Ottawa, Ontario, February 26, 2010 – Melkior Resources Inc. (TSX Venture: MKR) (“Melkior” or the “Company”) is pleased to report on the first 2388 metres (6 holes) of a current 10,000 metres diamond drill program on its 100% owned Carscallen Gold property, located approximately 25 kilometres west of Timmins, Ontario, 5 kilometres west of the Lake Shore Gold Corp Timmins Mine and adjacent to Lake Shore’s West Timmins land holdings.
Zam Zam Shenkman Zone
The Zam Zam Shenkman Zone was discovered in the summer of 2007 during trenching aimed at identifying the source of an Induced Polarization anomaly. The zone is a structurally controlled hydrothermal conduit in a competent intrusive host with associated quartz pyrite veining. Assays in 2007 from the trench returned spectacular values in relatively narrow pyrite filled fractures, up to 843.7 g/t Au in a grab sample and up to 12.7 g/t Au over 3.0 meters in a chip sample. The Zam Zam Shenkman Zone is 850 meters northwest of the 1010 Vein area. Zam Zam zone has been traced approximately 650 metres by drilling.
CAR-32-10 and CAR-33-10 were spotted to intersect the Zam Zam zone at depth. CAR-32-10 encountered several mineralized zones. The mineralized zones consisted of networks of pyrite/quartz stringers and veinlets including 5% to 20% pyrite. The Main zone (Zam Zam Shenkman) was intersected at 450.65 to 453 metres and consists of pyrite stringes within ankerite alteration. CAR-33-10 tested the Zam Zam Shenkman zone at a vertical depth of 633 metres. Quartz feldspar porphyry occurred from 652.97 metres to 667.75 metres. Several secondary zones were encountered. These mineralized zones are similar to CAR-32-10. These secondary zones could possibly extend the Zam Zam Shenkman zone 200 metres eastward. A subtle northeast – southwest IP anomaly is observable and could be related to the secondary mineralized zone. Samples of the mineralized zone are at the laboratory for assay.
The next stage of drilling the Zam Zam Shenkman zone is to continue drilling deeper along strike towards the Shenkman zone. The Shenkman has been extended further southward for at least 200 metres by induced polarization (IP).
Hole CAR-33-10 Quick Log. Assays pending.
From : (m)
Major Rock Type
Mafic volcanic rock
|Zone with quartz-(±pyrite) vein (~1 to 2 cm-thick; at a meter interval)|
|5-10% pyrite as stringers|
|10% pyrite as stringers|
|Quartz-pyrite vein system; 15% pyrite|
|<5% pyrite as stringers|
|pyrite-calcite-quartz vein; 5% pyrite|
|Quartz-pyrite-calcite stringer zone; 3-4% pyrite|
|3-4% pyrite as stringers|
|5-7% pyrite as stringers|
|Quartz-pyrite vein system; 15% pyrite|
|pyrite-quartz vein; 5% pyrite|
|Semi-massive pyrite vein (+quartz); 2cm-thick|
|2cm-thick massive pyrite vein|
|zone of intense pyrite veining; 10-15% PY; sericite alteration associated|
|Pyrite stringer zone (>5%)|
|Quartz Feldspar Intrusion|
Mafic volcanic rock
|Locally silicified and sericite alteration where pyrite mineralization occurs in quartz-pyrite veinlets|
1010 Vein Area
Three holes, CAR-28-10, CAR-29-10 and CAR-31-10, (PR January 20th, 2010) tested the 1010 zone at a vertical depth of approximately 200 metres. The 1010 zone has a surface strike length of approximately 400 metres and is located 850 metres south west of the Zam Zam zone. One additional hole, CAR-30-10, was an exploration hole based off a combined metallic metal ion (MMI) and IP anomaly.
