Ottawa, Ontario. Melkior Resources Inc. (“Melkior”) (TSX.V: “MKR”; OTCPK: “MKRIF”; FSE: “MEK”) is progressing on a reinterpretation of the Shenkman, Zam Zam and Jowsey gold zones. To date, 11 disparate gold bearing vein systems have been delineated within the Shenkman zone for a strike length of 150 metres. The vein systems trend 330 degrees northwest, exhibit continuity and are open at depth. Seven vein systems have been identified within the granodioritic intrusive and four vein systems have been identified within the mafic volcanic footwall. The mineralized zones hosted within the mafic volcanics below the granodiorite appear to be wider with better grades and would suggest greater potential for economic mineralization.
Current interpretive work is focussing on the Zam Zam and Jowsey zones which are separated from the Shenkman by a 100 metre untested gap. It is believed that all vein systems may be correlated over a potential strike length of 600 metres. The vein systems have been incorporated into “mineralized corridors” from previous workers and consist of narrow gold bearing quartz veins with appreciable amounts of sulphide hosted within silicified, carbonatized and sericitized alteration zones.
In the past, Induced Polarization (“IP”) has traditionally been a useful tool in delineating these “mineralized corridors” reflected as strong chargeability responses due to increased sulphide content. Two of these broad IP responses have been traced south to the Melkior Lakeshore claim boundary and were recently drill tested in late 2014 (assays pending). One of the chargeability responses coincided with the historic Aumo gold showing and shaft while a stronger chargeability conductor, approximately 200 metres west of the Aumo was also drill tested. It has been suggested that the multiple en echelon vein systems in the Shenkman zone may coalesce or simply have been reduced to 2 north-south trending “mineralized corridors” which may host multiple gold bearing vein systems. Should it be determined that these systems are all related to one another, the potential for gold mineralization from the north portion of the Zam Zam to the Melkior/Lakeshore claim boundary would be approximately 1.5 kilometres and would further trend on to the Lakeshore property.
The Wire Gold showing, approximately 500 metres east of the Zam Zam Jowsey vein systems, was drilled in early to mid November and two drill holes were targeted under a channel sample that returned 7.9 g/t Au over 2.5 metres (please refer to the November 12th, 2014, press release). The Wire Gold occurrence is a more localized feature with a different geological setting than the Shenkman, Zam Zam and Jowsey gold deposits. The two drill holes did encounter strong sulphide mineralization accompanying a quartz breccia but returned subeconomic gold values. The structural zone encountered did produce anomalous gold, copper and zinc values which support a hypothesis that the Wire Gold showing may have been the late stage portion of a deeper VMS feeder system. The project will be re-evaluated to determine if further deeper drilling is warranted.
Work will continue to progress on the Shenkman, Zam Zam, Jowsey and 1010 vein systems to determine the most cost effective areas to conduct infill drilling in order to substantiate recent observations and build upon a future resource. Melkior also plans to selectively sample some historical core where required to validate the interpretation as well as compile and reinterpret the historical IP data as well.
The contents of this press release have been reviewed by Peter Caldbick, P.Geo, the Timmins area Project Manager for Melkior Resources Inc. and a Qualified Person as defined by National Instrument 43-101.
Melkior is a mineral exploration company with active gold exploration projects in West Timmins, Ontario and Launay, Quebec.
For more information:
Jens E. Hansen, President and CEO
Melkior Resources Inc.
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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.