(TheNewswire)
Highlights:
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Final results from the successful maiden (Melkioroperated) 4,194-meter drill program at the Genex Project
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GEN-22-24 and GEN-22-25 highlight the expansionpotential 200 metres northwest of the historical Genex mine
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GEN-22-24 intercepted 0.75% Cu, 12.08 g/t Ag over 8.45metres , including 1.48% Cu and 22.03 g/t Ag over2.4 metres
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GEN-22-25 intercepted 1.24% Zn over 13.85 metres within 0.76% Zn over 30.25 metres
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These results, combined with our first batchespreviously announced (GEN-22-01: 0.96% Cu 0.22g/t Au over 27.0 metres ,GEM-22-12: 3.35% Cu, 0.46g/tAu 9.6 g/t Ag over 6.0 metres ) demonstrate theexpansion and near-surface bulk tonnage potential of the historicalGenex Deposit
Timmins, O N - TheNewswire - June 21, 2023 - Melkior ResourcesInc. (“ Melkior ” or the“ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleased toannounce the remaining results from its maiden Melkior-operated 4,194drill program at the Genex Project. On April 21st, 2022, the Companyannounced an option agreement for the Genex Project to earn 100% over7 years from International Explorers & Prospectors Inc ( see news release dated April 21,2022 ). The Genex Project is a polymetallic explorationtarget with near-term resource potential based on a high density ofhistorical drilling around the former Genex deposit, which is locatedfrom surface down to 100 metres in depth. These results continued todemonstrate the wide development possibility of this type ofpolymetallic and VMS target.
Program highlights include GEN-22-24 intersecting 0.75% Cu, 12.08 g/t silver over 8.45metres , including 1.48% Cu and 22.03 g/t silverover 2.4 metres. GEN-22-25 intersecting 1.24% Zn over 13.85metres , within 0.76% Zn over 30.25 metres. Theseintercepts extend the Genex System up to 200 metres north of thehistorical mine.
Jonathon Deluce, CEO of Melkior, remarks, “We are excited aboutthese results as they highlight the expansion potential of thehistorical Genex deposit, situated approximately 200 meters away fromexisting underground infrastructure. These findings affirm theexistence of shallow-depth satellite or extension zones. We lookforward to leveraging what we have learned to plan our next phase ofdrilling and start follow-up surface work this month. Further detailsof our summer program will be provided shortly.”
Program Details:
These 14 holes total 2,220 metres, with lengths between 75 and 246metres, located at the margin of the composite grade shell modelledusing Leapfrog software (see news release dated October 27,2022 ) for technical information). Theprogram tested continuities and satellite lenses of base metal andgold mineralization extending the historical Genex Mine. Additionally,four holes were drilled to test the Gossan Target defined by IPchargeability anomalies. The Gossan target is located about 600 metresnortheast of Genex, identified from a thick layer of rusty sand mixedwith quartz fragments and identified during previous drillingoperations.
Genex Northwest Extension:
A series of five holes (GEN-22-17, 18, 23, 24, 25) were drilled on astaggered section following a north-northwest (N330°) section, up to200 metres away from the Genex Mine. The objective was to assess asequence of parallel northeast IP chargeability anomalies, whichextend for about 300 metres on both sides of the historical Genexarea. Additional investigation is required to confirm the relationshipbetween the Genex historical deposit and the northwest target. Thistarget is based on a compilation of historical drillholes thatrevealed a concentration of gold and copper anomalies at an averagevertical depth of 100 meters, within a formation consisting of felsic,tuffaceous to sedimentary layers in contact with mafic intrusions. Thenorth-northwest drilling strategy aimed to intersect geophysicalanomalies at a perpendicular angle.
Holes GEN-22-24 and GEN-22-25 encountered substantial mineralizedintervals within trends situated approximately 200 meters northwest ofthe Genex infrastructure. These intervals may be associated with asuccession of sulfide stringers occurring at intervals of 10 to 30metres.
Hole GEN-22-24 yielded the most significant result, with values of 0.75% Cu and 12.08 g/t Ag over 8.45meters . This includes a higher-grade section measuring 2.4meters, returning values of 1.48% Cu, 22.03 g/t Ag, and 0.014% Co.Additionally, further down the hole, there is a zinc-enriched intervalmeasuring 11.3 meters, with a grade of 0.93% Zn (refer to the tablebelow for detailed results). The copper mineralization, resembling theGenex system, is hosted in a strong chlorite alteration. The zincmineralization is associated with pyrite in stringers, occurringalongside a dominant sericite alteration that surrounds the chloritezone. The entire zoning is constrained in the same vesicular andesiticflow.
