OTTAWA, ONTARIO – Melkior Resources Inc. (TSXV-MKR) (“Melkior”) is pleased to announce the beginning of its Spring 2012 diamond drill program on its 100% owned Carscallen gold project, located on a paved highway within the prolific Timmins gold camp which is currently celebrating its 100th year of continuous gold production. Melkior has a booth at this week’s Timmins mining convention called the Big Event, Northern Mines Expo.
Initially 1500 metres of drilling is planned for May and June 2012 on the Carscallen property. Two new holes and the extension of one other hole are planned to follow up on the positive results of the winter program. Melkior has been drilling continuously for the past four years encountering significant gold values along strike and increasing depths. All holes drilled in 2009, 2010, 2011 and 2012 seasons are posted on Melkior’s website. The last two holes drilled in 2012 were the deepest and the best to date. The main objective of the follow-up holes is to test the continuity (both lateral and at depth) of the gold intersection encountered in these last two holes (51.92 g/t over 3.70 metres in hole CAR-80-2012 and 1.55 g/t over 23.70 metres; 2.54 g/t over 10.00 metres in hole CAR-79-2012). The last two holes drilled on Carscallen also include anomalous values of copper (>1000 ppm), locally grading 3.55% Cu over 1.35 metres in hole CAR-79-2012. These copper intersections are quite unusual and may be encountered deeper, hosted in the mafic volcanic sequence underneath the granite. Another objective is to test a target based on geological information provided by the two holes from the winter program. Melkior’s recent drilling on Carscallen also provided new information on structure and geology. The property is located within an area of faulting related to the major Destor-Porcupine fault system. The Timmins gold mines are located within this system. Such faulting has been encountered in drill holes, which could be significant by having created open-structure that could contain important gold deposits. The target for gold mineralization in the faulted area is deeper than the existing holes hence one of the previous holes is being extended to test this important environment.
Melkior retains Laframboise Drilling Inc. to drill these 1500 metres and the program will be supervised and managed by GeoVector Management Inc., an Ottawa-based geoconsulting company. This Press Release was prepared by Dr. Eric Hebert, P.Geo of GeoVector Management Inc.
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.
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Melkior Resources Inc.
E-mail: [email protected]
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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.