Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce the option of 6 cell units (5 full cell units and 14 boundary claims) approximately 3.2 km southwest of the recent drill program in Carscallen Township. The Carscallen project shares over 9 kilometers of border with Pan American Silver.
Between December of 2010 and January 2011, Zinccorp completed a nine-hole diamond drill program totaling 1,685 meters on these newly acquired cell claims. The program was undertaken to drill test an IP chargeability anomaly striking roughly north-south over a minimum length of 800 meters.
All but two of the drill holes intersected anomalous gold values. Mineralization was reported to be associated with shearing with pervasive silicification, quartz carbonate veining, disseminated pyrite, chalcopyrite and chloritic fracture fillings. Drill holes ZN-10-02 and ZN-10-05 intersected 1.48 g/t Au over 0.5 meters from 74.0 to 74.50 meters and 3.8 g/t Au over 1.1 meters from 44.3 to 45.4 meters. The intercepts were hypothesized to be a possible southern extension of the 1010 Zones on Melkior’s claim group that reported 60.27 g/t Au over 1.8 meters in the 1010 North and 19.8 g/t Au over 3.18 meters in the 1010 South. The Zinccorp drill intercepts are approximately 800 meters southwest of the 1010 South zone.
Melkior plans to investigate this newly acquired area to confirm whether the Zinccorp drilling on this newly acquired cell claim package is an extension of Melkior’s 1010 South zone.
Jonathon Deluce, CEO of Melkior, remarks, “We are extremely pleased to be expanding our land position at Carscallen. These newly acquired claims are contiguous and located 3.2 km southwest of the recent drill program, where the drill remains on site. This option secures all the remaining claims within our main Carscallen property.”
Pursuant to a definitive agreement dated May 6, 2020, Melkior can acquire its 100% interest, subject to a 3% net smelter returns royalty, in the Carscallen Claims from the optionors as follows:
– On signing $10,000 in cash.
– Upon TSX Venture Exchange Acceptance: issue 75,000 shares of Melkior;
– Upon the First Anniversary: pay $10,000 cash and issue $25,000 worth of shares issued at the weighted average price of the common shares for the 10 trading days immediately preceding;
– Upon the Second Anniversary: pay $10,000 cash and issue $25,000 worth of shares issued at the weighted average price of the common shares for the 10 trading days immediately preceding.
Melkior may purchase one-half of the Royalty at any time for the sum of $1,000,000.
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
Jonathon Deluce, CEO
For more information, please contact:
Melkior Resources Inc.