Melkior Resources Inc.
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Melkior Resources Inc.

September 04, 2014 08:30 ET

Melkior Retains Geologica to Complete a NI 43-101 Report on Its Launay Property, Quebec

OTTAWA, ONTARIO--(Marketwired - Sept. 4, 2014) - Melkior Resources Inc. ("Melkior" or the "Corporation") (TSX VENTURE:MKR)(PINKSHEETS:MKRIF)(FRANKFURT:MEK) is pleased to announce it has commissioned an Independent Technical Report and initial resource estimate for Zone 75 on its Launay Gold project located northwest of Val-D'Or, Quebec. The report will be prepared in compliance with National Instrument ("NI") 43-101 guidelines by Geologica Groupe Conseil Inc. ("Geologica"), a consulting firm from Val d'Or, Quebec. This press release also provides results from the re-sampling of two representative holes from the 2013 drill program as well as nine surface samples.

Geologica

Based in Val d'Or, Quebec, Geologica Groupe-Conseil, has been offering geological services to the mining and mineral exploration industries for close to 30 years. It has an extensive and deep understanding of the Abitibi geology and was chosen by Melkior because of its expertise. The resource calculation portion of the report will be completed by Christian D'amours of GeoPoint also of Val-d'Or.

Zone 75 NI 43-101 Report

Zone 75 was discovered in 1987 by Melkior's predecessor Les Mines Messeguay Inc. with discovery drill hole number ML-87-75, which intersected 4.35 g/t (0.127 oz/t) gold over 20.98 metres (69 feet). Zone 75 coincides with a north-south striking magnetic axis and dips to the west between 65 to 80 degrees. The mineralization found at Zone 75 consists of auriferous pyrite grains disseminated in an altered granitic intrusive and remains open at depth and along strike. A metallurgic test has shown a gold recovery of 87% by gravity and cyanidation. The Launay mineralisation does not contain any arsenic.

Zone 75 was extensively explored and drilled over the years. More than 71 holes were drilled on this portion of the property for a total of 9749 metres.

The purpose of Geologica's report is to establish a resource estimate prepared in compliance with NI 43-101 standards and guidelines of the near-surface portion of the gold and silver mineralization at Zone 75 and determine the potential for further expansion. Gold mineralization has been intersected over varying widths along a 3 kilometre long trend as indicated on the adjoining map. Melkior is also aiming to quantify the open pit potential of Zone 75. Most of the gold-bearing drill intercepts are near surface which should make this a candidate for open pit scenario.

Drill core re-sampling

Geologica performed Quality Control sampling on two representative holes with near surface drill intercepts originally drilled in 2013, by sampling the remaining half core pieces (which were sawn in half to produce quarter cores). The generally low variation between the two sample sets provides verification of the original results as depicted in table 1 below. A variation of gold distribution within samples (nugget gold effect) is the likely cause of greater variations.

Table 1 - Launay re-sampling results compared to original assays

Hole # From (Metres) To (Metres) Interval* (Metres) Geologica
Gold (g/t)
(August 2014)
Melkior
Gold (g/t)**
LAY-21-2013
including
74.00
74.00
75.00
76.00
77.00
78.00
79.00
79.75
80.25
81.00
82.00
83.00
75.00
76.00
77.00
78.00
79.00
79.75
80.25
81.00
82.00
83.00
9.00
1.00
1.00
1.00
1.00
1.00
0.75
0.50
0.75
1.00
1.00
4.55
3.34
5.48
0.16
2.43
0.78
33.6
0.39
0.14
1.90
1.35
6.25
3.71
5.76
1.60
2.14
1.88
48.0
0.84
0.15
3.12
1.55
LAY-14-2013
including
39.00
39.00
40.00
41.00
42.00
43.00
44.00
45.00
46.00
47.00
48.00
49.00
40.00
41.00
42.00
43.00
44.00
45.00
46.00
47.00
48.00
49.00
10.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
4.69
0.75
0.42
6.96
9.95
9.33
2.43
9.49
4.33
2.81
0.41
4.21
1.10
0.18
1.32
11.05
17.15
1.14
2.54
4.07
3.07
0.53
*Reported drill intercepts may not represent true widths.
**As reported in March 18, 2014 and January 13, 2014 press releases.

Surface re-sampling

Geologica also took a total of nine chip samples from Zone 75, systematically selected along channels cut by Melkior in June 2014 (See Press Release July 22nd 2014). These samples were taken to confirm the presence of gold at surface on the property and to comply with NI 43-101 guidelines. Two methods of analysis were used to determine gold values as shown in table 2 below. The discrepancy between the two sets of results is due to the difference in the efficiency of the methods used and/or caused by the variation of gold distribution within samples (nugget gold).

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. Samples were also tested using fire assay with a gravimetric finish.

Table 2 - Surface sampling results

Sample # Gold (g/t) AA finish Gold (g/t) Grav. finish Silver (g/t)
M075080 2.07 2.34 0.8
M075081 1.87 1.82 1.8
M075082 1.02 2.03 1.3
M075083 1.04 3.82 2.8
M075084 1.93 3.09 2.7
M075085 3.56 4.79 5.3
M075086 1.45 1.47 1.5
M075087 3.24 3.09 3.8
M075088 1.78 2.28 1.8
M075089 3.69 3.90 4.2

Quality control

The Launay site visit and the surface sampling were done by Geologica in the presence of a Melkior representative. The core re-sampling was handled by Geologica personnel at their facility. The half-core was sawn in half, with one-quarter delivered to ALS Chemex Laboratories, a commercial laboratory in Val d'Or, Québec, together with the surface samples. The remaining quarter was retained for future reference. 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.

Melkior management and technical staff are pleased that the re-sampling confirms the significance of the original gold assays and the surface potential of Zone 75 by returning assays similar to the historical results.

About the Launay Gold Project

The Launay Gold Project hosts near-surface mineralization along a three kilometre trend, which includes Zone 75 and the Principal Zone. The Project is located in the Abitibi Greenstone Belt and is approximately 70 kilometres northeast of Rouyn-Noranda, 80 kilometres northwest of the town of Val d'Or, Québec, and is easily accessible using highway 111 between LaSarre and Amos where mineral exploration and mining personnel, service providers and supplies are readily available. Both rail and electricity are available on the property. At least four gold mills are located within a 70 kilometres radius of Zone 75. The property consists of 83 claims covering 63 square-kilometres.

Beaufield Resources Inc ("Beaufield") entered into an option and joint venture agreement with Melkior where Beaufield will earn 50% in the Launay project by spending $1,250,000 over five years. Beaufield has earned 10% interest having spent over $250,000 of exploration expenses.

Qualified Persons

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 programs from 2012 to present, logged the core, designed the sampling program and reviewed the quality control information.

About Melkior:

Melkior is a mineral 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.

To view the map associated with this press release, please visit the following link: http://file.marketwire.com/release/melk0903.pdf

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