Melkior Resources Announces Summer & Fall Exploration Plans, Including Phase 2: 3,000M Drilling at Genex

09.08.2023  |  The Newswire

Summer field program is currently underway at the Genex Project consisting of prospecting

Melkior Resources Inc. ("Melkior" or the "Company") (TSXV:MKR) (OTC:MKRIF) is pleased to provide an update on its exploration plans for the Summer and Fall across its portfolio of Projects. The Company is focused on exploration at its Genex Project in Timmins and Beschefer East in the Detour Camp (QC), while the Carscallen Project is being operated by Agnico Eagle under the option and joint venture agreement announced on September 28, 2020.

Jonathon Deluce, CEO of Melkior, remarks, "This will be a very exciting rest of the year for Melkior as we focus on advancing Genex and Beschefer East while monitoring our partnership with Agnico Eagle at Carscallen. Our maiden drill program at Genex has proven the expansion potential of the Project, and we are currently busy in the field expanding the surface footprint of the historical deposit to prepare for our next drill program. We believe the Company is well positioned to benefit from the resumption of this gold and commodity bull market We appreciate the support of our shareholders during these challenging market conditions."

Genex:

• The Company has commenced its' Summer 2023 field program consisting of prospecting, Beep-Mat surveying, MMI soil and stripping & channel sampling.

• The MMI soil program will cover the lines cut for the IP survey over the potential southwestern extension of the Genex system. The MMI will follow up on the geophysical anomalies to determine priority stripping and drill targets. The Beep-Mat survey will also cover this southwestern grid to investigate the source of the IP conductors.

• For the prospecting and, stripping & sampling program, the potential extensions around the historical Genex mine were broken down into 17 specific targets to review in the field. The prospecting area comprises a main volcanic sequence with mafic, intermediate to felsic units. Polymetallic sulfides can be found in all parts of the volcanic sequence, which can be recognized by a fine grain structure, which can be layered, massive or brecciate. Alteration minerals, quartz, blackish chlorite, carbonate, and sericite are common. Mineralization takes the form of fine dissemination, stringer, clots or quartz-carbonate veins and veinlets.

• The Genex system hosts a complex network of both massive sulphide & stringer mineralization, and the Company believes the fieldwork will help highlight the large surface expansion potential of the historical deposit while providing a better understanding of the orientation of extensions. We believe these programs will produce strong drill targets for the remainder of the year.

• The Company currently has an estimated 3,000 meters of drilling planned over the remainder of the year. Any high-priority targets identified in the summer field program will be tested immediately, with a larger drill program planned this fall.

• The Company's maiden 2022/2023 drill program was successful in both infill and expansion drilling, highlighted by:

  • GEN-22-01: 0.96% Cu 0.22g/t Au over 27.0 metres, including 2.29% Cu and 0.32g/t Au over 7.78 metres

  • GEN-22-04: 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

  • GEN-22-12: 3.35% Cu, 0.46g/t Au 9.6 g/t Ag over 6.0 metres

  • GEN-22-24: 0.75% Cu, 12.08 g/t Ag over 8.45 metres

Beschefer East:

• On June 14th, 2023, the Company announced a definitive option agreement on the Beschefer East Project to earn 100% over 3 years from SOQUEM Inc.

• The Company is in the final stages of planning its' soil sampling program to target the higher metal factor source amongst the three 2-3 kilometre gold structures identified in prior exploration work. This will be the first surface geochemical survey completed since identifying these targets.

• The Company believes this survey, combined with the prior geophysical targeting, will provide strong follow-up drill targets for the maiden (Melkior-operated) drill program planned for Q1 2024.

• The top target for follow-up is the potential strike extension of the Beschefer Project, where historical drilling has identified 55.63 g/t gold over 5.57 metres, including 224 g/t over 1.23 metres. The extension of this structure has seen limited testing on the Beschefer East side.

Val D'Or:

• Sparton Resource's Bruell Gold Project, which borders Melkior's Val D'Or Project (east boundary), saw 8,430 meters of drilling in 2023 to date, operated by Eldorado Gold Corporation with positive results, including 13.77 g/t Au over 3.0 metres in BU-23-14.

• The Company is reviewing the Sparton/Eldorado results to determine the next steps at the Project, including some follow-up drilling or potential opportunities to recognize value through optioning the ground to one of the current companies working in the area.

Corporate Update:

• Melkior is positioned well for 2023/2024 with over $2.6 million in working capital and only 31.1 million shares outstanding.

• The Company appreciates the support of our shareholder base through these challenging market conditions. However, with the assets being explored combined with our strong share structure, we are well-positioned to benefit when the market turns.

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. 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.

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