(TheNewswire)
Highlights:
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Visual observations on approximately 1,207 metres ofdrilling completed across 9 holes located within 100 metres of thehistorical Genex underground infrastructure.
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Disseminated to semi-massive polymetallicmineralization has been intersected in all holes drilled to dateranging in width from 2.2to 40.2 metres
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A new volcanogenic massive sulfidelens with associated stringer intervals wasdiscovered outside the historical Genex deposit.
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Drilling was completed in late November, with theprogram totalling 4,223 metres
Timmins, Ontario – TheNewswire – December 15, 2022 - Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleased to provide asecond visual update from its drill program completed at Genex, whichcommenced in early October. On April 21st, 2022, the Company announcedan option agreement for the Genex Project to earn 100% over 7 yearsfrom International Explorers & Prospectors Inc ( see news release dated April 21, 2022 ). The GenexProject is a gold-copper polymetallic VMS exploration target withsignificant near-term resource potential.
Figure 1: GEN-22-12 (106m)
*The photos are of selected intervals and are notnecessarily indicative of the mineralization hosted within theentirety of the drill holes
Drilling
This update includes 9 holes totalling 1,207 metresranging in depth between 75 and 220 metres, targeting infill andextension targets around the historical Genex Mine (see followingdiagram). From logging, 5 holes out of 9 returned at least onemineralized interval over 10 metres hosting disseminatedchalcopyrite-pyrite, pyrite-sphalerite and/or pyrite. Three holesdrilled in two different areas host massive or semi-massive intervalsembedded in the disseminated sulfide envelope.
Genex Infill:
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. Hole GEN-22-14 was drilled across the underground workingsusing a north north-west azimuth to test the potential for largenear-surface disseminated mineralization. In this hole, repeatedsulfide clusters, veins and stringer zones hosting up to 10%chalcopyrite with accessory sphalerite over metric intervals wereobserved from a depth of 25 to 110 metres along hole. The host rock isa volcanic breccia of intermediate composition affected by zones ofstrong chloritization, carbonatization and sericitization.
South West Extension:
GEN-22-08, GEN-22-09, GEN-22-17 and GEN-22-18, tested the geometry ofa western extension of the Genex system up to a distance of about 100metres from the known deposit. The first two holes tested the down dippotential while GEN-22-17 and GEN-22-18 were planned to test apossible updip extension close to surface and lateral continuity.
The most significant observations were made on hole GEN-22-18, wheretwo sulfide occurrences were identified. A chalcopyrite stringer zoneis present from 70.3 to 89.7m, hosted in massive mafic to intermediatevesicular volcanic flows affected by moderate carbonate-chloritealteration. The second mineralized interval is defined from 101.8 to111.0m. The mineralization is an example of volcanogenic massivepyrite-chalcopyrite layers with associated stringers located at thecontact between the Genex felsic fragmentary unit and massiveandesite. The high level of chloritization and carbonatization tendsto obscure primary contacts.
Figure 2: GEN-22-18 (105.6m)
Genex Down Plunge:
GEN-22-11 and GEN-22-12 were drilled to cover a potential southwardcontinuity of the Genex system. The most encouraging observations wereobtained from hole GEN-22-12, where a true VMS (volcanogenic massivesulfide lens) occurs at about 50 metres from the historical Genexmineralization and is hosted in a distinct volcanic sequence. The newmineralization takes the form of massive chalcopyrite-pyrite lenseshosted by volcanic tuffs from 106 to 117.5 metres along hole. Avolcanic contact at 33 metres marks a clear change from sericite tochlorite contact alteration.
Figure 3: GEN-22-12 (108m)
Visual Intercept Highlights:
The following observations were made as indications ofthe Genex Au-Cu Zone, but they have not yet been correlated with gold,copper, zinc or silver grades.
* For a full list of figures please refer to thislink.
** GEN-22-15 & 16 were not drilled.
Drill Hole Coordinates
DDH | Az | Dip | Length | UTM NAD83 z17 - E | UTM NAD83 z17 - N | Elevation (ASL) |
GEN-22-08 | 150 | -85 | 105 | 458773 | 5370091 | 344 |
GEN-22-09 | 60 | -75 | 200 | 458648 | 5370058 | 346 |
GEN-22-10 | 60 | -65 | 147 | 458815 | 5370155 | 349 |
GEN-22-11 | 330 | -60 | 220 | 458848 | 5370061 | 351 |
GEN-22-12 | 150 | -66 | 120 | 458813 | 5370122 | 350 |
GEN-22-13 | 60 | -66 | 75 | 458813 | 5370122 | 350 |
GEN-22-14 | 330 | -50 | 105 | 458800 | 5370196 | 348 |
GEN-22-17 | 330 | -60 | 149 | 458671 | 5370117 | 346 |
GEN-22-18 | 330 | -57 | 95 | 458728 | 5370120 | 346 |
3D Plan View of the Genex Gold-CopperSystem*
*Gold-equivalent grade shells (gold + copper + zinc +silver) based on inverse distance interpolation using Leapfrogsoftware.
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 advancing itsGenex, 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.
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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