Melkior Resources Inc.

Melkior Resources Inc.

January 03, 2008 12:17 ET

West Timmins Drilling Confirms High Grade Gold Veins Continuity to Depth

OTTAWA, ONTARIO--(Marketwire - Jan. 3, 2008) - Melkior Resources Inc., (TSX VENTURE:MKR) is pleased to announce initial drill results from the first seven holes of a 23 hole diamond drilling program, completed November 16, 2007, on it's wholly owned West Timmins gold project in Carscallen Township, Timmins area, Ontario (News Release Nov. 21/07). The current drilling is targeting several high grade, auriferuous, quartz pyrite rich veins within an intrusive host similar to some Red Lake gold deposits where gold occurs in narrow high grade veins within intrusive host rocks. These types of vein deposits are often variable in width and gold grade.

Visible gold has been observed in outcrop in the 1010 vein on the ZamZam Zone and in hole number WKD-07-18 (1010 Zone) for which assays are pending. A photograph of the visible gold in WKD-07-18 will be available on the Company Website

Drilling on the Shenkman Zone encountered the southward continuation of the ZamZam Zone. Hole WKD-07-6B intersected 1.00 metre grading 40.37 g/t gold 60 metres below surface. This important development extends the high grade gold system 400 metres to the south and to a vertical depth of 60 metres with the vein being open to the north, the south and to depth.

Three drill holes (WKD-07-06, 6B, 6C) on the Shenkman Zone were drilled from one set-up in a westerly direction at inclinations of 50, 70 and 90 degrees from the horizontal. These holes targeted a pronounced Induced Polarization (IP) chargeability anomaly and a north-south trending quartz vein where surface grab samples returned assays of up to 15 g/t gold. The IP anomaly was observed to be due to wide disseminated pyrite mineralization in altered Quartz Feldspar Porphyry which locally exhibits very stong hydrothermal alteration and contains anomalous gold. The interpreted continuation of the ZamZam Zone vein system is hosted within the Carleton Intrusive adjacent to the altered porphyry. The IP anomaly extends for 150 metres to the southeast.

On the ZamZam Zone surface overburden removal and sampling this summer exposed a 55 metre length of high grade gold in quartz veins with a maximum gold assays of 843.72 g/t in a grab sample and 12.71 g/t over 3 metres in a chip sample. Hole WKD-07-9B drilled on the ZamZam Zone confirms depth continuity of the vein system with an intersection of 0.85 metres grading 13.1 g/t gold encountered 31 metres below the exposed vein on surface.

Highlights of drill hole assays:

Zone Drill Hole From (m) To (m) Assay (g/t Width (m)
Shenkman WKD-07-06 48.00 48.90 5.43 0.90
Shenkman WKD-07-6B 63.32 64.32 40.37 1.00
Shenkman WKD-07-6B 78.53 79.63 4.49 1.10
Shenkman WKD-07-6C 101.70 102.45 3.97 0.75
ZamZam WKD-07-09 45.20 46.25 5.49 1.05
ZamZam WKD-07-9B 40.45 41.30 13.31 0.85
ZamZam WKD-07-14 18.38 19.18 10.25 0.84
ZamZam WKD-07-14 24.37 25.37 3.68 1.00
ZamZam WKD-07-14B 29.88 32.20 1.71 2.32

These assay results build upon those of a very successful summer exploration program that generated gold assays up to 864.3 g/t gold and the discovery of several new gold bearing veins which appear to extend for several hundred metres along strike. The limited assay results available to date justify additional drilling on the ZamZam Zone. Assay results from the 1010 zone are expected to be available shortly. Assay results for samples submitted for ICP analysis are expected in approximately three weeks.

Samples from the NQ drill core were either split using a hydraulic core spliter or sawn in half with one half sent for assay and the other half retained for reference. Samples were analysed by Bourlamaque Assay Laboratories of Val d'Or , Quebec for assay using the standard fire assay technique with a gravimetric finish. Due to the presence of coarse gold, all samples returning values over 5 g/t Au are being re-assayed after sieve screening of metallic particles to more accurately determine the gold content.

The field work and sampling was done by geologist Wade Kornik BSc. This news release was prepared by Jens E. Hansen , P. Eng, President Melkior Resources Inc., a Qualified Person under Article 43-101.

About Melkior:

Melkior is exploring for minerals in Quebec and Ontario . The Timmins Area is becoming a major focus of the company in it's current gold exploration programs. As well, additional claims have been recently acquired in the area for nickel, copper and gold in Eldorado, Langmuir and adjoining townships. These claims adjoin properties held by Liberty Mines Inc and Golden Chalice Resources Inc. A map of the Eldorado Property is available at Recently Melkior Resources has acquired claims in Loveland Township near Timmins adjoining patented claims held by Moneta Porcupine Mines Inc. Claims recently staked at key locations on the Geraldton Longlac gold belt will be explored in the coming months. In the Ungava Area of northern Quebec Melkior owns 49% of the Kenty Delta nickel copper PGE deposits in partnership with Xstrata Nickel and it also holds 100% of the Launay Gold project near Val D'Or.

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 the Company' periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.

The TSX Venture Exchange (TSX-V) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Melkior Resources Inc.
    Jens E. Hansen
    613-828-7268 (FAX)