(TheNewswire)
Highlights:
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Over 59-line kilometres were coveredby the exploration team using a beepmat covering an area ofapproximately 2.6 square kilometres.
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A total of 121 outcrop and erraticboulder samples were collected for assaying.
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Two new chalcopyrite conductivehorizons were discovered located respectively at 125 metres south andover 300 metres north of historical mine site
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Resonant discovery returned 6.55 %copper, 1.55 g/t gold and 11.7 g/t silver (090624)
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Channels were cut at over 15 targets,representing over 451 outcrop samples.
Timmins, Ontario - TheNewswire - November 7, 2023 - Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR)(OTC:MKRIF) is pleased to announce a further update from itsSummer Surface Program at Genex, focused on testing surface extensionsof the historical Genex deposit, currently under option fromInternational Explorers and Prospectors Inc ( see news release dated April 21,2022 ).
The exploration team’s diligent efforts in covering extensive groundand utilizing Beepmat ™ (Instrumentation GDD) technology has led tothe discovery of two new significant chalcopyrite conductive horizonspotentially expanding the overall Genex polymetallic footprint up to125 metres to the south and 300 metres to the north. Preliminaryresults validate the IP anomaly interpretations and will help toexpand additional exploration targets to the northeast. Ultimately,the company is gaining more knowledge, allowing it to furtherunderstand and continue exploring the VMS potential.
The first discovery was made over 125 metres to the south of theformer Genex footprint and was identified under a thin layer of soil,named the Resonant showing. The mineralization observed at thediscovery site corresponded to dense chalcopyrite stringers rangingfrom a few centimetres up to 15 centimetres and hosted in achloritized siliceous volcanic rock. The first results obtained fromthe Resonant discovery returned 6.55% copper, 0.1% cobalt, 1.55 g/t gold and 11.7 g/t silver (090624).
The mineralized area was subsequently excavated, creating anobservation window of approximately 10 metres by 10 metres so thatnumerous channels could be cut, allowing for a better understanding ofthe mineralization and its relationship to that of the historicalGenex deposit.
A second new chalcopyrite horizon, this time located over 300 metresto the north of the former Genex deposit, returned 1.05% copper, 0.81 g/t gold and 18g/t Silver (090912). These two new discoveries expand theoverall footprint of the Genex polymetallic system to over 650 metres(north-south) in comparison to its historical footprint of 250 metres.
Overall, an area of 2 sq/km was covered from Acanda Lake extending tothe south, including the Genex deposit. Despite the abundance ofanthropic features and blasted material, numerous outcrop samplestaken can be considered as new sulfide occurrences in the volcanicsequence. From the 121 samples taken, 81 are from outcrops, 34 fromglacial boulders and 6 from inferred blasted material from historicalexploration.
Beepmat Sampling Highlights:
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10 rock grab samples yielded greater than 0.1% copper,with 5 samples above 1.0%
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Sample 090624 assayed 6.5% copper, 1.55 g/t gold 11.7g/t silver
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Sample 090656 assayed 2.6% copper, 0.13 g/t gold & 8.0g/t silver
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5 rock grab samples yielded greater than 0.2 g/t gold, with 2 samplesabove 1.0 g/t
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Sample 090995 assayed 0.15% copper, 1.28 g/t gold 13.0g/t silver
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Table 1: Beepmat SamplingHighlights
Genex Property Mapwith Exploration Coverage and New Chalcopyrite Horizons
Please refer to Table 1 for sample details
The new samples collected from this program aim not only to expand butalso to enhance the understanding of the complex geological structureand provide invaluable insight into the forthcoming drill program. Inaddition, the Company believes that the environment is favorable forthe discovery of massive sulfides lenses related to a VMS deposit andongoing efforts will continue to be concentrated on gaining moreknowledge from the recently completed work and the historical dataavailable.
Further to the successful beepmat program, the teams also completed aseries of trenching and channel sampling concentrated around the newlydiscovered Resonant showing, and along the north-east conductors whereinitial sampling indicated the presence of significant mineralization.Sampling results and mapping are currently under revision andvalidation which will be shared as soon as it's available.
Jonathon Deluce, Chief Executive Officer of Melkior states “We arevery pleased with the outcome of this exploration approach as it hasyielded a wealth of new information that we had never seen before. Weare confident that the new geological information and assays to comewill significantly enhance our drill targeting process and help usgain a deeper understanding of the Genex polymetallic system. We lookforward to providing additional updates shortly on the Channel SampleResults and Drill targets for our next program”.
Rock samples were sent to AGAT in Timmins, ON, and fireassayed with an AA, with any samples over 10 g/t being assayed with agravimetric finish. Additionally, for base metals, Metals Package by 4Acid Digest, ICP-OES Finish was used with over limits tested by 4-Aciddilution testing. Standards and blanks were inserted into the samplestream.
Qualified Person
All technical information in this press release hasbeen reviewed and approved by Martin Demers, P.Geo. (PGO registration#3785). Mr.Demers is a consultant for Melkior and aQualified Person for the purposes of National Instrument43-101.
About Melkior Resources
Melkior Resources is an exploration stage resourcecompany in world-class mining jurisdictions with a strong partner.Melkior’s flagship Carscallen Project is being advanced by AgnicoEagle Mines Limited through an option agreement pursuant to whichAgnico Eagle has the option (but not the obligation) to acquire up toa 75% interest to the Carscallen Project byspending $110 million on the Carscallen Project over a 10-year period.See the Company’s news release dated September 28, 2020 for moreinformation. Melkior, under 100% ownership, is focused on advancingits Genex, Beschefer East, Val D’Or, White Lake and MaseresProjects. Agnico Eagle also owns approximately 6% of the issued andoutstanding 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 website www.melkior.com .
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