(TheNewswire)
Highlights:
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Visual observations on approximately 1,104 metres ofdrilling completed across 7 holes
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The targeted Genex mineralization has been interceptedin all holes drilled to date ranging in width from 3.3 to 64.2 metres
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Semi and massive polymetallicmineralization intervals were observed in widedisseminated halos
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As a result of strong visuals, the program has beenexpanded to 4,000 metres
Timmins, Ontario – TheNewswire – November 18, 2022 - Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleased to provide avisual update from its drill program currently underway at Genex,which kicked off in early October. 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 GenexProject is a gold-copper polymetallic VMS exploration target withsignificant near-term resource potential.
Figure 1:GEN-22-01,03,04&07
*The photos are of selected intervals and are notnecessarily indicative of the mineralization hosted within theentirety of the drill holes
From these first visuals released, 6 holes returned at least oneinterval over 10 metres hosting disseminated chalcopyrite,pyrite-sphalerite and/or pyrite. From that, 2 holes host massive orsemi-massive metric intervals embedded in the disseminated sulfideenvelope. Hole GEN-22-01 delivered two semi-massive to massivechalcopyrite stringers crosscut over metric intervals. Disseminatedpolymetallic sulfides were observed over two intervals with lengths of17 and 28 metres starting from surface.
In the series of holes described, the base metal mineralizationidentified so far exhibits varying shapes and textures: sulfide-richstringers, replacement zones, infiltration and dissemination in theporosity of volcanic breccia. Different generations of sulfide-bearingquartz and carbonate veins are locally included in mineralizedenvelopes. The polymetallic mineralization is generally hosted inbrecciated carbonatized mafic to intermediate volcanic flows alteredby chloritization and silicification.
Drilling
The 7 holes total 1,104 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 fortechnical information). The program aims at testing the continuity ofbase metals and gold mineralization around the historical Genex Mine.As shown in Figure 2, holes GEN-22-01, GEN-22-04 and GEN-22-05 wereplanned to test the immediate extension to the east of themineralization following trends indicated by historical undergroundworkings. Drilling was located between 20 and 50 metres fromhistorical drilling. Holes GEN-22-02 and GEN-22-03 targeted the Genexsouth-western extension, where historical drilling had identifiedcopper-gold mineralization between 100 and 150 meters vertically andabout 100 meters from underground infrastructures. In addition, holesGEN-22-06 and GEN-22-07 were designed to target the southwardextension of the Genex system within a 50-meter range.
Visual Intercept Highlights:
*The following observations were made as indications ofthe Genex Au-Cu Zone, but they are by no means correlated with gold,copper, zinc or silver grades at this stage.
* For a full list of figures please refer to thislink .
Figure 2: Phase 1 drilling angledlong view looking NW
Figure 3: 3D Plan view of the GenexGold-Copper system. Leapfrog software grade shells using inversedistance interpolation of a gold equivalent grade for gold + copper +zinc + silver
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 |
GEN-22-07 | 458773 | 5370091 | 330 | -74 | 105 |
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 advancingit’s Genex, Val D’Or, White Lake and Maseres Projects. AgnicoEagle Mines currently 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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