Timmins, Ontario – TheNewswire – December 6, 2021 – Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) announces that Barrick Gold Inc. (“Barrick”) has provided a termination notice with respect to the Earn-In and Joint Venture Shareholders Agreement made as of November 20, 2020, between Melkior and Barrick (the “Agreement”), which Agreement was originally announced by Melkior on November 20, 2020. Barrick advised Melkior that it is terminating the Agreement in accordance with its terms as of the first anniversary of the Agreement without satisfying the minimum exploration expenditures due to Barrick being prevented or hindered from the funding of expenditures because of the objections and concerns raised by a local First Nation.
On December 16, 2020, the Ministry of Energy, Northern Development and Mines (the “Ministry”) issued a Notice of Withdrawal and a Notice of Caution affecting the Northern Lake Superior Region and the White Lake Property. Due to the Ministry’s Notice of Withdrawal and Notice of Caution and the First Nation’s concerns regarding exploration activities, Melkior intends to apply to the Ministry for an order suspending the annual work requirements on the White Lake Property due to the Company’s inability to conduct exploration work without First Nation objections. If the Ministry accepts the Company’s request the Property will remain in good standing until the Company can resume exploration expenditures. The Company anticipates receiving the Ministry’s approval, but if such approval is not granted the Company may apply current exploration credit reserves and/or make payments in lieu of exploration expenditures to keep the Property in good standing.
Melkior intends to work with the MNDMNRF and the First Nation on possible paths toward mutually acceptable exploration work on and development of the White Lake Property.
About Melkior Resources
Melkior Resources is an exploration stage resource company with a strong partner in world-class mining jurisdictions. Melkior’s flagship Carscallen Project is being advanced by Kirkland Lake Gold through a $110M option/joint venture agreement. Melkior under 100% ownership is focused on advancing it’s Val D’Or, White Lake and Maseres Projects. Kirkland Lake Gold currently owns approximately 6% of the Company.
ON BEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, please contact:
Melkior Resources Inc.
E-mail: [email protected]