Melkior Resources Inc.
TSX VENTURE : MKR

Melkior Resources Inc.

June 15, 2010 08:00 ET

Melkior Continues to Intersect High-Grade Gold Mineralization in Timmins; Identifies Porphyry Style Mineralization

OTTAWA, ONTARIO--(Marketwire - June 15, 2010) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR)

  • 16.04 g/t Gold over 1.25 metres from Zam Zam Zone
  • 26.10 g/t Gold over 0.95 metres and 10.90 g/t over 0.50 metres from Shenkman Zone
  • Broad intercepts of porphyry hosted mineralization include 0.60 g/t gold over 22.60 metres

Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR) is pleased to announce results for the most recently completed three holes on its 100% owned Carscallen Gold Project located in West Timmins, Ontario, Canada. The results include high-grade gold intercepts from both the Zam Zam and the Shenkman Zones, further demonstrating the continuity of both zones. Melkior has also begun to identify broad zones of anomalous gold mineralization hosted by porphyry intrusions on the Carscallen Project. An additional 8 holes, totalling 2,540 metres are currently being logged and assayed.

Drill Results:

ZAM ZAM ZONE - CAR-42-2010: The hole was part of a series of parallel deep holes to test the Zam Zam zone at depth. The quartz-pyrite vein system, typical of the Zam Zam Zone, was intersected at 563.15 metres to 563.65 metres and returned 16.04 g/t gold over 1.25 metres (Table 1) confirming the continuity of the zone to depth.

Table 1: Significant Results from hole CAR-42-2010.

Hole # From (metres) To (metres) Core
length
(metres)
Gold
(g/t)
Host Rock
CAR-42-2010 531.65 536.00 4.35 1.24 Vesicular mafic volcanic
Including 535.30 536.00 0.70 5.95 Pyrite stringers
CAR-42-2010 562.40 563.65 1.25 16.04 Mafic volcanic rock
Including 563.15 563.65 0.50 39.8 5cm thick quartz-pyrite vein, 10% pyrite
CAR-42-2010 682.20 682.90 0.70 1.17 Semi massive pyrite vein

Shenkman Zone - CAR-46-2010: Surface prospecting and structural measurements on the Shenkman Zone indicate the Zone is potentially controlled by a north-west to south-east oriented fold structure. The mineralized vein system is oriented at 040 degrees, dipping vertical. CAR-46-2010 was drilled at an azimuth of 310 degrees and a dip of -50 degrees, with a final core length of 254 metres. The hole intersected the high-grade Shenkman Zone at a down-depth of 98.85 metres returning an intercept of 26.10 g/t gold over 0.95 metres. In addition drilling has identified a mineralized quartz-feldspar porphyry unit (QFP) which returned 0.40 g/t gold over 5.55 metres at a depth of less than 20 metres. The presence of anomalous gold mineralization over broad widths is a significant development for the future potential of the project.

Table 2: Significant results from hole CAR-46-2010.

Hole # From
(metres)
To
(metres)
Core
length
(metres)
Gold
(g/t)
Host Rock
CAR-46-2010 23.25 28.80 5.55 0.40 QFP + pyrite stringers
Including 23.25 24.05 0.80 1.04  
CAR-46-2010 63.65 64.15 0.50 1.48 Granite (pyrite stringers)
CAR-46-2010 98.85 99.80 0.95 26.1 Granite (thick quartz-pyrite veins)
CAR-46-2010 111.00 111.50 0.50 1.21 Granite (pyrite stringers)

CAR-48-2010: CAR-48-2010 was drilled at an azimuth of 310 degrees and a dip of -50 degrees, with a final core length of 320 metres. The hole is located approximately 150 metres east-south-east of CAR-46-2010 and was designed to test the intersection between the Shenkman QFP a recently identified east-west shear zone. The nearby Timmins Mine is located near the intersection of a prominent fold structure and an east-west trending shear system – the Bristol Fault. The hole intersected several QFP dykes; two of them contain pyrite stringers with low gold values (0.24g/t over 27.10 metres and 0.60g/t over 22.65 metres). Gold is also hosted in thin quartz pyrite veins. Table 3 summarizes the results. A narrow pyrite-rich vein in the lower dyke returned a high-grade intercept of 10.90 g/t gold over 0.50 metres.

