Melkior Resources Inc. Announces October 3,000m Drill Program at Genex
Highlights: In AprilMelkior Resources Inc. ("Melkior" or the "Company") (TSXV:MKR) (OTC:MKRIF) is pleased to announce that a drill has been secured for a first phase drill program at the Genex Project, which will commence in early-October. This first phase of drilling will follow up on a series of historical intercepts, which includes 2.12 g/t Au Eq over 33.85 metres (1.14 g/t Au, 0.45% Cu & 0.58% Zn) in drill hole IG-20-21 and 1.96 g/t Au Eq over 39.0 metres (0.20 g/t Au, 1.17% Cu & 0.14% Zn) in drill hole G17-09 within the main Genex Zone.
Additionally, a series of satellite and extension targets have been identified to the north and northeast of the main zone based on over 300 surface holes compiled from different sources. Available geological data is under review to produce a geological interpretation and an initial 3D model of targets. To help define these new targets, the geophysical coverage will be extended up to 1km around the Genex historical deposit area to test the ultimate target footprint.
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 an advanced gold-copper poly-type VMS exploration target with significant near-term resource potential. The zones have been historically interpreted over approximately 300 metres wide with a sub-vertical dip. Historical drilling completed along strike and across inside 500 metres of a strongly altered volcanic sequence revealed satellite gold-copper mineralization that proves the expansion potential of the system.
Jonathon Deluce, CEO of Melkior, remarks, "We are very excited for our maiden drill program at Genex. Since optioning the project, we have been busy compiling all historical data into a 3D model of the zones, which supports the near-resource and expansion potential. We look forward to providing further details on the specific drill targets upon commencement."
VIDEO: Melkior CEO Update
Drill Program
The drill program will commence in early October, and the Company is targeting a program size of approximately 3,000 metres. The program will consist of follow-up on historical intercepts and expansion drilling along the Genex trend and new targets identified. Significant historical intercepts include:
| Drill Hole | From (m) | To (m) | Length (m)1 | Au Equivalent (g/t)2 | Au (g/t) | Cu (%) | Zn (%) | Ag (g/t) |
| IG-20-21 | 60.65 | 94.5 | 33.85 | 2.12 | 1.14 | 0.45 | 0.58 | |
| G17-09 | 40.5 | 79.5 | 39 | 1.96 | 0.2 | 1.17 | 0.14 | |
| G17-11 | 42.3 | 94.4 | 52.1 | 1.17 | 0.48 | 0.27 | 0.53 | |
| G17-12 | 52.2 | 79.2 | 26.8 | 2.36 | 1.27 | 0.18 | 1.34 | 4.7 |
| Incl. | 75.4 | 79.2 | 3.8 | 4.90 | 3.92 | 0.21 | 0.93 | 12.3 |
| G17-13 | 14.7 | 20.8 | 6.1 | 3.84 | 0.601 | 2.00 | 0.32 | 16.1 |
Notes:
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True widths of mineralization are not known.
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Gold equivalent grades are based on the following metal prices: gold US$1,600 per oz, zinc US$1.35/lb, copper US$3.35/lb, and silver US$18.0 per oz. Metal recoveries of 100% are applied in the gold equivalent calculation.
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Gold Equivalent values (AuEq) were calculated using the formula AuEq = (($1600 x Au g/t ÷ 31.104) + ($18.0 x Ag g/t ÷ 31.104) + ($3.35 x % Cu ÷100 x 2204.63) +($1.35 x % Zn ÷100 x 2204.63)) ÷ $1600 x 31.104
Since optioning the Project, the Company has systematically evaluated all historical data and built a central database. The exploration team has completed:
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Compiled database of historical drilling to build a 3D model of the zones
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3D model has been evaluated in detail to determine the structure and identify high-priority expansion targets
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Property wide collection and database incorporation of all geophysical data.
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Review of historical logs to model alteration patterns and structural trends as proximity indicators for mineralized systems.
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Planned an IP program on newly identified targets which will be completed prior to the October drill program
The Company looks forward to providing further details on drill targets upon commencement of the program.
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 Kirkland Lake Gold (Now Agnico Eagle Mines) through a $110M option/joint venture agreement. Melkior under 100% ownership, is focused on advancing it's Genex, Val D'Or, White Lake and Maseres Projects. Agnico Eagle Mines currently owns approximately 6% of the Company.
ON BEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, please contact:
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
This news release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, and include statements with respect to the anticipated timing of the Agreement and payments thereunder and statements with respect to the non-43-101 compliant resource estimates on the property to be acquired by the Company. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (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" or variations 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 of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the failure to complete the terms of the Agreement, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects.; the business and operations of the Company; unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the Company's public filings under its SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions or changes in factors affecting such forward-looking statements.