical Genex deposit and better understand the mineralizationorientation for follow-up drilling.
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An estimated 3,000 meters of drilling is planned atGenex over the remainder of the year.
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The Company's 2022/2023 drill program succeeded ininfill and expansion, notably: GEN-22-01: 0.96% Cu 0.22g/t Au over 27.0m; including 2.29% Cu 0.32g/t Au over 7.78m.
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Soil program is planned to start at Beschefer East thissummer/fall to narrow down targets for a Q1 2024 drill program.
August 9, 2023 – TheNewswire - Timmins, Ontario. Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleased to provide anupdate on its exploration plans for the Summer and Fall across itsportfolio of Projects. The Company is focused on exploration at itsGenex Project in Timmins and Beschefer East in the Detour Camp (QC),while the Carscallen Project is being operated by Agnico Eagle underthe option and joint venture agreement announced on September 28, 2020 .
Jonathon Deluce, CEO of Melkior, remarks, “This will be a veryexciting rest of the year for Melkior as we focus on advancing Genexand Beschefer East while monitoring our partnership with Agnico Eagleat Carscallen. Our maiden drill program at Genex has proven theexpansion potential of the Project, and we are currently busy in thefield expanding the surface footprint of the historical deposit toprepare for our next drill program. We believe the Company is wellpositioned to benefit from the resumption of this gold and commoditybull market We appreciate the support of our shareholders during thesechallenging market conditions.”
Genex:
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The Company has commenced its’ Summer 2023 field program consistingof prospecting, Beep-Mat surveying, MMI soil and stripping &channel sampling.
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The MMI soil program will cover the lines cut for the IP survey overthe potential southwestern extension of the Genex system. The MMI willfollow up on the geophysical anomalies to determine priority strippingand drill targets. The Beep-Mat survey will also cover thissouthwestern grid to investigate the source of the IP conductors.
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For the prospecting and, stripping & sampling program, thepotential extensions around the historical Genex mine were broken downinto 17 specific targets to review in the field. The prospecting areacomprises a main volcanic sequence with mafic, intermediate to felsicunits. Polymetallic sulfides can be found in all parts of the volcanicsequence, which can be recognized by a fine grain structure, which canbe layered, massive or brecciate. Alteration minerals, quartz,blackish chlorite, carbonate, and sericite are common. Mineralizationtakes the form of fine dissemination, stringer, clots orquartz-carbonate veins and veinlets.
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The Genex system hosts a complex network of both massive sulphide& stringer mineralization, and the Company believes the fieldworkwill help highlight the large surface expansion potential of thehistorical deposit while providing a better understanding of theorientation of extensions. We believe these programs will producestrong drill targets for the remainder of the year.
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The Company currently has an estimated 3,000 meters of drillingplanned over the remainder of the year. Any high-priority targetsidentified in the summer field program will be tested immediately,with a larger drill program planned this fall.
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The Company’s maiden 2022/2023 drill program was successful in bothinfill and expansion drilling, highlighted by:
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GEN-22-01: 0.96% Cu 0.22g/t Au over 27.0 metres ,including 2.29% Cu and 0.32g/tAu over 7.78 metres
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GEN-22-04: 1.14g/t Au, 0.52% Cu, 0.36% Zn and 14.17 g/t Ag over 15.65metres , including 5.0 g/t Au, 1.98% Cu, and 61.26 g/t Ag over2.7 metres
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GEN-22-12: 3.35% Cu, 0.46g/t Au 9.6g/t Ag over 6.0 metres
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GEN-22-24: 0.75% Cu, 12.08 g/t Ag over 8.45 metres
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Beschefer East:
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On June 14th, 2023, the Company announced a definitive optionagreement on the Beschefer East Project to earn 100% over 3 years fromSOQUEM Inc.
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The Company is in the final stages of planning its’ soil samplingprogram to target the higher metal factor source amongst the three 2-3kilometre gold structures identified in prior exploration work. Thiswill be the first surface geochemical survey completed sinceidentifying these targets.
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The Company believes this survey, combined with the prior geophysicaltargeting, will provide strong follow-up drill targets for the maiden(Melkior-operated) drill program planned for Q1 2024.
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The top target for follow-up is the potential strikeextension of the Beschefer Project, where historical drilling hasidentified 55.63 g/t gold over5.57 metres , including 224 g/t over 1.23 metres . The extension of this structure has seen limited testing onthe Beschefer East side.
Val D’Or:
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Sparton Resource’s Bruell Gold Project, which borders Melkior’sVal D’Or Project (east boundary), saw 8,430 meters of drilling in2023 to date, operated by Eldorado Gold Corporation with positiveresults, including 13.77 g/t Au over 3.0 metres in BU-23-14.
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The Company is reviewing the Sparton/Eldorado results to determine thenext steps at the Project, including some follow-up drilling orpotential opportunities to recognize value through optioning theground to one of the current companies working in the area.
Corporate Update:
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Melkior is positioned well for 2023/2024 with over $2.6 million inworking capital and only 31.1 million shares outstanding.
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The Company appreciates the support of our shareholder base throughthese challenging market conditions. However, with the assets beingexplored combined with our strong share structure, we arewell-positioned to benefit when the market turns.
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 Agnico Eagle MinesLimited through an option agreement pursuant to which Agnico Eagle hasthe option (but not the obligation) to acquire up to a 75% interest tothe Carscallen Project by spending $110 million on the CarscallenProject over a 10-year period. See the Company’s news release datedSeptember 28, 2020 for more information. Melkior, under 100%ownership, is focused on advancing its Genex, Val D’Or, White Lakeand Maseres Projects. Agnico Eagle also owns approximately 6% of theissued and outstanding common shares of Company.
ONBEHALF 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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