OTTAWA, ONTARIO – Melkior Resources Inc. (TSXV-MKR) (“Melkior”) is pleased to provide an update on its Carscallen property. A major forest fire in the Timmins area was burning south of the property for several days and fire restrictions forced Melkior to put its current drilling program on hold. The fire finally stopped less than 5 km away from the property and core storage area. The fire did not affect Melkior’s Carscallen property and the fire restriction was lifted. The extension of hole CAR-61-2010 was actually drilled before the evacuation order and 178 samples were sent for assay (including standards and blanks). The previously drilled hole CAR-61-2010 stopped at 350 metres and included assays of 4.84 g/t Au over 13.30 metres. The hole was extended 200 metres to investigate targets identified in volcanic rocks beneath the granite cover in the vicinity of holes CAR-79-2012 and CAR-80-2012 which include good gold intersections such as 2.54 g/t over 10.00 metres and 51.92 g/t over 3.70 metres respectively (Melkior press release March 26th and April 12th 2012). Drilling of CAR-61X-2012 showed an alteration zone within mafic volcanic rocks (~10 m wide of strong alteration), along with disseminated sulphides. Drilling resumed at Carscallen on Monday June 4th. Two deep holes (between 600 and 700 metre-depth each) are planned for this program to explore beneath known gold intersections. The results will also be used to update the geological model and plan the next phase of drilling.
While awaiting a return to Carscallen, Melkior consultants have been interpreting historical data from the Launay Gold project northwest of Val d’Or, Quebec. The intent is to increase the reserve of the Principale Zone and the Zone 75 by a series of diamond drill holes testing the continuity of mineralization along the East-West trend. Drilling on Launay is planned for the beginning of July. 2012.
This Press Release was prepared by Dr. Eric Hebert, P.Geo of GeoVector Management Inc.
Melkior is a junior exploration company with active exploration projects in West Timmins and holds several other exploration properties of which the most important is the 100% owned Launay gold property in West Quebec.
For more information:
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.