Hole GEN-22-25 intersected a significant mineralized interval of 1.24% Zn over 13.85 meters , which ispart of a broader mineralized envelope characterized by lower grades.The mineralization is observed as a cluster of replacements, withpyrite occurring within the porosity of the andesite flow. Inaddition, there are stringer veins hosting the zinc mineralization,situated within layers exhibiting strong interlayered sericite andchlorite alteration.
Genex Trend:
Hole GEN-22-14 was drilled longitudinally inside the Genex historicaltrend following a 330° azimuth to test the potential intersection ofnortheast-oriented mineralized structures between Genex Zones C and A.Notably, a repeated occurrence of stringers and breccia, ranging from1 to 5 meters in thickness, was observed down to a vertical depth of80 meters. The highlight intercept was 0.46 g/t gold, 0.93% Zn over 5 meters . GEN-22-14 helped fillthe gap between historical zones “A”, “H”, “C” byhighlighting wide low-grade disseminated mineralization around thehistorical high-grade lenses.
Holes GEN-22-17 and GEN-22-18 were drilled perpendicular to thesouthwest extension of the shaft area, using a N330° azimuth,positioned between 50 and 100 metres from historical undergroundworkings. GEN-22-17 intersected the direct up-dip continuity of thesouthwest extension with a chlorite-hosted sulfide stringer yielding 0.56% Cu over 5.7 metres between 15 to 21.4 metres. Additionally, minor silver contentwas observed, along with sporadic presence of gold and cobalt values,reaching up to 0.3 g/t Au and 0.03% Co, respectively.
At the end of GEN-22-18 a new mineralized structure was identifiedfollowing the down dip extension to the west of the Genex system. Theresult of 0.58% Cu, 0.4 g/t Au over4.1m takes the form of chalcopyrite rich stringer veins hostedin a chlorite-silica pervasive alteration.
Located approximately 200 meters northward, shallow holes GEN-22-19,GEN-22-20, and GEN-22-22 were drilled to explore targets near thehistorical C Zone. Hole GEN-22-19 was positioned along the strikeimmediately south of the C Zone underground development, while theother two holes targeted the footwall of the zone. Together, thesethree holes cover around 100 meters of strike and dip extension, withthe objective of intersecting a gently dipping pillow lava basalt.
Each hole successfully intercepted the crucial contact beforeencountering mafic intrusive formations. Notably, in hole GEN-22-20, achalcopyrite-bearing stringer with a grade of 0.2% Cu over 1.2 meterswas identified. On the other hand, hole GEN-22-22 revealed anintriguing discovery, passing through a prominent pyrite stringerspanning 15 meters. This pyrite stringer was hosted within acarbonatized andesite, although no significant metal enrichment wasobserved. The results and observations from both holes will beutilized to refine the targeting of the fertile structure.
Gossan Target
Four holes were drilled to test strong and wide chargeabilityanomalies correlated from line to line going northeastward, about 100metres south of the Gossan Target. The program is a first attempt tounderstand the alteration signature and geometry.
None of the four holes intercepted significant copper or goldanomalies. However, the series of holes, spanning over 400 metersalong strike, revealed the presence of strong pervasive alteration,locally hosting sulfides, and a volcanic flow top represented by asulfide bearing graphitic horizon. The eastern section of the areaexhibited a transition to a thick sequence of tuffaceous andsedimentary rocks, where strong sericitization and pyritization werealso observed.
Consequently, the program successfully identified amygdaloidcarbonatized andesite, similar to the main host rock in the Genexdeposit, located more than 500 meters east-northeast from the GenexMine.
