April 13, 2017 Trading Symbol: MKR
TSX Venture Exchange
Timmins, Ontario. Melkior Resources Inc. (“Melkior” or the “Company”) is pleased to announce that it has map staked an additional 7,200 acres in the Urban area of Quebec. Mineral title allocation is pending. The new ground is contiguous with Melkior’s existing land position of 33,800 acres and was staked to acquire two proximal gold in sediment anomalies. The total land position is now 41,000 acres
Melkior’s review of available data from the Quebec Provincial Government identified two closely spaced gold in sediment anomalies of 120 ppb Au and 84 ppb Au within close proximity and “down ice” of the previously announced claims acquired by Melkior in the Urban-Barry area (NR March 15, 2017).
Melkior’s claim group, predominantly located in Maseres Township, is equivalent to approximately 70% of the area of Maseres Township and will be referred to as the Maseres Project. The Maseres Project is immediately south of Great Thunder Gold Corp. which is immediately south of Osisko Mining Inc.’s Black Dog Project and south of properties held by, Beaufield Resources Inc., Bonterra Resources Inc. and Metanor Resources Inc.
The results of reported historical geophysical surveys, surficial observations and sampling results, locations and distribution of gold occurrences, together with geophysical data available from the Quebec government suggests that the area map staked by Melkior is “underlain by Archean-age volcano sedimentary gneisses which represent the metamorphosed southern extension of the Urban-Barry Greenstone Belt of the Abitibi Subprovince”, a folded continuation of the geologic units that trend through Souart, Urban and Barry Townships. Some authors of these historical reports have suggested that historical geological mapping south of the greenschist facies areas of Urban-Barry and Souart Townships have misinterpreted the Archean metamorphosed greenstone to be younger rocks associated with the Grenville Front. The presumption that the age of the rock was younger than the mineralizing event precluded Maseres Township from being considered prospective for Archean gold exploration.
The “Report on a Combined Helicopter borne Electromagnetic, Magnetic, Radiometric and VLF-EM Survey, DELAFON PROJECT, March 10, 1993” filed with the Quebec Government identified a significant conductive trend with associated electromagnetic anomalies. Quebec Government filed work report GM55916, Report on 1998 Drilling Program, indicates the “long formational conductive/magnetic horizon which extends 10 km SSW from the edge of the Urban-Barry Belt to Lac Delafond where it bends sharply SSE passing 100 m north of the two mineralized boulders.
The boulders mentioned above have been described as follows: “Brecciated, gneissic, pyrrhotitic iron formation recemented by pyrite and chalcopyrite, one of the boulders contained arsenopyrite. No known mineralization of this type is known in the Urban Barry Belt to the north and in any case the gneissic condition of the boulders precludes a source in the greenschist facies of rocks of this belt. Therefore a proximal source was sought.”
The mineralized boulders are located on Osisko’s claims within 150 m of the Great Thunder property boundary, and 2.3 km north of Melkior’s claims. The mineralized boulders are located 80m southwest of the formational conductor that continues through Melkior’s claim group.
Location of mineralized boulders:
|Easting*||Northing*||Sample||Gold (opt)||Copper (%)|
*NAD 83 Zone 18, location extrapolated from filed assessment maps
GM55916 further indicates that “… investigations revealed unmineralized, SW dipping, pyrrhotitic iron formation coincident with the conductor. This gneissic iron formation was mineralogically and texturally similar to the least brecciated portions of the mineralized boulders … the iron formation was considered to be a prime potential source for the boulders.”
Melkior’s Maseres Project covers the southern half of the aforementioned formational conductor. Of significance is that the portion of the formational conductor that is on Melkior’s claims appears to be significantly folded, the trend changing about 110 degrees to the southwest. Melkior’s claim group captures the majority of the fold nose of the formational conductor and the known westerly continuation of the formational conductor.
Melkior is committed to undertaking a high definition airborne geophysical survey, summer 2017, that will cover the entire Maseres Project. This data will provide the ground control and data needed to implement a focused follow up ground truthing and evaluation of the geophysical results. Melkior has the goal of raising the funding required for the airborne survey and a field program on the Maseres Project on the completion of our Carscallen drilling campaign.
Melkior’s Carscallen Project, Timmins, Ontario, currently has an exploration permit pending with the Ministry of Northern Development and Mines. A drill contract for 2,700 m has already been awarded for the Carscallen Project. On MNDN permit approval, the 2017 Exploration Plan will be implemented. The Exploration Plan is available on the Melkior website. The 2017 Exploration Plan is fully funded.
Jim Deluce, CEO of Melkior has expressed, “Melkior is now positioned to become a key player in the Urban-Barry area with our Maseres Project. I am extremely encouraged that we have such a well-defined exploration target in the folded and disrupted formational conductor. Melkior is committed to enhancing our existing assets, while building value for the shareholders.”
Wade Kornik, P.Geo., has approved the information contained in this release. Mr. Kornik is the Exploration Manager of the Company and is Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD
Keith James Deluce, CEO
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