Melkior Resources Inc.
TSX VENTURE : MKR
OTC PINK : MKRIF
FRANKFURT : MEK

Melkior Resources Inc.

July 26, 2016 11:41 ET

Melkior Drills Shallow Holes on Zam Zam and Jowsey Gold Zones and Intersects 33.1 g/t over 1.18 Metres

OTTAWA, ONTARIO--(Marketwired - July 26, 2016) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR)(OTC PINK:MKRIF)(FRANKFURT:MEK) is pleased to announce the results of Phase 2 and 3 of a 2,612 metre drill program on its 100% owned Carscallen Property.

The Carscallen Property is located approximately 25 kilometres west of the centre of Timmins Ontario and 5.5 kilometres west of the Tahoe/Lake Shore Gold Corp's Timmins West Mine and shares roughly 8 km long border with the Timmins West Mine property.

The Property is close to all of the necessary infrastructure for developing a mine including; proximity to an established mining centre, milling and processing facilities, power, and water, with complete road accessible.

The Carscallen property is one of the last remaining, unexplored areas of the Timmins Gold Mining Camp. This is due in part to the fact that the prospective volcanic rocks are covered with a relatively thin layer of granitic rocks on the property. This has prevented past workers from fully exploring the potential of the volcanic rocks beneath the granitic cover.

The 2016 drill program was part of a multi-year effort to explore the Carscallen Property.

Figure 1: Carscallen and Big Marsh Property - http://media3.marketwire.com/docs/FIG1MELKIOR726.jpg

The 2016 drill program was done in three phases for three different objectives:

Volcanic Hosted Mineralization

The results of this section of the program were announced in the press release dated July 18, 2016; Melkior Expands Zam Zam-Shenkman Gold Zone and Intersects 6.5 g/t over 3.12 Metres.

Potential Bulk Sample

The second objective was to define near surface gold mineralization on the Zam Zam Zone and Jowsey Zone in preparation for a potential bulk sample. Eighteen short holes were drilled for a total of 455 metres. This involved closely spaced holes to determine near surface continuity of the vein systems.

Big Marsh Property Exploration

The third objective was to test a coincident IP chargeability, airborne electromagnetic and soil gas hydrocarbon anomaly on the Big Marsh property located approximately 4.7 km north of the Carscallen Property. One hole was drilled for a total of 411 metres.

Bulk Sample Drilling Results

Drill holes ZZ-16-01 to ZZ-16-16 were drilled on the Zam Zam Gold Zone. In addition 2 holes were drilled on the Jowsey Gold Zone (JW-16-01 to JW-16-02). The detailed drilling covered approximately 125 metres of the Zam Zam Shenkman mineralized structure wheich has been traced by diamond drilling for 780 metres south to the claim boundary with Lakeshore/Tahoe and to a vertical depth of about 300 metres. The zone is open in all directions and to depth. Below is a figure showing the locations of the drill holes in relation to channel sampling gold results completed in 2012.

Figure 2: Diamond Drill Plan showing locations of ZZ series and JW series holes - http://media3.marketwire.com/docs/FIG2MELKIOR726.jpg

Chart 1: ZZ and JW Series Gold Intersections - http://media3.marketwire.com/docs/CHART1MELKIOR726.jpg

Figure 3: Typical Zam Zam DDH Section (WKD drill holes were drilled in 2007) - http://media3.marketwire.com/docs/FIG3MELKIOR726.jpg

Big Marsh Property Drill Results

Hole BM-16-03 drilled on the Big Marsh Property intersected a series of sediments, porphyry and intrusive rocks under 72 metres of overburden. Sections of the rock were mineralized with graphite and pyrite which could possibly explain the electromagnetic and induced polarization chargeability anomaly, however, the depth of the overburden and the depth of the mineralization does not exclude other explanations for these anomalies. The soil gas anomaly remains unexplained by this drilling program.

Maximum values encountered in the drill hole sampling were 0.43 g/t gold, 2.3 g/t silver, 0.37% zinc.

Figure 4: BM-16-03 Drill Plan - http://media3.marketwire.com/docs/FIG4MELKIOR726.jpg

Conclusions

1) Detailed drilling on the Zam Zam Zone has confirmed the near surface continuity and gold grade of the mineralized structure at this location.

2) The drilling at the Big Marsh property has intersected interesting geology, mineralization and structure. Anomalous values in gold, silver and zinc were encountered.

Recommendations

1) Due to the deep overburden on the Big Marsh property, deep penetrating geophysical methods will have to be employed to effectively explore the property.

2) On the Zam Zam Shenkman Zone, additional shallow drilling is needed to further define the near surface nature of the gold mineralization. Surface stripping and overburden removal could be used to further expose the mineralized structure on surface.

The contents of this press release have been reviewed by Jens Hansen, P.Eng, and Wayne Holmstead, P.Geo, Qualified Persons as defined by National Instrument 43-101.

About Melkior:

The reader is invited to visit Melkior's new web site www.melkior.com.

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.

Contact Information

  • Melkior Resources Inc.
    Sabino Di Paola
    CEO
    613.293.9219
    613.680.1091 (FAX)
    sabino@melkior.com