Melkior Intersects 23.5 g/t Au over 8.0 Meters on the Carscallen Project

Melkior Resources Inc. (“Melkior”) (TSXV:MKR) is pleased to announce that it has received partial assay results from its recently completed Carscallen drill program, specifically, it has intersected 23.5 g/t Au over 8.0 meters from 426.0 to 434.0 meters Including 372 g/t Au over a half meter from 433.0 to 433.5 meters on the third deep hole CAR-19-03A during the fall 2019 drill campaign in Carscallen Township. The Carscallen Project is located approximately 25 km west of the town of Timmins, Ontario and 5 km west of Pan American Silver’s Timmins West Mine. The third hole was drilled in the Shenkman zone to validate and follow up on earlier deep intercepts drilled by Geovector from 2011 to 2013.

An interpretation of the vein system intercept suggests that it occurs approximately 150 meters downdip of an earlier intercept in CAR-61-2010 which ran 4.84 g/t Au over 13.3 meters within the granodiorite and approximately 70 meters updip of an intercept in CAR-80-2012 which ran 51 g/t Au over 3.5 meters including 185.5 g/t Au over 1.0 meter. This intercept occurred in the underlying mafic volcanics, whilst the recent intercept in CAR-19-03A occurred within the overlying granodiorite approximately 24 meters vertically above the granodiorite/mafic volcanic contact.

The similarities in grade of these intercepts reinforce the theory that this gold bearing system is epigenetic (formed much later than the rocks which enclose it). The system intersected is described as a “grey zone” which is carbonatized and silicified with semi-massive columnar aggregates of pyrite with coarse free flakes of visible gold (CVG). The surrounding wallrock, while lower in grade, also possesses this silicified and carbonatized alteration halo with finely disseminated pyrite.

The first two holes were shallow 300 meter holes designed to validate earlier drill intercepts as well, and returned significant values such as 1.27 g/t Au over 5.0 meters from 98.5 to 103.50 meters in CAR-19-01 including 8.1 g/t Au over 0.5 meters from 103.0 to 103.50 meters within the granodiorite in the Shenkman zone plus CAR-19-02 drilled in the Zam Zam zone which returned 4.27 g/t Au over 1.0 meter from 143.5 to 144.5 meters (see table below).

RESULTS FROM DRILL HOLES

Hole ID

From (m)

To (m)

Length (m)

Au (g/t)

     

CAR-19-01

98.5

103.5

5.0

1.27

Including

103.0

103.5

0.5

8.10

 

108.5

113.5

5.0

1.12

Including

108.5

109.0

0.5

4.47

CAR-19-02

143.5

144.5

1.0

4.27

CAR-19-03A

426.0

434.0

8.0

23.50

Including

430.0

434.0

4.0

47.0

Including

433.0

433.5

0.5

372.0

* Stated lengths are core lengths as drilled. True widths are estimated to be 80% of reported core length intervals.

Drill hole CAR-19-03A deviated approximately 8.0 meters westward of an earlier intercept in Drill hole CAR-79-2012 which intersected 15.5 g/t Au over 1.75 meters (see figure 1) and demonstrates the consistency of gold tenor as well as providing a vector for follow up drilling on this project. The drill hole further demonstrates the increased tenor of gold proximal to the granodiorite/mafic volcanic contact as well as the potential for increased grades at depth. The Vein system is open at depth and on strike with a northwest vector confirmed by the recent drill results.

 

Figure 1 Section 16A showing location of new results and distances from historic results

Melkior has requested a multi element analysis of CAR-19-03A from Actlabs as approximately 3 to 4% chalcopyrite was observed sporadically in fracture fillings and occupying quartz-carbonate infilled tension gashes within the mafic volcanics immediately below the granodiorite/mafic volcanic contact for approximately 24 meters suggesting anomalous copper (Figure 2). Results are pending for these analyses.

Figure 2 Photograph of Drill Core at 472.5 Meters in DDH CAR-19-03A Showing Fractures Infilled With Chalcopyrite and Pyrrhotite.**

** Photographs are of selected intervals and are not necessarily representative of the mineralization hosted on the property.

Jim Deluce, CEO of Melkior remarks, “We are very excited to announce these exceptional results from our Carscallen Project and we appreciate the on-going support from our long-time shareholders! We believe this hole highlights the significant potential of the project and warrants designing a further drill program to determine the size of this high-grade mineralized system. We are excitingly waiting the multi element analysis of CAR-19-03A which will be returned in the next few days.”

The program was carried out under the supervision of Peter Caldbick, P.Geo and a consultant for Melkior Resources Inc., the qualified person responsible for this news release. The drill core was split with half sent to Actlabs in Timmins, On and fire assayed with an AA and gravimetric finish. Whole metallic assays are performed on samples greater than 10 g/t gold and samples containing visible gold. In addition, the third drill hole was treated with the 1E3 36 element multi element package with aqua regia analyses. Duplicates, standards and blanks were inserted into the sample stream.

Qualified Person

All technical information in this press release has been reviewed and approved by Peter Caldbick, P.Geo. Mr. Caldbick is a consultant for Melkior and a Qualified Person for the purposes of National Instrument 43-101.

ON BEHALF OF THE BOARD

Keith James Deluce, CEO

For more information, please contact:

Melkior Resources Inc.

E-mail: info@melkior.com

Tel: 705-267-4000

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