Gossan drill tested | Lithologies | Alteration | Mineralization |
GEN-22-26 | Amygdaloid andesite Brecciated andesite | Strong carbonatization, variable chloritization fromsurface down to 90m. | 52.3 – 66m Semi-massive to massive pyrite-pyrrhotite |
GEN-22-27 | Massie to pillowed andesite | Strong diffuse silicification Carbonatization from 133.2m | 147-157m Sericite-pyrite shear with quartz veining |
GEN-22-28 | Massive to pillowed andesite Graphitic mudstone | Variable diffuse carbonatization | Disseminated pyrite |
GEN-22-29 | Tuff Sediments | Strong diffuse carbonatization with sericite | Disseminated pyrite. |
Table 1: Summary of Drill Results
Hole ID | From (m) | To (m) | Length (m) | Cu (%) | Gold (g/t) | Ag (g/t) | Zn (%) | Co (%) |
GEN-22-14 | 6 | 11 | 5 | 0.46 | - | - | - | |
incl | 6 | 7 | 1 | - | 1.7 | - | - | |
24 | 26 | 2 | 1.19 | 0.7 | - | - | ||
44.1 | 46.4 | 2.3 | - | 0.45 | - | 0.69 | ||
81 | 86,2 | 5.2 | - | - | - | 0.96 | ||
GEN-22-17 | 15.7 | 21.4 | 5.7 | 0.56 | - | 4.3 | 0.012 | |
incl | 16.6 | 19.4 | 2.8 | - | 0.22 | - | - | |
110.8 | 112 | 1.2 | - | 0.8 | - | - | ||
GEN-22-18 | 86.6 | 88 | 1.4 | - | 1.76 | - | - | - |
101.5 | 105.6 | 4.1 | 0.58 | 0.4 | - | - | - | |
incl | 104 | 105.6 | 1.6 | 1.07 | 0.6 | - | - | - |
GEN-22-19 | 43.1 | 43.6 | 0.5 | 0.23 | - | - | - | - |
GEN-22-20 | 52.0 | 53.2 | 1.2 | 0.2 | - | 4.1 | - | - |
GEN-22-23 | 99.4 | 100 | 0.6 | 0.25 | - | - | 1.07 | - |
106.9 | 108 | 1.1 | 0.14 | - | - | 1.06 | - | |
GEN-22-24 | 54 | 68,4 | 14.4 | 0.27 | - | - | - | - |
76,7 | 85 | 8.3 | 0.58 | - | - | - | - | |
109 | 117,45 | 8.45 | 0.75 | - | 12.08 | - | - | |
110 | 112,4 | 2.4 | 1.48 | - | 22.03 | - | 0.010 | |
130.5 | 141.8 | 11.3 | - | - | - | 0.93 | - | |
GEN-22-25 | 87.5 | 89.2 | 1.7 | - | - | - | 1.56 | - |
150.15 | 180.4 | 30.25 | - | - | - | 0.76 | - | |
incl | 150.15 | 164 | 13.85 | - | - | - | 1.24 | - |
Note 1:
Stated lengths are core lengths as drilled. True width for holes isunknown at this stage 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.
Note 3: Holes GEN-22-21,GEN-22-22, GEN-22-26, GEN-22-27, GEN-22-28, GEN-22-29 did notintercept any intervals above 0.2% copper over more than 0.5m
Drill Hole Coordinates
DDH_No | UTMnad83_East | UTMnad83_North | Azimuth | Dip | Length |
GEN-22-14 | 458793 | 5370200 | 330 | -50 | 126 |
GEN-22-17 | 458671 | 5370117 | 330 | -60 | 149 |
GEN-22-18 | 458731 | 5370119 | 330 | -60 | 111 |
GEN-22-19 | 458781 | 5370312 | 60 | -72 | 120 |
GEN-22-20 | 458727 | 5370338 | 360 | -50 | 75 |
GEN-22-21 | 458724 | 5370335 | 360 | -70 | 120 |
GEN-22-22 | 458724 | 5370335 | 60 | -70 | 111 |
GEN-22-23 | 458680 | 5370400 | 330 | -48 | 119 |
GEN-22-24 | 458628 | 5370293 | 330 | -50 | 246 |
GEN-22-25 | 458674 | 5370213 | 330 | -50 | 210 |
GEN-22-26 | 459377 | 5370354 | 330 | -50 | 201 |
GEN-22-27 | 459556 | 5370541 | 150 | -50 | 209,1 |
GEN-22-28 | 459612 | 5370788 | 150 | -75 | 219 |
GEN-22-29 | 459693 | 5370672 | 150 | -50 | 204 |
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.
Genex Option Update:
The Company announces that it has completed all its’ first-yearoption obligations, including:
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Paid $50,000 to International Explorers & Prospectors Inc(“IEP”)
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Issued 500,000 common shares to IEP subject to a statutory hold periodof four months and one day from the date of issuance.
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Completed first-year work commitment by incurring over $750,000 inwork expenditures.
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Delivered an annual report which summarized the work done on theproperty along with supporting documentation.
The Company is funded and on track to complete its’ second-yearobligations.
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.
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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