Melkior Resources Inc.
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Melkior Resources Inc.

February 28, 2014 09:09 ET

Melkior Intersects 140.50 g/t Gold Over 0.6 Metres at the Carscallen Gold Project in Timmins, Ontario

OTTAWA, ONTARIO--(Marketwired - Feb. 28, 2014) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR)(PINKSHEETS:MKRIF)(FRANKFURT:MEK) is providing results for the final nine holes drilled in November 2013 on its Carscallen Gold Project in Timmins, Ontario. The results continue to demonstrate the consistency and continuity of the gold rich ZamZam zone to a vertical depth of 80 to 115 metres.

Highlights include:

  • 140.50 g/t gold over 0.6 metres and 9.53 g/t gold over 1.70 metres, including 31.00 g/t over 0.5 metres (CAR-94-2013)

  • 23.70 g/t gold over 0.6 metres (CAR-98-2013)

  • 7.36 g/t gold over 1.35 metres (CAR-99-2013)

  • High grade gold mineralization demonstrating consistency and continuity from surface to a vertical depth of 80 to 115 metres.

Table #1 - Carscallen drill results
Hole
Number
End of hole length (Metres) Azimuth (Degrees) Dip (Degrees) From (Metres) To (Metres) Interval*
(Metres)
Gold (g/t)
CAR-85-2013 90 240 -50 34.50
35.00
0.50
3.24
75.50 78.60 3.10 0.36
CAR-92-2013 105 240 -50 38.00
38.50
0.50
1.47
65.30
66.20
0.90
1.31
86.40
86.90
0.50
2.87
88.75 89.25 0.50 2.81
CAR-93-2013 60 240 -50 - - - NSA*
CAR-94-2013 135 240 -50 12.00
12.50
0.50
1.08
61.30
63.00
1.70
9.53
Including 61.30
61.80
0.50
31.00
121.30
121.80
0.50
3.50
Including 126.95 127.55 0.60 140.50
CAR-95-2013 48 240 -50 35.40 36.00 0.60 0.96
CAR-96-2013 135 240 -50 59.40 60.00 0.60 5.78
CAR-97-2013 57 240 -50 - - - NSA*
CAR-98-2013 192 240 -50 104.00
104.60
0.60
23.70
178.00 178.65 0.65 1.70
CAR-99-2013 54 240 -50 42.30
49.70
7.40
1.60
including 45.30 46.65 1.35 7.36
*Reported drill intercepts are not true widths.
**NSA - no significant assays.

2013 ZamZam drill program

The November 2013 drill program completed 15 holes, totalling 1365 metres. The holes were collared to intersect the ZamZam zone at an approximate vertical depth of 80 to 115 metres along the strike and at an approximate 30 metre spacing to systematically test the internal variations of grades and type of veining.

Previously released results from the first six holes included 34.06 g/t Au over 1.50 metres, 40.40 g/t Au over 0.65 metres and 25.70 g/t Au over 0.50 metres (Press release November 28th 2013). For the program, samples that graded over one gram per ton were re-sent for analysis using a screening method. The gold screening method provides greater accuracy when dealing with high-grade material, which is typically more susceptible to the nugget effect associated with conventional fire assay on a 30 gram sub-sample. The screening method uses a larger sub-sample, 1000 grams, that is screened in a 100 μm mesh and then fire assayed. Table 2 below indicates the comparison between assays reported on November 28th, 2013 and the new screened assays. It can be concluded that at Carscallen there appears to be significant free gold for some sections grading above 1 g/t gold.

It is notable that an initially reported assay of 40.40 g/t gold increased to 144.00 g/t gold.

Table #2 - Comparison between 30 g fire assay (press release November 28th, 2013) and 1000 g screening analysis method

Hole number From (Metres) To (Metres) Interval (Metres) Gold - Fire assay on 30g Gold - Screening on 1kg
CAR-86-2013 91.35 92.00 0.65 40.40 144.00
CAR-87-2013 13.50 14.00 0.50 2.37 2.17
CAR-87-2013 108.00 109.00 1.00 2.95 3.03
CAR-89-2013 73.90 74.60 0.70 0.70 0.46
CAR-89-2013 75.10 75.60 0.50 0.63 0.42
CAR-89-2013 77.30 78.15 0.85 0.66 0.67
CAR-89-2013 90.40 91.00 0.60 0.91 1.18
CAR-89-2013 104.10 104.65 0.55 1.04 0.80
CAR-89-2013 110.00 110.50 0.50 1.34 1.37
CAR-89-2013 111.20 112.10 0.90 0.71 0.72
CAR-90-2013 83.15 84.15 1.00 8.73 6.48
CAR-90-2013 96.25 96.75 0.50 1.54 1.19
CAR-90-2013 98.20 99.15 0.95 8.93 7.89
CAR-90-2013 100.00 100.85 0.85 0.72 1.03
CAR-90-2013 108.25 109.00 0.75 2.46 1.42
CAR-90-2013 110.00 110.50 0.50 0.80 1.26
CAR-90-2013 112.10 113.00 0.90 1.80 1.42
CAR-90-2013 113.00 114.00 1.00 0.96 1.01
CAR-91-2013 21.55 22.40 0.85 1.07 1.07
CAR-91-2013 22.40 23.00 0.60 0.88 0.99
CAR-91-2013 26.10 26.70 0.60 1.52 1.33
CAR-91-2013 34.50 35.20 0.70 0.71 0.68

The upper portion of the ZamZam gold zone consists of a gold vein structure of varying width and grade. There appears to be a direct relationship between sulphide content and gold grade. Narrower widths typically yield higher grades. Several holes encountered more than one vein.

Conclusion

Melkior is encouraged by the consistent results returned from the ZamZam zone. The results continue to demonstrate that high-grade gold mineralization occurs in a vein structure which can be traced from one hole to the next. Drill data from 2007 - 2012 will be integrated with the current drilling to present a plan for the top part of the ZamZam system. This will provide the lateral and vertical outline of the upper portion of the zone.

Melkior completed additional channel sampling on the ZamZam zone and results are pending.

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 Timmins, Ontario. The processed samples were subjected to a standard fire assay with AA technique (Au-AA23) on a 30 gram subsample. Standards and blanks were inserted randomly 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. Samples from high grade intersections were sent using a different procedure before the fire assay. It is a screening process using a 1000 gram 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.

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.

PDAC Convention

Jens Hansen, President and CEO of Melkior, will be at the PDAC convention in Toronto from March 2nd to March 5th, 2014, and can be reached at the Beaufield Resources booth in the investor exchange (booth number 3302).

About Melkior:

Melkior is a junior exploration company with active gold exploration projects in West Timmins, Ontario and Launay, 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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