Melkior Resources Inc. (“Melkior”) is pleased to announce that it has entered into an agreement to purchase an additional 2 claims totaling 14 units in Carscallen Township, Timmins, Ontario (the “Property”), subject to the acceptance of the TSX Venture Exchange.
The addition of these two claims is considered highly strategic as they form a bridge between the Big Marsh Project and the Carscallen Project. The two projects together now form a contiguous block of 40 group claims comprised of 274 claim units (4,376 hectares). Approximately $36,000 of assessment work is required to maintain claims within the Big Marsh Project within the next six months. This strategic acquisition will allow Melkior to focus its exploration expenditures on the Carscallen Project while simultaneously maintaining the Big Marsh Claim group.
Total consideration for the Property is a cash payment of $5,000 (paid) and the issuance of 100,000 common shares upon acceptance of the transaction by the TSX Venture Exchange. The Property is subject to a 2% net smelter return royalty in favour of the vendors.
Melkior is always searching for new opportunities and is working to enhance its claim inventory in the Carscallen Township and in Timmins with the goal of increasing shareholder value.
ON BEHALF OF THE BOARD
Keith James Deluce, CEO