Melkior Resources Inc.

TSX VENTURE : MKR


Melkior Resources Inc.

January 13, 2014 09:00 ET

Melkior and Beaufield Intersect 3.92 g/t Gold Over 13.40 Metres Near Surface at the Launay Gold Project in Quebec

OTTAWA, ONTARIO--(Marketwired - Jan. 13, 2014) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR) is providing results for the first eight holes drilled, totaling 939 metres, on its Launay Gold Project, located due northwest of Val d'Or, Quebec. Assay results for eight diamond drill holes, LAY-11-2013 to LAY-17-2013 and LAY-19-2013, were received and demonstrate the excellent continuity and grade of the gold mineralization along Zone 75. The drill program is funded by Beaufield Resources Inc. ("Beaufield") per an option agreement signed in November 2013 (please refer to press release November 7th 2013.) Drilling is ongoing and results will be released when there are received.

Drill highlights include:

  • 26.20 metres of 1.61 g/t gold in LAY-12-2013
  • 9.00 metres of 4.62 g/t gold, including 6.00 metres of 6.50 g/t gold in LAY-14-2013
  • 13.40 metres of 3.92 g/t gold, including 8.00 metres of 5.15 g/t gold in LAY-15-2013

Melkior has drilled approximately 1,889 metres in 16 holes to date for its 2013 fall Launay program, with assays pending for additional 8 holes. A planned 400 metre, core length, hole is currently being drilled to test an Induced Polarization (IP) target and the potential deep extension of Zone 75. Gold mineralization in the area is often associated with IP anomalies due to the presence of pyrite.

Table #1 - Zone 75 Intercepts

Hole Number End of hole length (Metres) Azimuth (Degrees) Dip (Degrees) From (Metres) To
(Metres)
Interval
*
(Metres)
Gold
(g/t)
LAY-11-2013 105 90 -50 --- --- --- NSA**
LAY-12-2013 105 90 -50 8.55 13.98 5.43 1.39
22.30 48.50 26.20 1.61
including 35.00 38.75 3.75 2.31
including 40.35 44.25 3.90 3.00
including 43.00 48.50 5.50 2.00
LAY-13-2013 126 90 -50 56.05 57.00 0.95 6.52
LAY-14-2013 105 90 -50 39.00 48.00 9.00 4.62
including 42.00 48.00 6.00 6.50
including 42.00 44.00 2.00 14.10
53.00 64.90 11.90 1.92
including 57.00 62.00 5.00 3.28
including 57.00 58.70 1.70 4.97
including 60.70 62.00 1.30 5.49
LAY-15-2013 129 60 -50 73.60 87.00 13.40 3.92
including 79.00 87.00 8.00 5.15
LAY-16-2013 162 30 -50 109.60 118.80 9.20 1.43
LAY-17-2013 117 90 -50 75.65 77.00 1.35 2.97
LAY-19-2013 90 125 -50 --- --- --- NSA**

*Reported drill intercepts are not true widths.

**NSA - no significant assays.

Additional details about the Launay drilling program

The purpose of the program was to collect new data on Zone 75 in order to evaluate its gold mineralization and its potential. The drilled portion of Zone 75 occurs over a strike length of at least 175 metres and outcrops over a large portion of this length due to overburden removal carried out in 1980's. Drilling from Melkior's 2012 exploration program revealed gold intersections including 4.94 g/t gold over 12.00 metres and 2.49 g/t gold over 18.40 metres (please refer to press releases August 30th, 2012.) Results from the 2013 drill program will be integrated into the three dimensional database. The drilling program also revealed that the gold mineralization is controlled by lithology (rock type) and can therefore easily be tracked from hole to hole. The gold-bearing lithology consists of white and black granite which is due to the presence of an albite alteration (white colour) and biotite (black colour). Locally this granite has a pinkish colour due to a weak hematite alteration. The thickness of this granite unit varies but is typically between 20 and 30 metres.

Quality control

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 a granitic intrusive subject to alteration and remains open a 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.

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.

About Melkior:

Melkior is a junior exploration company with active exploration projects in West Timmins and holds several other exploration properties.

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.

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