Ottawa, Ontario. Melkior Resources Inc. (“Melkior”) (TSX.V: MKR; OTCPK: MKRIF; FSE: MEK) is providing results for three holes drilled in December 2013 on Zone 75, totaling 357 metres, on its Launay Gold Project. Table 1 displays the best results. The drill program is funded by Beaufield Resources Inc. per an option and joint venture agreement signed in November 2013 (please refer to press release November 7th 2013). Melkior is the operator.
The drill program began in November 2013 (please refer to press release November 20th, 2013) and was completed in January 2014. In total 19 holes, comprising 2589.6 metres, were drilled. The results of 8 holes were released in early January 2014 (please refer to press release January 13th, 2014). Results are pending for five remaining holes drilled on Zone 75 and for three additional exploration holes.
Drill highlights include:
- 6.20 g/t gold over 10.5 metres and 7.70 g/t gold over 2.85 metres (LAY-20-2013)
Table #1 – Launay December 2013 drill results
|Hole Number||End of hole length (Metres)||Azimuth (Degrees)||Dip (Degrees)||From (Metres)||To (Metres)||Interval* (Metres)||Gold (g/t)|
*Reported drill intercepts are not true widths.
Gold occurs in two distinct mineralization styles. Near surface, gold is hosted in a hematized pink granite including several quartz veinlets and a dense fracture network associated with pyrite and sericite alteration. Gold intersected in a second zone is hosted in a white to light pinkish-grey granite due to strong albite alteration and weak hematization. Pyrite typically occurs as disseminated grains (up to 5% pyrite). The albitized granite contains higher grades indicated by 6.20 g/t gold on 10.50 metres.
Conclusion and future work
These encouraging results demonstrate that the mineralization is wide and continuous. The remaining five holes are pending from the December 2013 program and will be integrated with the historical data. An additional three exploration holes were drilled in January 2014, results are pending. Based on the current and historical work, additional drilling will be planned. This will include surface channel sampling.
Core processing included descriptive logging and systematic sampling for analysis. The drill core was sawn in half, with one-half delivered to a commercial laboratory and the other half retained for future reference. Samples were submitted to ALS Chemex Laboratories in Val d’Or, Quebec. The processed samples were subjected to a standard fire assay with AA technique (Au-AA-23) on a 30-gram subsample. Standards and blanks were systematically inserted into the sample shipments as part of the sampling protocol. For samples returning greater than ten g/t gold, follow-up analysis using fire assay with a gravimetric finish is completed. For specific mineralized zones where the proportion of pyrite is high, samples were assayed using a screening analytic method on a 1000 g subsample. Following receipt of assays, visual analysis of mineralized intercepts is conducted, and additional analyses may be requested to ensure the accurate representation of the mineralized zones.
About Zone 75:
Zone 75 was discovered in 1987 by Melkior’s predecessor Les Mines Messeguay Inc. with discovery drill hole number ML-87-75, which intersected 0.127 oz/t (4.35 g/t) gold over 69 feet (20.98 metres). Zone 75 coincides with a north-south striking magnetic axis and dips to the west between 65 to 80 degrees. The mineralization found at Zone 75 consists of auriferous pyrite grains disseminated in an altered granitic intrusive and remains open at depth.
About the Launay Gold Project:
The Launay Gold Project hosts near-surface mineralization along a three kilometre trend, which includes Zone 75 and the Principal Zone. The project is located in the Abitibi Greenstone Belt and is approximately 70 kilometres northeast of Rouyn-Noranda, 80 kilometres northwest of the town of Val D’Or, Quebec and is easily accessible using highway 111 between Amos and LaSarre. Both rail and power are readily available. The property consists of 83 claims covering 63 square kilometres. Beaufield Resources Inc. (“Beaufield“) entered into an option and joint venture agreement with Melkior where Beaufield will earn 50% in the project by spending $1,250,000 over five years. Beaufield will earn 10% interest for each $250,000 of exploration expenses.
This press release was prepared by Dr. Eric Hebert, PGeo, of GeoVector Management Inc., qualified person under National Instrument 43-101. Dr. Hebert has supervised the diamond drill program, logged the core, designed the sampling program and reviewed the quality control information.
Melkior is a junior exploration company with active exploration projects in West Timmins and holds several other exploration properties.
For more information:
Jens E. Hansen, President and CEO
Melkior Resources Inc.
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.