(TheNewswire)
Highlights:
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First rushed results back from GEN-22-01 intercepted 2.23 g/t Au Eq over 24.5metres, including 3.69 g/t Au Eq over 7.78 metres
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There are still 105 non-rush samples where assays areoutstanding which have the potential to extend this intercept
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The Company has completed its 4,000-metre drill programand will report additional results through the remainder of the year
Timmins, Ontario – TheNewswire – November 24, 2022 - Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF)is pleased to announce rushed results from the firstdrill hole at the Genex Project. GEN-22-01 intersected 2.23 g/t Au Eq over 24.5 metres (0.24 g/tAu, 1.15% Cu, 0.52% Zn & 3.92 g/t Ag), including 3.69 g/t AuEq over 7.78 metres (0.32 g/t Au, 2.29% Cu & 5.24 g/tAg) , successfully extending the Genex Shaft Zone 50 metres to thenortheast. On April 21st, 2022, the Company announced an optionagreement for the Genex Project to earn 100% over 7 years fromInternational Explorers & Prospectors Inc ( see news release dated April 21, 2022 ). The GenexProject is an advanced gold-copper polymetallic VMS exploration targetwith significant near-term resource potential.
Jonathon Deluce, CEO of Melkior, remarks, “We are very excited aboutthis strong first intercept and the potential results of the remainingdrilling supported by the visual observations announced last week.Market conditions remain challenging, but we are well positioned withGenex, a strong treasury and capital structure to benefit when themarket turns. Various majors have stated the need for copper/golddeposits, and with Genex being nearby existing infrastructure, we areexcited about the Project’s potential.”
GEN-22-01:
GEN-22-01 was drilled as a step-out hole to test the immediateextension of the historical H Zone at a vertical depth above 50metres. In that area, the brecciated mafic to intermediate volcanicrocks, as much as felsic volcanoclastic, are strongly affected by ablack chlorite alteration. The disseminated polymetallicmineralization takes the form of disseminated grains and stringers.Additionally, a semi-massive chalcopyrite vein was intercepted from33.72 to 34.18 metres with grades of 16.4 % copper and 1.46 g/t goldover 0.46 metres.
There are still 105 non-rush samples where assays are outstandingwhich have the potential to extend this zone.
Hole ID | From (m) | To (m) | Length (m) | Gold Eq* | Gold (g/t) | Cu (%) | Zn (%) | Ag (g/t) |
East Zone | ||||||||
GEN-22-01 | 30.5 | 55 | 24.5 | 2.23 | 0.24 | 1.15 | 0.52 | 3.92 |
Including | 33.72 | 41.5 | 7.78 | 3.69 | 0.32 | 2.29 | 0.04 | 5.24 |
Including | 33.72 | 34.18 | 0.46 | 25.4 | 1.48 | 16.4 | 0.13 | 25.6 |
Note 1: Gold equivalent gradesare based on the following metal prices: gold US$1,600 per oz, zincUS$1.35/lb, copper US$3.35/lb, and silver US$18.0 per oz. Metalrecoveries of 100% are applied in the gold equivalent calculation.
Note 2: Stated lengths arecore lengths as drilled. True widths are estimated to be above 80% ofreported core length intervals.
Hole ID | Easting UTM | Northing UTM | Length (m) | DIP | Azimuth |
GEN-22-01 | 458793 | 5370200 | 177 | -60 | 60 |
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 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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