Ottawa, Ontario. Melkior Resources Inc. (“Melkior”) (TSX.V: “MKR”; OTCPK: “MKRIF”; FSE: “MEK”) is pleased to announce it has commenced drilling and thus far has completed two drill holes on the Wire Gold occurrence located approximately 500 metres east of the Shenkman/Zam Zam gold zones in Carscallen Township, 25 kilometres west of Timmins Ontario..
The Wire Gold occurrence was known for producing spectacular samples of visible gold and consists of an oxide facies iron formation trending north south hosted within mafic metavocanics that are, in turn, crosscut by east-west trending quartz-carbonate in filled tension gashes.
Melkior’s Carscallen property is approximately 5.4 kilometres west of Lake Shore (“Lake Shore”) Gold Corp’s current drilling on the 144 zones and shares approximately 9 kilometres of common boundary with Lake Shore.
Channel sampling on the northern portion of the Wire Gold showing produced 7.9 grams per tonne gold and 2.87 grams per tonne silver over 2.5 metres (reported Nov 12, 2014) including 11.4 grams per tonne gold and 4.4 grams per tonne silver over 1.0 metre. A separate location approximately 30 metres southeast of these channel samples returned 10.3 grams per tonne gold over 1.0 metres. Both channel sampled locations occurred within east-west trending quartz-carbonate infilled tension gashes crosscutting the contact between the mafic metavolcanics and banded iron formation. It is believed that these transitional breccia zones along the mafic/ iron formation contacts may represent sulphide rich feeder zones with late crosscutting quartz carbonate tension gashes acting as repositories for hydrothermal gold bearing fluids.
In addition to the Wire Gold target, Melkior intends to drill test a strong soil gas hydrocarbon (“SGH”) gold anomaly and copper, zinc, lead B horizon soil geochemical anomaly on the Big Marsh property approximately 4.0 kilometres north of the Wire Gold. At the Bristol property, in the northeast corner of Melkior’s Big Marsh project area, a very strong VTEM electromagnetic conductor was detected by an earlier survey contracted by Melkior to Geotech Ltd.. The geometry of the conductor suggests the possible potential for a volcanogenic massive sulphide deposit (“VMS”). Three lines of Max-Min and magnetics will be carried out to define the conductor(s). This target area will be drill tested as well.
It has been decided to drill two additional holes at Wire Gold. One hole will undercut hole 1B which has been completed and was designed to intersect under the 2.5 metre channel sample. The intent is to determine continuity and dip. A hole will also be drilled approximately 50 metres north of Wire Gold to explore an isolated negative magnetic anomaly.
The contents of this press release have been reviewed by Peter Caldbick, P.Geo, the Timmins area Project Manager for Melkior Resources Inc. and a Qualified Person as defined by National Instrument 43-101.
Melkior is a mineral exploration company with active gold exploration projects in West Timmins, Ontario and Launay, Quebec.
For more information:
Jens E. Hansen, President and CEO
Melkior Resources Inc.
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This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Melkior’s periodic reports including the annual report or in the filings made by Melkior from time to time with securities regulatory authorities.