Assay results for CAR-28-10, CAR-29-10 and CAR-30-10 have been received with the best intersections being from CAR-29-10 where two intersections returned 17.28 g/t gold over 0.65 metres and a second interval returned 0.92 g/t gold over 12.4 metres. Assays for CAR-31-10 have been submitted to ALS Chemex in Timmins Ontario and results are pending. The results are shown in the following table. The gold bearing zone has widened significantly at the 200 metre level. The 17.28g/t over 0.65 metres represents a new horizon up dip from the main zone. The increased width is of particular interest.
Table of result for the first 3 1010 zone holes is reported below:
|Hole #||Azimuth||From (metre)||To (metre)||Length (metre)||Gold|
|CAR-28-10||90N||350.85||351.45||0.6||5.1||Main||Quartz-pyrite veins in granite|
|CAR-29-10||90N||147.6||148.25||0.65||17.28||Quartz-pyrite vein in granite|
|CAR-29-10||90N||223.75||236.15||12.40||0.92||QFP||Series of pyrite stringers in QFP|
|CAR-29-10||90N||276.35||277.30||0.95||2.31||Pyrite stingers in granite|
The 1010 zone is named after an historic gold occurrence called the 1010 Vein which in turn was named after the original claim number hosting the showing. Two historic shafts dating back to the 1930’s are located 70 meters apart on the vein. The 1010 Vein is typically 5 to 30 cm wide multi phase quartz vein with hydrothermal alteration of wall rocks. The mineralized vein has locally been intruded by a lamprophyre dike within a north-south trending dilation structure with a sub-vertical dip. High gold values are intimately related to higher concentrations of sulphides, primarily pyrite contained within quartz veins. Visible gold has been observed isolated within quartz, as plates on sericite within sheared sections of the vein, and on chlorite partings at the margin of the vein. Some wider sections have been encountered.
Surface sampling during 2007 returned results up to 280 g/t gold (NR October 5, 2006). Drilling in 2007 returned assays of 19.8 g/t Au over 3.3 meters in WKD-07-18 (NR January 9, 2008). Historical drilling conducted to approximately 100 meter depths has reportedly returned assays of up to 336 g/t Au over 0.21 meters between the two historic shafts on the 1010 Vein.
CAR-31-10 was drilled on the North 1010 zone. No significant mineralization was hit and further drilling on the north 1010 zone will be oriented 300 degrees north instead of 120 degrees north.
CAR-31-10 tested a MMI/IP anomaly. Two small zones were intersected at 92 and 95 metres. They consisted of dense pyrite stringers (approximately 5% pyrite) however the highest assay was 0.11g/t of Gold.
The drill program has shutdown until March 24th, 2010 and drilling will resume on the Zam Zam zone. The six holes will be entered into the 3-D model to assist with deeper drilling. The shutdown will permit return of all assays, results entered into the 3-D model and enable personnel to attend the PDAC March 7th to 10th, 2010. Currently ground geophysics namely IP survey is being completed to the north of the property and to the western boundary. When drilling resumes in March the focus is to continue drilling at greater depths, namely drilling below 500 metre vertical at the Zam Zam Shenkman zones. In addition several shallower holes will be drilled to test the extension of the Zam Zam and new IP anomalies. At this stage it would appear that drilling will continue beyond the initial 10000 metre total.
Gold assays were performed at ALS CHEMEX Laboratories in Timmins, Ontario. The processed samples were submitted to a standard Fire Assay with AA technique (Au-AA-23).
Melkior has $8.1 million cash available to conduct exploration and other business
This Press Release was prepared by Jens E. Hansen, P.Eng, President of Melkior Resources Inc. The drill program, core logging and sections selected for assays were done by Eric Hébert, PhD, P.Geo. Mr. Hébert is employed by the consulting company GeoVector Management Inc. Both individuals are Qualified Persons under National Instrument 43-101.
Investors are invited to visit the Melkior IR Hub at http://agoracom.com/ir/Melkior where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to[email protected] where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
Melkior is a junior exploration company with active exploration projects in West Timmins and the Mc Faulds “Ring of Fire” areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and Quebec.
For more information:
Jens E. Hansen, P. Eng., President
E-mail: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.