Highlights:

• Results from the first 6 holes drilled in the 4,194-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 14.17 g/t Ag over 15.65 metres, including 5.0 g/t Au, 1.98% Cu, and 61.26 g/t Ag over 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 Zone mineralization between 25 to 100 metres to the north.  

 

Timmins, Ontario – TheNewswire – March 16th, 2023 - Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce results from the first six holes in its maiden Melkior-operated 4,194-metre drill program at the Genex Project.  On April 21st, 2022, the Company announced an option agreement for the Genex Project to earn 100% over 7 years from International Explorers & Prospectors Inc (see news release dated April 21, 2022). The Genex Project is a polymetallic exploration target with near-term resource potential based on a high density of historical drilling around the former Genex deposit which is located from surface down to 100 metres in depth. These first results demonstrated the wide development possibility of this type of polymetallic and VMS target with significant near-term resource potential.

 

Program highlights include GEN-22-01, which 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, successfully extending the Genex Shaft Zone 50 metres to the north. GEN-22-04 intersected 1.14 g/t Au, 0.52% Cu, 0.36% Zn and 14.17 g/t Ag over 15.65 metres, including 5.0 g/t Au, 1.98% Cu, and 61.26 g/t Ag over 2.7 metres. A cobalt interval was obtained inside the mineralized zone with 0.15% Co over 9.45 metres, including 0.415% Co over 2.7 metres.

 

It is the first time cobalt values have been encountered 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 to announce this first batch of holes drilled at Genex. We have accomplished our Phase 1 goal of extending the potential economic zone up to 100 metres north of the historical deposit. Various majors have stated the need for copper/gold deposits, and with Genex being nearby existing infrastructure, we are excited about the Project’s potential. We look forward to announcing the remaining drill results over the coming weeks.”

 

Program Details:

The 6 holes total 987 metres with lengths varying between 75 and 220 metres located at the margin of the composite grade shell modelled using Leapfrog software (see news release dated October 27, 2022 for technical information). The program tested the continuity of base metals and gold mineralization around the historical Genex Mine.

GEN-22-01, GEN-22-04 and GEN-22-05 were drilled as step-out holes to test the immediate extension of the Genex north-south trend. Hole GEN-22-01 was drilled to the east and encountered a near-surface zone nearly 50 metres north of the shaft area, while GEN-22-04 was drilled along this trend to chase stringer zones at strong angles. These drill results support the extension of the mineralized system up to 100 metres north of the shaft area following a north-south trend. In this area, mafic to intermediate volcanic rocks are strongly brecciated and affected by black chlorite alteration overprinting carbonate. In addition 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. In addition, a zinc-rich stringer was intersected at the footwall returning 1.8% Zn over 10.5 metres. The interpretation indicates a true width.

 

GEN-22-02 and GEN-22-03 were drilled to the northeast targeting the Genex south-western extension, where historical drilling had identified copper-gold-zinc mineralization between 100 and 150 metres vertical and about 100 meters from underground infrastructure. Both holes intersected a long series of copper-bearing stringers starting at surface and continuing to a depth of 100 metres with grades varying between 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 are core lengths as drilled. True width for hole GEN-22-01 is estimated to be above 80% of reported core length intervals with the actual interpretation. True width for holes GEN-22-02, 03, 04, 05 are unknown at this stage of work.

Note 2: Compared to previous releases, the reporting of individual metal grades is utilized to better represent local high-grade portions of the mineralization and to 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 was split with half sent to AGAT in Timmins, ON, and fire assayed with an AA, with any samples over 10 g/t being assayed with gravimetric finish. Whole metallic assays are performed on samples if they contain visible gold. Additionally, for base metals, Metals Package by 4 Acid Digest, ICP-OES Finish was used with 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 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 Limited through an option agreement pursuant to which Agnico Eagle 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

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

 

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