(TheNewswire)
Highlights:
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Results from seven holes drilled in the 4,194-meterdrill program at the Genex Project.
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GEN-22-12 intersected 3.35% Cu, 0.46g/t Au and 9.6 g/t Ag over6.0 metres, extending the shaft zone to the south. Mineralization encountered in GEN-22-12 is hosted involcanogenic sulfides, opening a new southward down-dip satellitezone.
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GEN-22-07 intercepted 27.3 metres of zinc-richmineralization, including 1.11% Zn over 8.1 metres . This stringer zonemineralization extends the Genex structure to the southwest.
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These results, combined with our first batch announcedon March 16 th , (GEN-22-01: 0.96% Cu and 0.22g/t Au over 27.0metres , including 2.29% Cu and 0.32g/t Au over 7.78metres ) demonstrate the expansion potential tothe 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-operated4,194-metre drill program at the Genex Project. On April21st, 2022, the Company announced an option agreement for the GenexProject to earn 100% over 7 years from International Explorers &Prospectors Inc ( see news release dated April 21, 2022 ). The GenexProject is a polymetallic exploration target with near-term resourcepotential based on a high density of historical drilling around theformer Genex deposit, which is located from surface down to 100 metresin depth. These results continued to demonstrate the wide developmentpotential 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 8.1metres extending the zone to thesouthwest.
Jonathon Deluce, CEO of Melkior, remarks, “We are excited aboutthese results, which not only highlight the southern expansionpotential of the Genex system but also support the historical depositbeing open for expansion. Our maiden drill program has provided uswith valuable insights, including identifying the geologicalindicators and geophysical response that hosts the strongermineralization. With this knowledge, we are eager to plan our nextphase of drilling and begin follow-up surface work this month. Asnumerous major producer CEOs have emphasized the demand forGold-Copper deposits, we are confident that the excellentinfrastructure in the Timmins Camp, coupled with the need for millfeed, bodes well for the Project's prospects.”
Program Details:
These 7 holes total 980 metres, with lengths between 75 and 218metres, located at the margin of the composite grade shell modelledusing Leapfrog software (see news release dated October 27, 2022 ) for technical information). The program testedcontinuities and satellite lenses of base metals and goldmineralization around the historical Genex Mine.
Genex South and Southwest Extension:
A series of five holes were drilled to cover the possible southwardcontinuity of the Genex system using 50 metres spacing drilledfollowing northwest or southwest azimuths to crosscut a knowngeophysical conductor. The drill grid covered a target strike lengthof about 200 metres.
The Company made a new VMS (volcanogenic massive sulfide) lensdiscovery in hole GEN-22-12 possibly extending the zone to the south.The new mineralization consists of massive chalcopyrite-pyrite lenseshosted by volcanic tuffs from 106 to 117.5 metres. A volcanic contactat 33 metres marks a clear change from sericite to chlorite contactalteration. The copper mineralized interval of 3.35% over 6.1 metres is associatedwith 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 zonehosted in polygenic breccia about 70 metres westward and quasi-alongstrike with hole GEN-22-12. The best-mineralized interval intercepted 1.1% zinc over 8.1 metres from50.2 to 58.3 metres with anomalous gold at 0.3 g/t. The alterationsystem associated is heterogenous with moderate carbonate throughoutthe section. The best zinc grades with anomalous gold are hostedwithin a strong sericite overprint.
GEN-22-08 and GEN-22-09 cut the same carbonate altered and locallybrecciated andesitic flow apart from having a metric felsic markerintercepted, respectively at 79.65m and 95.8 metres. A metriccopper-silver grade of 0.84% Cu and 12.8 g/t Ag was obtained from holeGEN-22-08 in this environment.
Surface Footprint
Holes GEN-22-10, and GEN-22-13 were drilled about 30 metres east ofthe shaft area to test the near surface up-dip extension of the Genexstructure. The strong brecciation, sericite alteration andpyritization observed in the first 30 metres from surface returned0.5% and 0.86% copper over 2.5 metres from hole GEN-22-13.
A summary of drill results is reported in Table1:
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 arecore lengths as drilled. True width for holes are unknown at thisstage of work.
Note 2: Compared to previousreleases, the reporting of individual metal grades is utilized tobetter represent local high-grade portions of the mineralization andto 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 wassplit with half sent to AGAT in Timmins, ON, and fire assayed with anAA, with any samples over 10 g/t being assayed with gravimetricfinish. Whole metallic assays areperformed on samples if they contain visible gold. Additionally, forbase metals, Metals Package by 4 Acid Digest, ICP-OES Finish was usedwith 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 andapproved by Martin Demers, P.Geo. (PGO registration #3785). Mr. Demers is a consultant for Melkior anda Qualified Person for the purposes 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 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.
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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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 notbe able to raise sufficient funds to carry out its business plans, andthe risk of political uncertainties and regulatory or legal changesthat might interfere with the Company’s business and prospects.; thebusiness and operations of the Company; unprecedented market andeconomic risks associated with current unprecedented market andeconomic circumstances due to the COVID-19 pandemic, as well as thoserisks and uncertainties identified and reported in the Company'spublic filings under its SEDAR profile at www.sedar.com. Accordingly,readers should not place undue reliance on the forward-lookingstatements and information contained in this news release. Except asrequired by law, the Company disclaims any intention and assumes noobligation to update or revise any forward-looking statements toreflect actual results, whether as a result of new information, futureevents, changes in assumptions or changes in factors affecting suchforward-looking statements.
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