OTTAWA, ONTARIO – Melkior Resources Inc. (“Melkior” or the “Company”) (TSX VENTURE: MKR) is pleased to announce that drilling on its 100% owned McFaulds East Rim property located in the Ring of Fire area, James Bay, Ontario is ongoing. The McFaulds East Rim property consists of 1208 claim units covering 193.28 km2. In addition to drilling East Rim, Melkior drilled Riverbank and Broke Back, which recently signed a revised letter of intent with Green Swan Capital Corp. (see press release July 13, 2011). Riverbank and Broke Back combined consist of 69 unpatented claims covering 147.84 km2.
To date five holes totalling 1244 metres are completed on East Rim. The drill holes were selected to test a series of electromagnetic anomalies with coincident mag within a gravity high. One hole has been drilled on the L-Shape claim with a final depth of 189 metres, which is part of the East Rim property, and two holes remain to be drilled.
One hole totalling 216 metres was completed on Riverbank and one hole totalling 100 metres was completed on Broke Back.
Orbit Garant Drilling Inc. is drilling the McFaulds properties and the drill program is based out of the Billiken Management’s McFaulds Lake camp. Systematic assays will be taken for nickel, copper and PGE, chrome and gold; the samples will be sent and processed at Actlabs in Geraldton, Ontario. Results are expected to be received by late September, early October.
The McFaulds East Rim property was staked in 2008 covering a major gravity high, as shown in regional data (Ontario Geological Survey, 1999, Geophysical Data Sets 1035 and 1036). The regional gravity was further confirmed during the spring of 2011 using Fugro Airborne Surveys Airborne Gradient Gravity (AGG) survey and recently published Ontario Geological Survey commissioned magnetic/gravity survey.
The gravity high is interpreted to be a mafic or ultramafic intrusion. The interpreted intrusion is proximal to known nickel-copper sulphide mineralization in ultramafic rocks at Noront Resources Inc. Eagle Nest discovery. Mafic/ultramafic intrusions on the property, if present, would thus be expected to have significant potential to host magmatic nickel-copper sulphide, chromite and PGE mineralization.
During April 2008, a 1738 line kilometre MEGATEM magnetic and electromagnetic survey was flown by Fugro Airborne Surveys. The survey delineated several areas, five of which were then followed up by detailed VTEM airborne electrical and magnetic surveys in September 2008. 12 targets were interpreted and prioritized. Priority 1 targets were indicated by a magnetic association and limited strike length electrical conductivity response. Priority 2 targets were indicated by either a longer strike length electrical response, with possible formational and/or no magnetic association. During the summer of 2010 priority 1 and some priority 2 targets were followed up using surface electromagnetic surveys. The combined surveys, along with a 681 line kilometre Airborne Gradient Gravity AGG survey further confirmed the isolated nature of the highly conductive geophysical anomalies with coincident magnetic support.
This Press Release was prepared by Dr. Eric Hebert, P.Geo of Geovector Management Inc., Qualified Persons under National Instrument 43-101.
Melkior currently has $2.6 million dollars available for continued exploration and drilling at McFaulds and Carscallen West Timmins gold project.
Melkior is a junior exploration company with active exploration projects in West Timmins and the McFaulds “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.
Tel: 613.721.2919 ext 0
E-mail: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.