Highlights:

• The drill program has been extended to 6,100 meters which will be complete by mid-October 

• Drilling to date has focused on targets within the Shenkman, ZamZam, Mystery and 1010 Zones. 

• The Shenkman Zone has the potential to deliver high-metal factor intercepts as seen in 2012 with 51.9 g/t Gold over 3.7 Meters, 2019 with 23.5 g/t Gold over 8.0 Meters and 2020 with 25.7 g/t Gold over 6.0 Meters. 

 

Timmins, Ontario. - TheNewswire – October 4, 2022 - Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce through the strategic partnership with Agnico Eagle Mines Ltd. (Previously Kirkland Lake Gold Ltd.) the expansion of the current drill program to 6,100 meters on its Carscallen Project located approximately 25 kilometers west of Timmins Ontario and approximately 6 kilometers west of Pan American Silver’s West Timmins Mine.

 

As of the end of August, 3,744 meters of drilling have been completed, with drilling still underway. The drill program is expected to finish by mid-October, and assays will be reported once all have been received.

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Program Summary:

This Phase 3 drill program was designed to follow up on 2021-Q4’s program and holes drilled targeting the deep Shenkman zone and the North ZamZam extension. Additional targets have been drilled in the Mystery and 1010 Zones which were not assessed in the previous programs.

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VIDEO: Melkior CEO Update

 

Shenkman Zone:

Current drilling within the Shenkman Zone has targeted a high-grade northwest trending corridor of gold mineralization based on modelling from previous drilling.

 

ZamZam Extension:

A drill hole has been planned 100 meters north of drill hole CAR-21-19 which was collared 300 meters north of the ZamZam Zone and intersected 5.84 g/t over 1.5 meters, including 16.1 g/t over 0.5 meters. This drill hole is designed to test for continuity of gold mineralization north of the ZamZam Zone.

 

1010 Zone:

Two drill holes have been designed to test the 1010 South and 1010 North Zones. The first hole on 1010 South is designed to test a strong IP chargeability conductor. The second hole on 1010 North has been collared to test for the downdip extension of a historical gold intercept in CAR-29-2010, which intersected 17.28 g/t over 0.65 meters.

 

Mystery Zone:

A drill hole has been designed to test the Mystery Zone, which is situated approximately 500 meters southeast of the Shenkman Zone. Little is known of this area; however, a program of surface mapping and grab sampling during the summer of 2021 identified mineralized vein occurrences with grab sample assays as high as 11.6 g/t. In addition, a soil geochemistry program during the summer of 2021 revealed elevated anomalous gold responses in the Mystery Zone area.

 

Qualified Person

All technical information in this press release has been reviewed and approved by Peter Caldbick, P.Geo. Mr. Caldbick is a consultant for Melkior and a Qualified Person for the purposes of National Instrument 43-101.

 

About Melkior Resources

Melkior Resources is an exploration stage resource company in world-class mining jurisdictions with a strong partner. Melkior’s flagship Carscallen Project is being advanced by Agnico Eagle Mines Ltd. (Previously Kirkland Lake Gold Ltd.) through an option agreement pursuant to which Agnico Eagle Mines Ltd. has the option (but not the obligation) to acquire up to a 75% interest to the Carscallen Project by spending $110 million on the Carscallen Project over a 10 year period. See the Company’s news release dated September 28, 2020 for more information.  Melkior, under 100% ownership, is focused on advancing its Genex, Val D’Or, White Lake and Maseres Projects. Agnico Eagle Mines Ltd also owns approximately 6% of the issued and outstanding common shares of Company.

 

ON BEHALF OF THE BOARD

Jonathon Deluce, CEO

 

For more information, please contact:

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.

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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.