Melkior Resources Inc.

TSX VENTURE : MKR
PINKSHEETS : MKRIF
FRANKFURT : MEK


Melkior Resources Inc.

March 18, 2014 09:00 ET

Melkior Intersects 4.04 g/t Gold Over 15.52 Metres Near Surface at the Launay Gold Project in Quebec

OTTAWA, ONTARIO--(Marketwired - March 18, 2014) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR)(PINKSHEETS:MKRIF)(FRANKFURT:MEK) is providing results for five holes drilled in December 2013 on Zone 75, totaling 594 metres, on its Launay Gold Project in Québec. The main objective of the drill program is to determine a near-surface resource on Zone 75. The drilling continues to demonstrate the continuity of gold mineralization at Zone 75.

Highlights include:

  • 4.04 g/t gold over 15.52 metres (LAY-21-2013), including 5.10 g/t gold over 11.52 metres
  • 1.29 g/t gold over 15.35 metres (LAY-22-2013)
  • 1.14 g/t gold over 34.50 metres (LAY-22A-2013)

Table 1 displays the results obtained for the 5 holes released in this press release. Hole LAY-22A-2013 was collared in the same setup at hole LAY-22-2013 due to a deviation in the hole direction. The results confirm the presence of gold over a distance of at least 175 metres along strike and at least two parallel mineralized zones.

Table #1 - Launay drill results

Hole Number End of hole length
(Metres)
Azimuth
(Degrees)
Dip
(Degrees)
From
(Metres)
To (Metres) Interval*
(Metres)
Gold (g/t)
LAY-21-2013 105 090 -50 14.10 16.97 2.87 1.40
72.48 88.00 15.52 4.04
Including 72.48 84.00 11.52 5.10
LAY-22-2013 63 090 -50 3.00 18.35 15.35 1.29
LAY-22A-2013 159 090 -50 2.35 36.85 34.50 1.14
Including 2.35 15.85 13.50 1.31
Including 23.90 36.85 12.95 1.62
LAY-23-2013 162 090 -50 96.85 100.70 3.85 0.62
LAY-24-2013 105 090 -50 75.00 79.00 4.00 1.13
*Reported drill intercepts are not true widths.

Gold occurs in two distinct mineralization styles. Near surface, gold is hosted in a hematized pink granite including several quartz veinlets and a dense fracture network associated with pyrite and sericite alteration. Gold intersected in a second zone is hosted in a white to light pinkish-grey granite due to strong albite alteration and weak hematization. Pyrite typically occurs as disseminated grains (up to 5% pyrite). The albitized granite contains higher grades as indicated by 6.20 g/t gold on 10.50 metres, hole LAY-20-2013 (refer to press release February 18th, 2014).

The present drill program began in November 2013 (refer to press release November 20th, 2013) and was completed in January 2014. In total 19 holes, comprising 2589.6 metres, were drilled. The results from 11 holes were released in January and February 2014 (refer to press release January 13th, 2014 and February 18th, 2014).

Three exploration holes are still pending and will be released when the results are compiled. The 3 holes were drilled to test an Induced Polarization (IP) target and possible extensions of Zone 75. Gold mineralization in the area is typically associated with IP anomalies due to the presence of pyrite.

Several mineralized intersections from the drilling program are open and additional sampling is planned for this spring as well as some surface channels to link mineralization on surface to the main mineralized zone intersected by the drilling.

The drill program was funded by Beaufield Resources Inc. ("Beaufield") as per an option agreement signed in November 2013 (refer to press release November 7th 2013). To date Beaufield has earned a 10% interest in the Launay Gold Project.

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, Québec. 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. 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.

About the Launay Gold Project:

The Project is located in the active Abitibi Greenstone belt approximately 70 kilometres northeast of Rouyn-Noranda and 80 kilometres northwest of Val d'Or. It is accessible via highway 111, 30 kilometres west of Amos where all accommodations, supplies and services are available. Power and rail lines cross the property. The property consists of 83 claims or 63 square kilometres. The gold occurs in altered, mineralized granite which has been traced for at least 3 kilometres. Two zones have seen limited near surface drilling namely Zone 75 and the Principal Zone. The area remains to be fully explored along strike and at depth. There is potential for a significant open pit gold resource.

About Zone 75:

Zone 75 is being drilled in detail to determine the presence of a near surface gold resource that could have the potential for near term production and shipment to one of the 4 gold mills located within a 70 kilometre radius of the property. The current program has concentrated on the near surface potential. Exploration drilling along strike and at depth will be the focus of further work.

Table 2: Zone 75 historical holes.

Hole # From (m) To (m) Length (m) Au (g/t)
ML-87-97 2.13 23.22 21.09 1.20
ML-87-87 80.92 89.30 8.38 1.62
ML-87-89 46.85 66.14 19.29 1.96
ML-87-90 45.81 53.95 8.14 4.73
ML-87-91 80.83 96.16 15.33 2.29
ML-87-92 87.17 114.96 27.79 4.16
MLC-90-19 3.66 65.84 62.18 3.11
MLC-90-20 49.99 53.04 3.05 2.75
MLB-91-01 43.89 51.51 7.62 1.48
MLB-91-04 1.83 15.85 14.02 0.63
MLB-91-07 47.55 54.56 7.01 4.64
MLB-91-09 47.55 60.96 13.41 2.94
LAY-01-2012 37.70 40.35 2.65 1.50
LAY-01-2012 66.00 70.70 4.70 2.95
LAY-02-2012 4.20 18.08 13.88 0.31
LAY-03-2012 7.00 14.00 7.00 0.58
LAY-06-2012 2.60 45.90 43.30 0.32
LAY-08-2012 1.65 48.00 46.35 1.83
LAY-08-2012 77.75 90.65 12.90 3.36
LAY-09-2012 60.60 79.00 18.40 2.49
LAY-12-2013 22.30 48.50 26.20 1.61
LAY-14-2013 39.00 48.00 9.00 4.62
LAY-15-2013 73.60 87.00 13.4 3.92
LAY-20-2013 85.50 96.00 10.5 6.20

About Melkior:

Melkior is an 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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