OTTAWA, ONTARIO–(Marketwire – April 6, 2010) – Melkior Resources Inc. (“Melkior”) (TSX VENTURE: MKR) is pleased to update shareholders on the ongoing 20,000 metre 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.
As part of an ongoing strategy of testing the mineralized Zam Zam Shenkman Zone at depths, Melkior recently completed two longer holes in the northern portion of the zone. The zone is hosted by mafic volcanic at the northern extremity. Mafic volcanics host much of the gold at the nearby Timmins deposit belonging to Lake Shore Gold Corp. Previous holes indicated the presence of secondary zones east of the main Zam Zam vein system. These zones of secondary mineralization were also intersected in hole CAR-32-2010, extending the zones and confirming their continuity at depth. CAR-33-2010 intersected numerous narrow gold zones of 1 to 4 g/t gold.
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 gold 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-32-2010: Hole CAR-32-2010 was drilled at an azimuth of 240º and a dip of -50º, with a final length of 500 m. It intersected the main Zam Zam Zone between 450.65 and 453.00 m. The zone contains two quartz-pyrite veins up to 4 cm thick, surrounded by a network of pyrite stringers within an ankerite-rich alteration zone. The zone assays 2.50 m @ 5.84 g/t Au, including 0.60 m @ 14.1 g/t Au (Table 1). A secondary mineralized zone with pyrite stringers, ankerite alteration and both quartz and ankerite veins, was encountered to the east of the main zone. This zone included an assay of 0.50 m @ 1.78 g/t Au (Table 1). A fault/shear zone which was not anticipated ran 1.41 g/t Au over a 1.65 m interval 295 m down-hole. Several other mineralized zones were hit, varying from several cm to almost 1 m thick. These zones consist of pyrite stringers with varying proportions of quartz and calcite, with associated weak to moderate ankerite alteration. Some of the zones are weakly anomalous in Au (up to 1 g/t).
Table 1: Significant Results from Hole CAR-32-2010
|FROM (m)||To (m)||Length (m)||Gold (g/t)||Zone||Host Rock|
|294.35||296.00||1.65||1.41||Fault Zone||Quartz vein associated with fault|
|343.70||344.20||0.50||1.78||Secondary Zone||Pyrite-carbonate veinlets hosted in mafic volcanic rock|
|450.50||453.00||2.50||5.84||Main Zone||Pyrite veins/stringers zone with ankerite alteration (10 – 15% pyrite)|
CAR-33-2010: Hole CAR-33-2010 was drilled at an azimuth of 240º and a dip of -60º, with a final length of 731 m. The hole was designed to intersect the Zam Zam Zone at a vertical depth of approximately 500 m. However, the typical Zam Zam quartz and pyrite vein system was encountered at 356 m down-hole, not as deep as expected. This could mean that the zone is flatening at depth, but a change in location due to movement along a fault or a shear is more likely, more drilling is required at this location.
At depth (>400 m), the hole encountered several other mineralized intervals, consisting of pyrite stringer/veinlet networks (5% to 20% pyrite) associated with ankerite/sericite alteration (Table 2). Quartz is less abundant in these veinlets and stringers, which could explain the low gold grades in these zones, even though the pyrite abundance is about the same as the near-surface zones. A Quartz Feldspar Porphyry (QFP) was encountered from 652.97 m to 667.75 m; mineralized zones occur within 10 m of the QFP on either side. The gold intersection at 662.75 to 663.25 m is hosted in a quartz-pyrite vein within the QFP, and the QFP itself does not contain significant amounts of pyrite or gold. All these mineralized intervals (i.e. from 400 m to 685 m) represent new zones that were not intersected in previous holes, and which require further exploration. A larger system at greater depths is a possibility, which conforms to the West Timmins geological model.
Table 2: Significant Results from Hole CAR-33-2010
|From (m)||To (m)||Length (m)||Gold (g/t)||Zone||Host Rock|
|356.00||358.10||2.10||1.12||Main Zone||Pyrite veins/stringers with ankerite alteration(10–15% pyrite)|
|408.85||409.35||0.50||3.73||New||Pyrite veins/stringers zone with ankerite silica alteration (10-15% pyrite)|
|477.10||477.90||0.80||1.78||New||2-3% pyrite in carbonate stringers|
|504.60||505.10||0.50||2.93||New||2 cm thick pyrite±quartz±calcite vein; semi-massive pyrite|
|639.40||640.00||0.60||1.51||New||Pyrite stringer network|
|662.75||663.25||0.50||1.15||New||Quartz vein (3cm-thick); 1% pyrite; tr Visible Gold (VG) hosted in QFP|
|679.40||680.00||0.60||2.46||New||2 cm thick quartz-pyrite vein; (semi-massive pyrite)|
|685.00||685.80||0.80||4.12||New||5-10% pyrite stringers and veinlets|
From surface to approximately 200 to 300 m vertical, the Zam Zam Shenkman Zone is hosted in a granite and typically consists of a thick quartz vein (~0.7 m) containing 10 to 25% pyrite and >10 g/t Au. At greater depth, the zone is hosted in mafic volcanic rocks and in the first two deeper holes appears to be wider and more diffuse, consisting of one or more ~1 m wide sub-zones, each of which contain networks of thin quartz and pyrite stringer/veinlets with associated ankerite alteration. To date the gold values encountered in these sub-zones are generally lower than near surface (~1 to <5 g /t Au). For instance hole CAR-33-2010 contains several <1 m thick mineralized zones at 30 to 70 metre intervals between 400 m and 700 m (Table 2).
The presence of multiple mineralized zones at depth within or adjacent to the Zam Zam Shenkman Zone along with the change in host rock composition from granite to mafic volcanics are both considered to be very encouraging. Further work will include a series of deep holes parallel to CAR-32-2010 and CAR-33-2010. Intermediate holes should also be drilled in a second phase to link the near-surface, thick, quartz-rich mineralized veins to the widespread and quartz-poor mineralized zones at depth. The intersection of the mineralized zones with the granite-mafic volcanic contact could also be an interesting target for future drill holes.
Within the granite host Melkior has so far traced the gold system for a length of approximately 1000 metres and to a depth of up to 250 metres. The current program will systematically drill these zones to progressively greater depths starting at approximately 500 metre depth.
Current drilling has extended the zone northward beyond the granite contact into surrounding mafic volcanic rocks. A new Induced Polarization (IP) survey has traced the zone northward.
Drilling is continuing and an additional 10,000 metres on top of the initially planned 10,000 metres bringing the program to a total of 20,000 metres. A second drill will commence drilling this week to test IP anomalies allowing the first drill to continue deeper drilling at the Zam Zam Shenkman zone.
This Press Release was prepared by Jens E. Hansen, P.Eng, President of Melkior Resources Inc, Qualified Persons under National Instrument 43-101. 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.
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.