Table 3: Significant Results from hole CAR-48-2010

Hole # From
(metres)
To
(metres)
Core
length
(metres)
Gold
(g/t)
Host Rock
CAR-48-2010 65.50 66.50 1.00 0.94 QFP
CAR-48-2010 122.30 122.80 0.50 1.14 Pyrite- carbonate vein
CAR-48-2010 138.50 139.00 0.50 1.88 Quartz-pyrite vein
CAR-48-2010 161.50 162.00 0.50 1.91 Quartz-pyrite-chlorite vein
CAR-48-2010 199.40 226.50 27.10 0.24 QFP
Including 224.00 225.30 1.30 1.01  
CAR-48-2010 264.50 287.15 22.65 0.60 QFP + pyrite stringers and veins
Including 273.65 276.15 2.50 1.51  
Including 285.00 285.50 0.50 10.9 Quartz-pyrite vein

Significance and moving forward:

Recent drilling has focussed on proving the depth continuity of the Zam Zam and Shenkman Zones on the Carscallen Gold Project and on better understanding the geological controls on these two high-grade gold systems. The recent identification of mineralized quartz-feldspar porphyry intrusions located proximal to a zone of folding and a strong east-west faulting is significant in a regional context as the majority of significant gold deposits in the Timmins camp are located within or proximal to porphyritic intrusions along east-west trending structural corridors. These east-west trending systems typically act as conduits for the gold-bearing fluids with the margins and interiors of the porphyry bodies acting as traps. Additional drilling with continue to test both the East-West fault system and the nearby porphyry bodies. 

Since the 20,000 metre program commenced on July 2009 (Press Release July 8th, 2009), a total of 44 holes comprising 11347.50 metres have been drilled and reported to date. 83 % of the holes have hit gold mineralization greater than 1g/t gold from near surface to depths of 500 vertical metres. The presence of gold has been encountered in the granite as well as the mafic volcanic and its contact with grades ranging from 0.60 g/t over 22.65 metres (CAR-48-2010) to 107.5 g/t over 0.55 metres (CAR-45-2010, Press Release May 20th, 2010). Drilling is now reaching a systematic 500 metre vertical depth. 

Melkior is extremely encouraged by the ongoing successes and will continue to drill and concurrently will update its 3-D geological model. The knowledge gained to date will help direct progressively deeper drilling once the modelling of all current data has been completed. Structures observed at Zam Zam and now at Shenkman are an encouraging indicator for greater widths and greater accumulation of gold within the 1.2 kilometre long Zam Zam Shenkman structure. It should be noted that the north and south strike extends remain open beyond the 1.2 km explored to date. The depth extent below 500 metres remains to be explored.

Surface prospecting is currently being undertaken to explore outside the main area of current and ongoing focus. 

Quality Assurance / Quality Control

Core processing included descriptive logging and systematic sampling for analysis. The drill core was sawed in half, with one half delivered to a commercial laboratory and the other half retained for future reference, gold assays were performed at ALS CHEMEX Laboratories in Val d'Or, Quebec. The processed samples were submitted to a standard Fire Assay with AA technique (Au-AA-23) and Inductively Coupled Plasma Emission Spectroscopy (ME-ICP-41) on a 30 gram sub-sample. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol.

This Press Release was prepared by Jens E. Hansen, P.Eng, President of Melkior Resources Inc, Qualified Persons under National Instrument 43-101.

About Melkior:

Melkior is a junior exploration company with active exploration projects in West Timmins and the Mc Faulds "Ring of Fire" areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and Quebec.

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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