Timmins, Ontario. Melkior Resources Inc. (“Melkior”) is pleased to announce the reconnaissance program on the Maseres Project has been completed, assays are pending and an Area of Interest has been identified. Reconnaissance was focused over a substantial trend of historic airborne EM anomalies in the northeastern corner of the Maseres Project to determine if there is a correlation between gold mineralization and the “formational conductor” on the Maseres Project.
The Maseres Project is located about 14 km southwest of the Osisko Black Dog Deposit. The Black Dog Project has been reported by Osisko to be a gold-silver-copper discovery in a volcanic sequence coincident with magnetic and electromagnetic anomalies and disseminated to semi-massive Au-Ag-Cu bearing sulfides. The Black Dog appears to be on the same magnetic trend as Bonterra’s Gladiator Project. One interpretation of magnetic geophysical data suggests that this magnetic trend is folded and continues through Melkior’s Maseres Project. Mineralized boulders north of Melkior’s property boundary and co-incident with this formational conductor have been reported to contain 11 ppm gold and 2% copper (NR April 13, 2017).
Observations from the reconnaissance program indicate there are extensive sand and gravel deposits in this area. Topographically elevated areas are generally expressions of glacial deposits, not bedrock. Large rounded granitic boulders, up to the size of a small house, are present. Bedrock is not common. The bedrock that was observed supports the Maseres project area is underlain by the southern extension of the Urban-Barry greenstone belt.
An area of interest has been established within the hinge of an inferred multi-kilometer scale fold. This area of interest is defined by a relative abundance of large angular locally gossanous boulders, that lie within close proximity to each other. In some cases, these angular, delicate and fragmented boulders are situated on top of very angular rocks of the same composition that in turn are in very close proximity to where bedrock of the same composition has been observed. The bedrock observed is consistent with a moderately metamorphosed transitional sequence of mafic to felsic volcanic rock, which is in turn is consistent with the formational conductor as defined by the historical airborne survey.
Elements prospective for gold mineralization were observed within the Area of Interest including: quartz pyrite veins; strong wall rock alteration; local bleaching; silicification; disseminated pyrite within altered areas; thin crosscutting pyritic seams; quartz veins with substantial voids potentially indicating the weathering out of sulfides; gossanous chloritic shears with thinly laminated quartz veins.
|Angular Boulder in Area of Interest||Sample from Area of Interest|
Sixty rock samples were taken and have been submitted for analysis. The majority of these samples were not taken directly from bedrock. The majority of these samples were taken within the defined Area of Interest.
The Exploration Permit for the Melkior’s Carscallen Project has now completed the public review period. The MNDM has indicated a decision will be made on awarding the exploration permit by July 7, 2017. Pending the successful awarding of the exploration permit, drilling is scheduled to begin July 10, 2017. The 2017 Exploration Plan is available on the Melkior website (http://www.melkior.com/wp-content/uploads/MKR-2017-Exploration-Plan.pdf).
Jim Deluce, CEO of Melkior states, “This is an exciting time for our new Maseres Project. Melkior has taken a geological concept, amassed our new Maseres Project through map staking, reviewed the historical data and implemented a strategic ground program, all within six months and for less than $100,000. The ground program confirms we are on the right track. Melkior is working hard to deliver asset appreciation for our shareholders.”
The Company also announces that David Lindsay has resigned as Chief Financial Officer of the Company and Joseph Meagher has been appointed in his place. Mr. Meagher holds a CPA, CA designation with a Bachelor of Commerce from the University of British Columbia. Mr. Meagher currently serves as Chief Financial Officer and a director of several publicly listed companies. Previously, Mr. Meagher worked at Smythe Ratcliffe LLP as a manager focusing on publicly listed and private company audits, as well as staff training and development.
Mr. Lindsay was an integral part of the Company while it transitioned from Ottawa to Timmins and the Company thanks him for his dedication and service during this challenging time.
Wade Kornik, P.Geo., has approved the information contained in this release. Mr. Kornik is the Exploration Manager of the Company and is Qualified Person as defined by National Instrument 43‑101.
ON BEHALF OF THE BOARD
Keith James Deluce, CEO
For more information, please contact:
Melkior Resources Inc.