Melkior Resources Inc. is pleased to announce that it’s Val-d’Or Property (the “Property”) has been switched from a status of being a non-key asset to its list of key assets. This Property was previously named the “Vauquelin” and “Tiblemont” properties by prior management. This change in Property sentiment is triggered by the development and interest seen in the vicinity of the Property, which is expected to increase its potential for discoveries. Subsequently, the Company acquired two additional packages of claims to the west and the east of the Property.
Jonathon Deluce, CEO of Melkior, remarks, “We are excited to announce the Val d’Or property as a key project for the company. Additionally, we were able to expand the property significantly to the west and east through direct staking. We look forward to planning a program on the east-west mineralized trend which is the focus of the Eldorado JV and leads onto Melkior’s property. This program will take place this summer.”
Sparton Resources Inc. announced on December 16th that it had executed an option agreement for Eldorado to earn up to an initial 75% interest in the Bruell Gold Project, owned by Sparton. In return, Eldorado will perform $1.5 million in exploration expenses (see news release by Sparton, dated Dec.16 2019). The agreement follows up the discovery of multiple gold drill intervals during Sparton’s 2019 drill program. The Company also announced additional exploration on three other targets containing gold on their property (see news release by Sparton, dated April 25, 2020). The Company believes these new exploration targets are likely in the same geological formation as seen on Melkior’s Property, and these new developments showcase the Property’s exploration potential.
O3 Mining announced on March 17th that is acquired the south-western bordering property from Monarch Gold Corporation, continuing O3’s consolidation of the Val d’Or camp.
A three (3) claim fraction block east of the Property was sold to Globex Mining with Melkior retaining a 1% NSR with 0.5% Buyback for $100,000.
The Val-d’Or Property is located 35km east from Val d’Or and is accessible by a well-maintained dirt road as well as logging roads. Parts of the Property were acquired in 1980, 1986, 2014, and 2020. The 120 claims cover approximately 6,333.04 hectares (63.33km2) and currently have over $340,000 in exploration reserve credits and no restrictions on these claims.
Multiple gold and copper showings are present on and around the Property. The Property covers the Lac Poisson-Nord showing, which encountered 1.0g/t over 1.5m. The mineralization consisted of carbonate and quartz veins hosted in a silicified granodiorite. Multiple gold showings are located on the adjacent properties, in the same granodiorite unit.
The Geoffroy copper showing, located south of the western part, located on the Globex Mining claims returned up to 9.90% Zn, 9.75% Cu and 98.4g/t Ag over 0.64m; 2.56% Cu, 0.11% Zn and 14.0g/t Ag over 0.91m; and 3.56% Zn, 0.86% Cu and 8.6g/t Ag over 0.88m in three different holes. The mineralization is composed of sulfides horizon hosted in intermediate pyroclastic and mafic volcanic rocks of the Kinojevis Group. They are intersected by porphyric sills and dykes.
The other adjacent showings include those being worked by Sparton to the south. The mineralization shows lateral continuity over 250m in the drilling they have performed. Melkior’s claims cover volcanic rocks, the same geological formation that contains the quartz veins and shear zones that include the mineralization in these showings. The historical mineshaft of the Bruel mine, owned by Sparton, is located 200m south of the Property’s limit. The new discovery by Sparton is located 600m east in the same direction. The mineralization seems to be associated with induced polarization, which would allow for a quick assessment of the Property’s potential. The regional magnetic anomalies associated with the gold mineralization also extend onto the Property, further indicating that the volcanic unit is found on the Property.
A full review of the historical work conducted on the Property will be done, including the review of historical results from drill holes and statistical treatment of the available geochemical data.
This press release was prepared by Pierre-Alexandre Pelletier, P.Geo,OGQ, and Steven Lauzier, P.Geo, OGQ, both are qualified person as defined under National Instrument 43-101, and have reviewed and approved the geological information provided in this news release
ON BEHALF OF THE BOARD
Jonathon Deluce, CEO