Timmins, Ontario / TheNewswire / August 24, 2017 – Melkior Resources Inc. (“Melkior”) is pleased to announce that an additional 38 claim units (1,502 acres) have been acquired by staking in the White Lake Area and Bryant Township. These claims are contiguous with all previously acquired claims. The total area of the White Lake Project is now 328 contiguous claim units (12,966 acres). The White Lake Project is located approximately 15 km northeast of the Hemlo Gold Mine currently operated by Barrick Gold Corporation. Melkior’s claim group adjoins Canadian Orebodies Inc. and is 3 km west of claims held by Golden Peak Minerals Inc.
Melkior’s White Lake Property is situated in the northeastern portion of the Hemlo Greenstone belt, which has only seen sporadic interest over the last four decades since the Hemlo staking rush. The White Lake Property has been partially covered by an Airborne Geophysical Survey (Aerodat Limited, 1989) and subject to multiple Magnetometer, VLF, IP, Spectral IP surveys, geological mapping and soil sampling. Limited trenching, blasting and diamond drilling has been undertaken only on the Kakeeway claim group, resulting in the discovery of the high-grade Carroll-MacDougall gold occurrence in the fall of 1993. The Carroll-MacDougall gold occurrence has reported assays of up to 1,168 g/t gold, taken by Resident Geologists with the Ontario Geological Survey and reported grab assays of 19.88 g/t gold.
In June 2017, Melkior made a site visit to the Carroll-MacDougall gold occurrence, samples were taken and confirmed its gold bearing nature with values up to 19.2 g/t gold. The structure hosting the Carroll-MacDougall gold occurrence is parallel to and within one meter of a transition from mafic to felsic volcanic rock. This contact zone has been reported to be auriferous over about 100 meters.
The newly staked claim units cover the southeastern extension of the North Limb of the Hemlo Greenstone Belt to the limit of a Provincial Alienation. The geological compilation map (Map 2614, Muir, T.L. 2000) indicates the greenstone belt strikes NW-SE and that a gold occurrence is present on the newly staked claim group close to the southern boundary. Further to the NW of this gold occurrence within the newly staked claims, the geological map also indicates two additional molybdenum occurrences. In the Hemlo Area there is a strong positive correlation between molybdenum and gold mineralization. The map also indicates a group of gold molybdenum occurrences within the greenstone belt about 500 m south of the claim group and within the alienation.
Melkior staked its initial claims south of Canadian Orebodies following the south-easterly extension of the North Limb of the Hemlo Greenstone Belt. At that time, it was observed that there were gold occurrences within the North Limb and within the Kakeeway claim group. The gold and molybdenum showings within the new claims southeast and along strike of the Kakeeway Claims reinforces Melkior’s belief that this area merits additional exploration.
The White Lake area is locally extensively overlain by overburden necessitating the use of indirect methods to determine areas of interest to target exploration. Historical exploration data, available through the MNDN, has been amalgamated and reviewed. At least five soil sampling surveys have been conducted over parts of the current claim group. There appears to be some consistent anomalous gold trends that persist and are co-located with VLF trends and IP chargabilty trends. The review reinforces the concept that there may be a gold mineralized zone within the Hemlo Greenstone Belt where it traverses Melkior’s claim group.
Melkior in acquiring the Kakeeway claim group inherited a valid Exploration Permit. The area of the exploration permit is co-incident with an area where there is a confluence of Magnetic, VLF, IP and gold in soil trends. It is this area that will become the focus of initial exploration efforts.
Melkior plans on implementing an A-Horizon soil sampling program before the end of summer 2017 over a section of the claim group, primarily within the area of the exploration permit. Based on the results of the soil sampling program additional work will be conducted with the goal of advancing the White Lake Project to the drill stage.
Melkior is also actively advancing both the Maseres Project in the Urban-Barry Greenstone Belt, Quebec and its Carscallen Project in Timmins, Ontario.
Jim Deluce, CEO of Melkior has expressed, “There is a wealth of historical data available on Melkior’s White Lake Project. The geophysical trends have already been partially established. We want to leverage the historical data, validate it and generate areas of focus with the goal of generating quality drill targets. Through intelligent exploration efforts, Melkior endeavors to enhance shareholder value.”
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.
The Company also announces that it has closed its debt settlement announced in its news release of July 26, 2017. The Company issued at total of 1,938,095 common shares at a price of $0.05 per share to extinguish $96,904.75 of debt.
ON BEHALF OF THE BOARD
Keith James Deluce, CEO