Melkior Resources Inc.

Melkior Resources Inc.

January 11, 2011 15:19 ET

Melkior Reports Results of December Drilling on Carscallen Gold Project in West Timmins-Mineralized Intersections Discovered in Favourable Geological Environment

OTTAWA, ONTARIO--(Marketwire - Jan. 11, 2011) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR) reports the results from two additional holes of its winter drilling program on its Carscallen Project west of Timmins. Melkior has approximately $4,300,000 in cash, which permits the company to continue and expand the exploration program in West Timmins. The Carscallen Project shares approximately nine kilometres of common boundary with Lake Shore Gold Corp. 
Highlights from the two holes include:

  • 13.3 m @ 4.84 g/t Au in CAR-61-2010
  • 14.3 m @ 0.79 g/t Au in CAR-60-2010

Part of the November and December drilling program on the Carscallen project was to test geological targets. Four holes were drilled to test a conceptual target in four different locations. The first results included 13.5 m @ 2.64 g/t Au in hole CAR-58-2010 and 12.4 m @ 3.19 g/t Au in hole CAR-59-2010 (Press release December 20 th 2010). Based on geology and data provided by previous drilling campaigns, the targets are at an approximate vertical depth of 200 m, proximal to the contact between granite and mafic volcanics. This contact is considered to be prospective. All four holes achieved their objective. This press release describes the results from the last two holes (CAR-60-2010 and CAR-61-2010).

The thickness of the mineralized gold system in the last two holes is consistent with the first two holes and is about 12 to 15 m, with gold grades on the order of 0.75 to 5 g/t. A detailed description of the holes follows.

CAR-60-2010: Hole CAR-60-2010 was drilled at an azimuth of 240º and a dip of -60º, with a final depth of 362 m. It intersected a 14.3 m thick zone between 291 and 305.3 m grading 0.79 g/t Au (Table 1). The zone contains several pyrite stringers and veins hosted within a mafic volcanic rock.

Table 1: Significant Results from Hole CAR-60-2010

From (m) To
Gold   Host rock
257.50 258.25 0.75 1.13 g/t   Altered granite
291.00 305.30 14.3 0.79 g/t   Zone with pyrite stringers and veins; hosted in mafic volcanic rocks
Incl. 291.00 291.75 0.75 11.75 g/t   Semi-massive pyrite

CAR-61-2010: Hole CAR-61-2010 was drilled at an azimuth of 240º and a dip of -75º, with a final depth of 350 m. This hole is the only one that was drilled on the Shenkman zone during this November-December drilling program, just south of the ZamZam zone. It intersected a 13.3 m thick zone between 272 m and 285.3 m grading 4.84 g/t Au (Table 2). The zone consists of mafic xenoliths including pyrite veins and stringers. However, the zone is away from the granite-mafic volcanic rock contact. The Shenkman zone is very similar to the ZamZam zone, except the presence of QFP dykes and locally mineralized mafic xenoliths near the granite-mafic volcanic rock contact.

Table 2: Significant Results from Hole CAR-61-2010

From (m) To
Length (m) Gold   Host rock
272 285.30 13.30 4.84 g/t   10% pyrite, host in granite
Incl. 280.80 281.50 0.70 56 g/t    

These results are considered as very encouraging. This new mineralized geological environment will be further evaluated with additional drill holes in 2011. Also, updated sections will provide more accurate geological information about the granite-mafic volcanic rocks and will be used to recalibrate the geological targets.

This Press Release was prepared by Dr. Eric Hebert, P.Geo and Dr. Tom Setterfield, P.Geo, both of Geovector Management Inc, and 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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