Highlights:

• Results from seven holes drilled in the 4,194-meter drill program at the Genex Project.  

• GEN-22-12 intersected 3.35% Cu, 0.46g/t Au and 9.6 g/t Ag over 6.0 metres, extending the shaft zone to the south. Mineralization encountered in GEN-22-12 is hosted in volcanogenic sulfides, opening a new southward down-dip satellite zone.  

• GEN-22-07 intercepted 27.3 metres of zinc-rich mineralization, including 1.11% Zn over 8.1 metres. This stringer zone mineralization extends the Genex structure to the southwest. 

• These results, combined with our first batch announced on March 16th, (GEN-22-01: 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) demonstrate the expansion potential to the north and south of the historical Genex Deposit.  

 

Timmins, Ontario – TheNewswire – May 9, 2023 - Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce results from seven 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 results continued to demonstrate the wide development potential of this type of polymetallic and VMS target.

 

Program highlights include GEN-22-12, intersecting 3.35% Cu, 0.46g/t Au and 9.6 g/t Ag over 6.0 metres, possibly extending the Genex Shaft Zone to the south. GEN-22-07 intercepted 27.3 metres of zinc-rich mineralization, including 1.11% Zn over 8.1 metres extending the zone to the southwest.

 

Jonathon Deluce, CEO of Melkior, remarks, “We are excited about these results, which not only highlight the southern expansion potential of the Genex system but also support the historical deposit being open for expansion. Our maiden drill program has provided us with valuable insights, including identifying the geological indicators and geophysical response that hosts the stronger mineralization. With this knowledge, we are eager to plan our next phase of drilling and begin follow-up surface work this month. As numerous major producer CEOs have emphasized the demand for Gold-Copper deposits, we are confident that the excellent infrastructure in the Timmins Camp, coupled with the need for mill feed, bodes well for the Project's prospects.”

 

Program Details:

These 7 holes total 980 metres, with lengths between 75 and 218 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 continuities and satellite lenses of base metals and gold mineralization around the historical Genex Mine.

 

Genex South and Southwest Extension:

A series of five holes were drilled to cover the possible southward continuity of the Genex system using 50 metres spacing drilled following northwest or southwest azimuths to crosscut a known geophysical conductor. The drill grid covered a target strike length of about 200 metres.

 

The Company made a new VMS (volcanogenic massive sulfide) lens discovery in hole GEN-22-12 possibly extending the zone to the south. The new mineralization consists of massive chalcopyrite-pyrite lenses hosted by volcanic tuffs from 106 to 117.5 metres. A volcanic contact at 33 metres marks a clear change from sericite to chlorite contact alteration. The copper mineralized interval of 3.35% over 6.1 metres is associated with gold (0.46 g/t), cobalt (0.025%,) with minor silver (9.6 g/t).

 

GEN-22-07 intersected close to the surface a sphalerite stringer zone hosted in polygenic breccia about 70 metres westward and quasi-along strike with hole GEN-22-12. The best-mineralized interval intercepted 1.1% zinc over 8.1 metres from 50.2 to 58.3 metres with anomalous gold at 0.3 g/t. The alteration system associated is heterogenous with moderate carbonate throughout the section. The best zinc grades with anomalous gold are hosted within a strong sericite overprint.

 

GEN-22-08 and GEN-22-09 cut the same carbonate altered and locally brecciated andesitic flow apart from having a metric felsic marker intercepted, respectively at 79.65m and 95.8 metres. A metric copper-silver grade of 0.84% Cu and 12.8 g/t Ag was obtained from hole GEN-22-08 in this environment.  

 

Surface Footprint

Holes GEN-22-10, and GEN-22-13 were drilled about 30 metres east of the shaft area to test the near surface up-dip extension of the Genex structure. The strong brecciation, sericite alteration and pyritization observed in the first 30 metres from surface returned 0.5% and 0.86% copper over 2.5 metres from hole GEN-22-13.

 

A summary of drill results is reported in Table 1:

Hole ID	From (m)	To (m)	Length (m)	Cu (%)	Gold (g/t)	Ag (g/t)	Zn (%)	Co (%)
GEN-22-07	14.2	24	9.8	-	-	-	0.84	-
	40.8	58.3	17.5	-	-	-	0.625	-
Including	50.2	58.3	8.1	-	0.3	-	1.11	-
	99	100	1	-	0.52	-	-	-
GEN-22-08	22.65	35.15	12.5	-	-	-	0.7	-
	60.5	62	1.5	-	-	12.8	-	-
GEN-22-09	84.1	86.1	2	0.83		12.2
GEN-22-10	22	26.3	4.3	-	0.3	-	-	-
Including	25	26.6	1.6	-	-	-	0.59	-
Including	47	51.1	4.1	-	-	-	0.43	-
GEN-22-11	No significant assays
GEN-22-12	106	112	6	3.35	0.46	9.6	-	0.025
	116	117.5	1.5	0.4	-	-	1.23	-
GEN-22-13	29	31.5	2.5	0.51			0.86

Note 1: Stated lengths are core lengths as drilled. True width for holes 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-22-07	458773	5370091	330	-74	105
GEN-22-08	458773	5370091	150	-85	103
GEN-22-09	458648	5370058	60	-75	200
GEN-22-10	458815	5370155	60	-65	150
GEN-22-11	458848	5370061	330	-60	218
GEN-22-12	458813	5370122	150	-66	129
GEN-22-13	458813	5370122	60	-66	75

 

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 Martin Demers, P.Geo. (PGO registration #3785).  Mr. Demers 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.

 

Cautionary Note Regarding Forward-Looking Information
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