Timmins, Ontario – TheNewswire – June 14, 2022 – Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce an update on its drilling commencement for the $110 million strategic investment and partnership with Agnico Eagle Mines (Previously Kirkland Lake Gold) at the Carscallen Project located approximately 25 kilometres southwest of Timmins Ontario. This program is being operated by Agnico Eagle Mines (“Operator”) under the option / joint venture announced on Sept 28, 2020. As of May 2022, there was approximately $1.2M of work commitment left to be spent by September 2022 to meet the minimum commitment.
Drilling at the Project is currently underway, with a minimum of 4,200 meters budgeted over this summer program. Details of the drill targets will be provided in a subsequent news release, but the program will start by targeting the Shenkman Zone, which has the potential to deliver high-metal factor intercepts as seen in 2012 with 51.9 g/t gold over 3.7 meters, 2019 with 23.5 g/t gold over 8.0 meters and 2020 with 25.7 g/t gold over 6.0 meters. This drill program will target areas immediately along strike and dip of these strong historical intercepts.
This drill program will also target the area north of the ZamZam Zone to follow-up on recent intersected high-grade values in an under-drilled area up to 300 meters north of the current surface trenching. CAR-21-18, collared approximately 50 meters northwest of the ZamZam/Jowsey Zone, intersected 6.88 g/t gold over 1.5 meters from 384.5 to 386 meters, including 19.6 g/t gold over 0.5 meters from 385.5 to 386.0 meters. Drill hole CAR-21-19, collared 300 meters north of CAR-21-18, intersected 5.84 g/t gold over 1.5 meters from 400.0 to 401.5 meters including 16.1 g/t Au, 83.6 g/t Ag, .33% Cu and .23% Zn over 0.5 meters from 401.0 to 401.5 meters.
Both vein intersections in drill holes CAR-21-18 and CAR-21-19 are interpreted to be the same vein system, with CAR-21-18 intersected at approximately 280 meters vertically below surface and CAR-21-19 at approximately 300 meters vertical. In addition, with multiple vein intersections in CAR-21-18, these intercepts open this 300-meter gap between the two drill holes for additional drill testing and extends the ZamZam/Jowsey Zones by 350 meters, which is open to the north.
Jonathon Deluce, CEO of Melkior, remarks, “We are very excited that drilling has resumed at Carscallen. The Carscallen Project has demonstrated the potential to be a high-grade gold system with continuity amongst numerous zones. We push to make that game-changing discovery hole with every drill program, and we are confident that we have the best partner to achieve this goal.”
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.
About Melkior Resources
Melkior Resources is an exploration stage resource company in world-class mining jurisdictions with a strong partner. Melkior’s flagship Carscallen Project is being advanced by Kirkland Lake Gold (Now Agnico Eagle Mines) 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. Agnico Eagle Mines 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]