(TheNewswire)
Highlights:
-
16.8 gpt Gold over 1.5 meters,including 49.6 gpt Gold over 0.5 meters in CAR-22-31
-
CAR-22-31 successfully extended thestrike extent of the Shenkman Zone by 100 meters to the south
CAR-22-31 successfully extended thestrike extent of the Shenkman Zone by 100 meters to the south -
CAR-22-27 increases the total strikeextent of the gold system to 2.5 kilometers across the Zamzam andShenkman Zones (Between CAR-22-27 and CAR-20-06)
-
CAR-22-29 is one of the deepest goldintercepts in the 1010 North Zone, confirming the continuity of thegold-bearing structures at depth
Timmins, Ontario . Melkior Resources Inc.(“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleasedto announce results from 6,283 meters of drilling at the CarscallenGold Project located approximately 25 kilometres southwest of TimminsOntario.
Program Highlights:
-
The Carscallen Gold Project lies within the township ofCarscallen, approximately 25 kilometers southwest of Timmins, Ontarioand borders the Genex Project which Melkior has under option fromInternational Explorers Prospectors Inc. It is comprised of 344 claimunits covering 60 square kilometers with 100% ownership byMelkior.
-
The Phase 3 drill program consisted of 6,283meters.
-
The Phase 3 drill program was designed to follow up on2021-Q4’s program and was planned with holes targeting the deepShenkman Zone and North Zam Zam Extension. Additional holes weredrilled in the Mystery and 1010 Zones.
-
CAR-22-25 wasdrilled in the southern portion of the Shenkman and targeted ahigher-grade northwest trending corridor of gold mineralization.Significant assays from this drill hole include 4.42 gpt Au over 0.5meters and 6.75 gpt Au over1.5 meters from 329.2 to 330.7 meters, including18.30 gpt Au over 0.5 meters. In addition, a strong zone ofmineralization between 515 and 525 meters was intersected withsulphide-enriched quartz-carbonate veins. Assays from this zoneinclude 8.49 gpt Au over 0.5meters , 8.10 gpt Au over 0.5 meters and 8.49 gpt Au over 0.5 meters
-
CAR-22-28 wascollared approximately 100 meters south-west of CAR-22-25, Followingup on the encouraging results. Significant intersects include 4.93 gpt Au over 0.5 meters,14.5 gpt Au over 0.5 meters, 4.15 gpt Au over 0.5 meters, and 4.49 gptAu over 1 meter including 7.92 gpt Au over 0.5 meters.
-
CAR-22-31, collared approximately 100 meters southwest of drill hole CAR-22-28 onthe southern portion of the Shenkman Zone, intersected 16.8 gpt Au over 1.5 meters from 395 to 396.5 meters, including 49.6 gpt Au over 0.5 meters
-
CAR-22-27 wasdrilled approximately 450 meters north of the Zam Zam Zone andintercepted 8.29 gpt Au over0.5 meters within a 30 cm quartz vein hostingelevated pyrrhotite, pyrite and minor chalcopyrite. The new interceptis also 100 meters north and along the projected strike from a similar30 cm quartz vein seen in CAR-21-19 that assayed 5.85 gpt Au over 1.5meters. This has significant implications for exploration north of theZam Zam Zone as these intercepts are situated where no significantdrilling has been completed to the north and at depth.
-
CAR-22-29 wascollared to target an elevated IP chargeability response on the 1010North Zone. This drill hole encountered two significant sulphide veinsat 100.2 meters which returned 2.29 gpt Au over 0.7 meters, and at194.5 meters which returned 8.19 gpt Au over 1.5 meters, including 19.5 gpt Au over 0.6meters . Both veins occurred within carbonatized granodiorites and are described assignificant clusters of coarse subhedral pyrite. This is one of the deepest goldintercepts in the 1010 North zone and suggests continuity downdip ofgold-bearing structures at depth.
Jonathon Deluce, CEO of Melkior, remarks, “We areexcited about these developments from the Phase 3 drill program at theCarscallen Gold Project. We continue to demonstrate the expansionpotential of the high-grade gold-bearing zones within an approximately2.5 km by 1.2 km NNW-SSE corridor.”
