Launay Royalty

Melkior has a 1.5% NSR on the Launay Property owned by O3 Mining. The Property is located in Launay township, in the Abitibi Greenstone Belt in Quebec. Several gold zones have been defined by historical work over a 3 kilometre trend on the property. In 2013, a drill program on one of these zones identified wide intersections of gold mineralization located near surface:

    • 92 g/t gold over 13.40 metres in hole LAY-15-2013

 

    • 20 g/t Gold over 10.50 metres in hole LAY-20-2013

 

  • 04 g/t gold over 15.52 metres in hole LAY-21-2013

The gold zones are coincident with a north-south striking magnetic axis dipping to the west between 65 to 80 degrees. The mineralization consists of auriferous pyrite grains disseminated in an altered granitic intrusive and within quartz-carbonate veins.

Drilling to date has focused on the near surface portion of the property with very few holes attaining depths greater than 300 metres. Mineralization remains open at depth and along strike. Additional drilling will be required at depth and between the known gold zones to determine the true extent of the mineralization.

Infrastructure is excellent, with both a highway and railway crossing the property. Electricity is also readily available with several towns located within a 30 kilometre radius. At least five operating gold mills are located within 70 kilometres of the Property.