(TheNewswire)
Highlights:
-
Results from the first 6 holes drilled in the4,194-meter drill program at the Genex Project
-
GEN-22-01 intersected 0.96% Cu and 0.22g/t Au over 27.0 metres, including 2.29% Cu and 0.32g/t Au over 7.78 metres.
-
GEN-22-04 intersected 1.14 g/t Au, 0.52% Cu, 0.36% Zn and 14.17g/t Ag over 15.65 metres, including 5.0 g/t Au, 1.98% Cu, and 61.26 g/t Agover 2.7 metres.
-
Significant cobalt results were obtained: 0.15% Co over 9.15 metres, including 0.415%Co over 2.7 metres in GEN-22-04.
-
Both holes successfully extended the Genex Shaft Zonemineralization between 25 to 100 metres to the north.
Timmins, Ontario – TheNewswire – March 16 th , 2023 - Melkior Resources Inc.(“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF)is pleased to announce results from the first six holesin its maiden Melkior-operated 4,194-metre drill program at the GenexProject. 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 a polymetallic exploration target with near-term resourcepotential based on a high density of historical drilling around theformer Genex deposit which is located from surface down to 100 metresin depth. These first results demonstrated the wide developmentpossibility of this type of polymetallic and VMS target withsignificant near-term resource potential.
Program highlights include GEN-22-01, whichintersected 0.96% Cu and0.22g/t Au over 27.0 metres, including 2.29% Cu and 0.32g/t Au over7.78 metres , successfully extending the GenexShaft Zone 50 metres tothe north. GEN-22-04 intersected 1.14 g/t Au, 0.52% Cu, 0.36% Zn and 14.17g/t Ag over 15.65metres , including 5.0 g/t Au, 1.98% Cu, and 61.26 g/tAg over 2.7 metres . A cobalt interval was obtained inside the mineralized zonewith 0.15% Co over 9.45 metres, including 0.415% Co over 2.7 metres.
It is the first time cobalt values have beenencountered on the Genex project, identified with systematic sampling.The mineralization is visually correlated with chalcopyrite stringers.
Jonathon Deluce, CEO of Melkior, remarks, “We are excited toannounce this first batch of holes drilled at Genex. We haveaccomplished our Phase 1 goal of extending the potential economic zoneup to 100 metres north of the historical deposit. Various majors havestated the need for copper/gold deposits, and with Genex being nearbyexisting infrastructure, we are excited about the Project’spotential. We look forward to announcing the remaining drill resultsover the coming weeks.”
Program Details:
The 6 holes total 987 metres with lengths varying between 75 and 220metres located at the margin of the composite grade shell modelledusing Leapfrog software (see news release dated October 27, 2022 for technicalinformation). The program tested the continuity of base metals andgold mineralization around the historical Genex Mine.
GEN-22-01, GEN-22-04 and GEN-22-05 were drilled as step-out holes totest the immediate extension of the Genex north-south trend. HoleGEN-22-01 was drilled to the east and encountered a near-surface zonenearly 50 metres north of the shaft area, while GEN-22-04 was drilledalong this trend to chase stringer zones at strong angles. These drillresults support the extension of the mineralized system up to 100metres north of the shaft area following a north-south trend. In thisarea, mafic to intermediate volcanic rocks are strongly brecciated andaffected by black chlorite alteration overprinting carbonate. Inaddition to the disseminated and stringer polymetallic mineralization,GEN-22-01 cut a semi-massive chalcopyrite vein which intersected 16.4%Cu and 1.46 g/t Au over 0.46 metres from 33.72 to 34.18 metres. Inaddition, a zinc-rich stringer was intersected at the footwallreturning 1.8% Zn over 10.5 metres. The interpretation indicates atrue width.
GEN-22-02 and GEN-22-03 were drilled to the northeast targeting theGenex south-western extension, where historical drilling hadidentified copper-gold-zinc mineralization between 100 and 150 metresvertical and about 100 meters from underground infrastructure. Bothholes intersected a long series of copper-bearing stringers startingat surface and continuing to a depth of 100 metres with grades varyingbetween 0.5% to 3% Cu over 0.5 to 3.9 metres.
Hole ID | From (m) | To (m) | Length (m) | Cu (%) | Gold (g/t) | Ag (g/t) | Zn (%) | Co (%) |
GEN-22-01 | 28 | 55 | 27 | 0.96 | 0.22 | - | - | - |
Including | 33.72 | 41.5 | 7.78 | 2.29 | 0.32 | - | - | - |
Including | 33.72 | 34.5 | 0.78 | 11.41 | 0.97 | 18.56 | - | 0.057 |
51.42 | 55 | 3.58 | - | 0.49 | - | - | - | |
52.52 | 63 | 10.48 | - | - | - | 1.81 | - | |
GEN-22-02 | 21.2 | 21.7 | 0.5 | 3.18 | 0.53 | 22.1 | 0.67 | |
40.2 | 44.5 | 4.3 | - | - | - | 0.69 | ||
52.5 | 53.8 | 1.3 | 1.11 | - | - | - | ||
105.3 | 106 | 0.7 | 0.65 | - | - | - | ||
128.5 | 130 | 1.5 | - | 0.685 | - | - | ||
145 | 149 | 4 | 0.3 | - | - | - | ||
GEN-22-03 | 49.75 | 55.6 | 5.85 | - | - | - | 2.16 | - |
65 | 66 | 1 | 1.18 | - | - | - | - | |
82.1 | 86 | 3.9 | 0.57 | - | - | - | - | |
104.8 | 105.5 | 0.7 | - | 2.97 | - | - | - | |
129.35 | 130 | 0.65 | - | 1.51 | - | - | - | |
134.4 | 135 | 0.6 | - | 4.86 | - | - | - | |
GEN-22-04 | 6 | 21.65 | 15.65 | 0.51 | 1.14 | 14.17 | 0.36 | |
Including | 12.2 | 21.65 | 9.45 | 0.82 | 1.83 | 22.86 | - | 0.15 |
Including | 16.5 | 19.2 | 2.7 | 1.98 | 5 | 61.26 | - | 0.415 |
36.4 | 46.8 | 10.4 | - | - | - | 0.68 | - | |
58 | 63.6 | 5.6 | - | 0.34 | - | - | - | |
GEN-22-05 | 4.3 | 8 | 3.7 | 0.34 | 0.44 | - | 0.4 | - |
GEN-22-06 | No Significant Values | |||||||
Note 1: Stated lengths arecore lengths as drilled. True width for hole GEN-22-01 is estimated tobe above 80% of reported core length intervals with the actualinterpretation. True width for holes GEN-22-02, 03, 04, 05 are unknownat 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.
Drill Hole Coordinates
DDH_No | UTMnad83_East | UTMnad83_North | Azimuth | Dip | Length |
GEN-22-01 | 458793 | 5370200 | 60 | -60 | 177 |
GEN-22-02 | 458646 | 5370115 | 60 | -58 | 207 |
GEN-22-03 | 458646 | 5370115 | 60 | -70 | 220 |
GEN-22-04 | 458824 | 5370152 | 330 | -50 | 160 |
GEN-22-05 | 458824 | 5370152 | 60 | -60 | 75 |
GEN-22-06 | 458795 | 5370053 | 330 | -65 | 150 |
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 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.
Copyright (c) 2023 TheNewswire - All rights reserved.