Significant Assay Table :
Hole-ID | From | To | Length | Au |
CAR ? 21 ? 23 | 588.16 | 590.2 | 2.04 | 2.60 |
596 | 596.5 | 0.5 | 3.59 | |
CAR ? 22-24 | 633 | 633.5 | 0.5 | 1.59 |
635 | 635.6 | 0.6 | 2.39 | |
CAR ? 22-25 | 324.5 | 325 | 0.5 | 4.42 |
329.2 | 330.7 | 1.5 | 6.75 | |
Incl. | 329.7 | 330.2 | 0.5 | 18.3 |
515.5 | 516 | 0.5 | 8.49 | |
522 | 522.5 | 0.5 | 8.1 | |
525 | 525.5 | 0.5 | 8.49 | |
CAR ? 22-26 | 191.25 | 191.75 | 0.5 | 2.6 |
209.5 | 210 | 0.5 | 1.69 | |
464 | 464.5 | 0.5 | 8.36 | |
CAR-22-27 | 341.7 | 342.2 | 0.5 | 8.29 |
CAR-22-28 | 251 | 251.5 | 0.5 | 4.93 |
254.5 | 255 | 0.5 | 2.31 | |
272.5 | 273 | 0.5 | 14.5 | |
290.5 | 291 | 0.5 | 4.15 | |
476 | 476.5 | 0.5 | 2.27 | |
501.5 | 502.5 | 1.0 | 4.49 | |
Incl. | 502 | 502.5 | 0.5 | 7.92 |
CAR-22-29 | 100.2 | 100.9 | 0.7 | 2.29 |
194.5 | 196 | 1.5 | 8.19 | |
Incl. | 195.4 | 196 | 0.6 | 19.5 |
CAR-22-31 | 287.5 | 288 | 0.5 | 2.32 |
292 | 292.5 | 0.5 | 9.96 | |
301.2 | 302 | 0.8 | 2.29 | |
307.5 | 309 | 1.5 | 2.07 | |
395 | 396.5 | 1.5 | 16.8 | |
Incl. | 396 | 396.5 | 0.5 | 49.6 |
443.5 | 444.1 | 0.6 | 23.1 | |
0.0 | ||||
CAR-22-32 | 735 | 737 | 2.0 | 1.13 |
739 | 739.5 | 0.5 | 1.17 | |
0.0 |
* Stated lengths are core lengths asdrilled. True widths are estimated to be 80% ofreported core length intervals.
Newly Targeted High-GradeCorridor :
-
A new interpretation was modelled with Dataminesoftware to outline the higher grade (25g/t) gold veins to produce agrade shell for drill targeting.
-
Preliminary modelling identified a high-grade corridortrending 40 degrees northeast, with an approximate width of 75 metersand a strike length of 375 meters. The high-grade corridor is locatedin the Shenkman Zone and was targeted in holes 25, 28, 31 and 32 usinga 310-drill azimuth.
-
This strategy proved successful with encouragingintercepts in drill holes CAR-22-25, CAR-22-28, and CAR-22-31.CAR-22-031 was successful in expanding this corridor to the southwestintercepting 49.6 gpt Au over0.5 meters . Further drilling is needed to refinethis model.
