Melkior Resources Inc. Commences 2024 Winter Drill Campaign at Carscallen Gold Project
Melkior Resources Inc. ("Melkior" or the "Company") (TSXV:MKR) (OTC:MKRIF) is pleased to announce the commencement of its 2024 Winter Drill Campaign at the Carscallen Gold Project located approximately 25 kilometres southwest of Timmins, Ontario.
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Figure 1. Carscallen Project Property Location Map near Timmins-Ontario.
Keith Deluce, Director of Melkior Resources, stated: "Following the data review and 3D modelling exercises, we are thrilled to kick off the winter drilling program at the Carscallen Gold Project. The program will probe the strike and down-plunge extensions of the 1010 mineralized zone including testing the Northwest Target, an unexplored area north of 1010 zone which has the same geophysical magnetic and IP chargeability and resistivity signatures as the gold zones at Carscallen."
2024 Winter Drill Program
An 8-hole drill program was designed at Carscallen Property to target new opportunities and expand the strike extents of previously established gold showings at the 1010 Zones. A total of 1,750 drill meters on an NQ-size drill core was planned for this program of which 1,200 meters will be drilled during this phase. Individual drill holes ranges in depth from 150m to 300m. The primary objectives of the exploration program are to test the Northwest Zone, which is an unexplored area about 500 meters north of 1010 gold showings, and an infill to step-out exploration drill targeting the lateral and downdip extensions of gold mineralization across the 1010 Main Zone.
1010 Gold Zone
The 1010 gold showings have about 500m strike length and characterized by multiple, stacked, anastomosing, shear-hosted, quartz-sulphide veins which are locally enveloped by stockwork breccia mineralization. The gold zones are steep dipping and often exhibits pinch and swell attitude along the N-S trend. The gold mineralization at 1010 Zone is coincident with mod-high magnetics associated with folded-faulted features, mod-high IP chargeability (conductors), and resistivity. The geophysical signatures are typical in most of the gold zones at Carscallen Property.
In a north-south longitudinal section, the mineralization at 1010 Zone and Northwest Zone appears to be controlled by fold structure with the hinge zone located between the 1010N and 1010S. These suggest of a possibly north plunging mineralization on the 1010N and a south dipping mineralization on the 1010S.
Overall, a total of six (6) drill holes MKR-24 (01-06) all dipping towards the east were planned to test the plunge of mineralization. The holes have variable target depths ranging from 200m to 300m. The drilling will probe the down-dip of 1010 mineralization zones based on historical surface mapping and drilling, and to test the continuity of mineralization along strike length up to 800 meters.
Northwest Zone
The Northwest Zone is an unexplored area about 500 meters north of 1010 gold showings, characterized by overlapping clusters of gold-in-soil anomaly, mod-high magnetics, and coincident moderate IP chargeability (conductors) and resistivity.
Two shallow drillholes MKR-24 (07 - 08) at about 150m deep were planned to test the gold mineralization potential in the area.
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Figure 2. Winter Program Drill Collar Location at Carscallen Project. Inset is a longitudinal section along the 1010 Zone and Northwest Zone.
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Figure 3. Drill Cross Section of Proposed Hole MKR-24-002.
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Figure 4. Drill Collar Summary of the Winter drill Program at Carscallen Project.
Equity Compensation Plan:
At its annual general meeting of shareholders held on March 28, 2024, the company's shareholders approved the company's omnibus equity compensation plan (the "Plan"). The company's information circular for the meeting, which was filed on SEDAR+ on March 7, 2024, contains detailed disclosure about the Plan. The Plan reserves up to 10% of the company's issued and outstanding shares for grants of incentive compensation and as at the date hereof there are 1,825,000 options and 0 RSUs under the Plan. The Plan requires shareholder approval annually in accordance with the policies of the TSX Venture Exchange. Please refer to the information circular for more information.
Qualified Person
All technical information in this press release has been reviewed and approved by Martin Ethier, P.Geo. Mr. Ethier 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 is focused on advancing its flagship Carscallen, Beschefer East, Genex, Val D'Or, White Lake and Maseres Projects.
ON BEHALF OF THE BOARD
Keith James Deluce, Director
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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