Northcore Resources Inc.
TSX VENTURE : NCR

Northcore Resources Inc.
Melkior Resources Inc
TSX VENTURE : MKR

August 08, 2013 10:23 ET

Northcore and Melkior Announce Changes to Their Option Agreement for the West-Timmins JV

MONTREAL, QUEBEC--(Marketwired - Aug. 8, 2013) - Northcore Resources Inc. (« Northcore » or the « Corporation ») (TSX VENTURE:NCR) and Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR) wish to announce that they have amended the Option Agreement regarding the West-Timmins-Bristol property option agreement ( See Big Red Diamond [now Northcore Resources] January 18, 2010 press release).

The partners have agreed to extend the life of the Option Agreement to October 31, 2016 by which Northcore can acquire a 50% interest on the property. To earn its 50% interest the Corporation must invest the sum of $200,000 in exploration expenses before October 31, 2016. The original agreement called for $400,000 of expenditures prior to January, 2014. Northcore must also invest sufficient yearly exploration expenses to allow Melkior to meet the minimum annual exploration expenses under the Ministry of Northern Development and Mines (« MNDM ») regulations for Assessment work. The West-Timmins-Bristol property is comprised of 12 claim units covering a surface area of 192 hectares.

The property is located in the northwest part of Bristol Township and is 25 kilometres northwest of the city of Timmins. Excellent access is provided by Malette Road off of Highway 101. From regional geological compilations and from a surface prospecting program done by Melkior in 2010, the property is mainly composed of a sequence of meta-volcanic rocks cut by faults. The interpreted geology is similar to that which hosts Kidd Creek Mine.

The property is located approximately 7.5 kilometres NNE from an area being actively explored by Melkior on their Carscallen Gold project. Melkior intersected 3.55% Copper over 1.35 metres and 3.72 g/t gold over 7.85 metres (see Melkior press release dated March 26, 2012). The Option helps Northcore preserve its strategic presence in the West-Timmins mining camp. These claims are contiguous to some of Northcore's Carscallen claims.

During 2009 and 2010, Melkior and Northcore Resources (at the time Big Red Diamond) completed a work program on the Bristol property. The program consisted of a 11.9 line kilometre ground magnetometer survey, a 19.5 line-kilometre airborne magnetic and electromagnetic (VTEM) survey and a surface prospecting sampling survey whereby 43 samples were collected. The VTEM survey outlined a strong conductor located in the southwestern portion of the property.

Sample Number Description Au (g/t ) Ag (g/t ) Cu (ppm ) Pb (ppm ) Zn (ppm )
20687 Boulder 1mx1mx1m granite pyrite galena 1.525 2.5 244 2780 786
20688 Boulder 1mx1mx1m granite pyrite galena 0.688 0.3 77 365 171
20689 Boulder 1mx1mx1m granite pyrite galena 0.196 0.5 27 657 84

Table 1: 2010 Grab sample highlights. These samples are from separate boulders. Some of the other samples were anomalous for Gold but were not significant.

Melkior will act as Joint-Venture Operator on the claims and the Option agreement currently agreed to by the partners will remain in force.

The technical content of this press release was reviewed and approved by Jens Hansen, professional engineer and qualified person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101. Mr. Hansen is the President of Melkior Resources.

FORWARD LOOKING STATEMENTS:

The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Northcore deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Northcore Resources Inc.
    Garry Majerle
    Chairman of the Board
    519-697-6945