Plan View :
Hole ID | Easting UTM | Northing UTM | Length (m) | DIP | Azimuth |
CAR ? 22 ? 23 | 5358266 | 452216 | 786 | -54 | 240 |
CAR ? 22 ? 24 | 5358245 | 452286 | 777 | -54 | 240 |
CAR ? 22 ? 25 | 5357737 | 451868 | 600 | -70 | 310 |
CAR ? 22 ? 26 | 5357431 | 451994 | 546 | -55 | 310 |
CAR ? 22 ? 27 | 5359103 | 451533 | 450 | -50 | 240 |
CAR ? 22 ? 28 | 5357692 | 451826 | 702 | -70 | 310 |
CAR ? 22 ? 29 | 5357761 | 450946 | 462.5 | -60 | 120 |
CAR ? 22 ? 30 | 5357577 | 450725 | 402 | -55 | 90 |
CAR ? 22 ? 31 | 5357566 | 451812 | 801.9 | -60 | 310 |
CAR ? 22 ? 32 | 5357767 | 452158 | 756 | -60 | 320 |
The drill program was managed by Agnico Eagle. Thedrill core was split with half core sent to Actlabs in Timmins, ON,and fire assayed with an AA with any samples over 10 g/t being assayedwith gravimetric finish. Whole metallic assays were performed onsamples containing visible gold. In addition, select intervals weretreated with the 1E3 36 element multi-element package with aqua regiaanalyses. Duplicates, standards, and blanks were inserted into thesample stream.
Carscallen Next Steps :
-
Building on the 2022 drill campaign, one of thestronger areas for further investigation is the area between CAR-21-19and CAR-22-27 for infill drilling. The 300 metergap between CAR 21 18 andCAR 21 19 should also beinvestigated to build upon the values seen in CAR 21 18. Uppercut and undercut drillingwould also be warranted for both drill holes.
-
Further recommendations would entail exploring thenorthwest-southeast higher-grade corridor trending at a 310-degreeazimuth by expanding drilling to the northwest to test the Zam ZamZone and the gap between the Shenkman and the Zam Zam Zone. Inaddition, consideration for expanding on the downdip extension of anintercept of 8.19 gpt Au over 1.5 meters from 194.5 to 196 meters,including 19.5 gpt Au over 0.5 meters in the 1010 North Zone, would berecommended with an undercut drill hole.
Qualified Person
All technical information in this press release hasbeen reviewed and approved by Peter Caldbick, P.Geo. Mr. Caldbick is a consultant forMelkior and a Qualified Person for the purposesof National Instrument 43-101.
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 by spending $110 million onthe Carscallen Project over a 10-year period. See the Company’s newsrelease dated September 28, 2020 for more information. Melkior, under100% ownership, is focused on advancing its Genex, Val D’Or, WhiteLake and Maseres Projects. Agnico Eagle also owns approximately 6% ofthe issued 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) accepts responsibility for the adequacyor accuracy of this release.
This news release contains certainstatements that may be deemed “forward-looking statements” withrespect to the Company withinthe meaning of applicable securities laws, including statements withrespect to the Company’s future plans of Carscallen. Forward-lookingstatements are statements that are not historical facts and aregenerally, but not always, identified by the words “expects”,“plans”, “anticipates”, “believes”, “intends”,“estimates”, “projects”, “potential” and similarexpressions, or that events or conditions “will”, “would”,“may”, “could” or “should” occur. Although the Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance, are subject to risks anduncertainties, and actual results or realities may differ materiallyfrom those in the forward-looking statements. Such material risks anduncertainties include, but are not limited to, the Company’s abilityto obtain all requisite approvals, including approval of the TSX VentureExchange andsecurities regulatory authorities, if required for a transaction orfinancing, the Company’s ability to raise sufficient capital to fundits obligations under its property agreements going forward, tomaintain its mineral tenures and concessions in good standing, toexplore and develop Carscallen or its other projects and for generalworking capital purposes, changes in economic conditions or financialmarkets, the inherent hazards associates with mineral exploration,changes in general economic conditions, the ability of the Company toobtain the necessary permits and consents required to explore, drilland develop its projects and if obtained, to obtain such permits andconsents in a timely fashion relative to the Company’s plans andbusiness objectives for the projects, changes in environmental andother laws or regulations that could have an impact on the Company’soperations, compliance with environmental laws and regulations,aboriginal title claims and rights to consultation and accommodation,dependence on key management personnel and general competition in themining industry. Forward-looking statements are based on thereasonable beliefs, estimates and opinions of the Company’smanagement on the date the statements are made. Except as required bylaw, the Company undertakes no obligation to update theseforward-looking statements in the event that management’s beliefs,estimates or opinions, or other factors, should change.
Copyright (c) 2023 TheNewswire - All rights reserved.