OTTAWA, ONTARIO – Melkior Resources Inc. (“Melkior”) (TSX VENTURE: MKR) reports the results from the first two holes of its winter drilling program on its Carscallen Project west of Timmins. Melkior has approximately $4,300,000 in cash, which permits the company to continue and expand the exploration program in West Timmins. The Carscallen Project shares approximately nine kilometres of common boundary with Lake Shore Gold Corp.
Highlights from the two holes include:
- 13.5 m @ 2.64 g/t Au in CAR-58-2010
- 12.4 m @ 3.19 g/t Au in CAR-59-2010
CAR-58-2010 and CAR-59-2010 are the first of three holes drilled to test a conceptual target in three different locations. Melkior has been exploring the Zam Zam gold-bearing vein system, which is oriented northwest and dips ~70o to the northeast. This vein system is narrow (~1 m thick), typically grades >10 g/t Au, and is very continuous at depth. Previous drill holes confirmed the continuity of the vein system and the presence of gold mineralization at greater than 500 vertical m depth. A second, north-south trending, vertical, gold-bearing vein system occurs approximately 100 m east of the Zam Zam gold system. This second zone is also narrow and very continuous at depth (up to 500 m vertical), commonly grading <10 g/t over ~1 m. Based on geology and data provided by previous drilling campaigns, these two mineralized systems were projected to intersect at an approximate vertical depth of 200 m, proximal to the contact between granite and mafic volcanics. This contact is considered to be prospective. The three holes were designed to test specific anticipated intersections of the two mineralized zones close to the granite/volcanic contact. Based on assays from the first two holes, this objective appears to have been achieved.
From hole CAR-58-2010 and CAR-59-2010 assay results and visual inspection of hole CAR-60-2010 (assays pending), the mineralized gold system in this geological environment has a true thickness of approximately 10 m, with gold grades on the order of 2 to 3 g/t. A detailed description of the first two holes follows.
CAR-58-2010: Hole CAR-58-2010 was drilled at an azimuth of 240º and a dip of -50º, with a final depth of 332 m. It intersected a 13.50 m thick zone between 248.25 and 261.75 m grading 2.64 g/t Au (Table 1). The zone contains several quartz and pyrite veins surrounded by a network of pyrite stringers within a mafic volcanic rock.
Table 1: Significant Results from Hole CAR-58-2010
|From (m)||To (m)||Length (m)||Gold||Host rock|
|201.95||202.55||0.60||2.81 g/t||10% pyrite, host in granite|
|240.00||240.50||0.50||1.34 g/t||Pyrite vein|
|248.25||261.75||13.50||2.64 g/t||Intersection of mineralized zones (see intro)|
|Incl 261.25||261.75||0.50||26.2 g/t|
CAR-59-2010: Hole CAR-59-2010 was drilled at an azimuth of 240º and a dip of -60º, with a final depth of 299 m. It intersected a 12.40 m thick zone between 250 m and 262.4 m grading 3.19 g/t Au (Table 2). The zone contains several quartz and pyrite veins surrounded by a network of pyrite stringers within a mafic volcanic rock near its contact with the granite.
Table 2: Significant Results from Hole CAR-59-2010
|From (m)||To (m)||Length (m)||Gold||Host rock|
|250.00||262.40||12.40||3.19 g/t||Intersection of mineralized zones (see intro)|
|Incl. 261.75||262.40||0.65||44.1 g/t|
These results are considered as very encouraging. This new mineralized geological environment will be further evaluated with additional drill holes in 2011 after integrating the assay results from the third hole, CAR-60-2010.
This Press Release was prepared by Dr. Eric Hebert, P.Geo and Dr. Tom Setterfield, P.Geo, both of Geovector Management Inc, and Qualified Persons under National Instrument 43-101.
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:
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.