Melkior Resources Inc.: Carscallen Gold Project Update
OTTAWA, ONTARIO--(Marketwired - Apr 22, 2015) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR)(OTC PINK:MKRIF)(FRANKFURT:MEK) is pleased to provide progress on its wholly owned Carscallen gold project which is located approximately 25 kilometres west of the centre of Timmins Ontario and 5.5 kilometres west of Lake Shore Gold Corp.'s West Timmins Mine.
Melkior's ongoing interpretive work and similarities of grade and vein morphologies in the Shenkman, Zam Zam and Jowsey gold zones, indicate that these zones are part of one larger mineralizing system. As these vein systems appear to be correlated with one another, the zones are being consolidated and renamed as the Jowsey Gold Zone. This is a mineralized corridor with a current strike length of approximately 675 metres.
Between the Jowsey Gold Zone and the Aumo Showing, which straddles the Melkior - Lake Shore claim boundary, are approximately 880 metres of untested ground with high priority gold potential. Recent drilling by Melkior intersected 6.56 g/t Au over 1.8 metres located 20 metres from the Lake Shore boundary (see press release dated Feb 18, 2015) A deeper hole is planned at this location. This intercept coincides with a strong north south induced polarization ("IP") anomaly which trends north/northwest intersecting the Jowsey Gold Zone. IP chargeability signatures have often coincided with gold bearing vein systems due to the gold being present in association with pyrite mineralization. In effect, approximately 1.5 kilometres of a potentially gold mineralized corridor lies between the north portion of the Jowsey Gold Zone and the Aumo Showing (a historical shaft). The corridor may extend southward onto the Lake Shore property.
Mineralization in the Jowsey Gold Zone occurs as discrete pyrite-quartz veins/stringers which contain 10 to 15% pyrite and are typically up to half a meter thick. These epigenetic vein systems exhibit a stacked, en echelon pattern that occurs within the granodiorite pluton and, in some cases, crosscut the granodiorite/mafic metavolcanic contact often becoming wider at depth. The wider zones extend into the mafic metavolcanics. The gold mineralization may also be influenced by late crosscutting carbonatized porphyry dikes which have been mapped in the southern portion of the Jowsey Gold Zone and appear to continue to the north as well. These vein systems are often repetitive by nature, adding to the potential of additional vein systems occurring at depth within the mafic metavolcanics similar to historic drilling which encountered wider intercepts with economic grades. Gold has been detected at other locations within the Carscallen property hence a complete surface exploration program is warranted.
A first phase program of infill and deeper drilling on the Jowsey Gold Zone is currently being planned with drill holes targeted to validate the recent interpretation as well as to follow the vein systems at depth. This is designed to increase the potential resource.
A second phase program of sectional drilling is being planned on the potentially mineralized area as interpreted from IP between the Aumo gold occurrence and the southern portion of the Jowsey Gold Zone. The drilling will be patterned to intersect the north south IP chargeability trend. In summary, the program currently being planned is recommended as follows:
- A complete reinterpretation of all surface and drill data.
- A deeper hole at the Aumo showing.
- Infill and deep drilling within the Jowsey Gold Zone.
- Sectional drilling on the 880 metre potentially mineralized trend between the Jowsey Gold Zone and Aumo showing.
- A comprehensive surface exploration program over the remaining property including the 1010 Gold Zones and Mystery showing.
Melkior management is of the opinion that Timmins is one of the most attractive gold exploration environments in Canada. The potential for significant discoveries at depth is the future of this environment. Melkior has intersected numerous gold intercepts in a granitodioritic intrusive which overlies mafic volcanic rocks. The vein systems have also been shown to continue and widen at depth with economic gold grades. The geological and mineral indicators suggest that these stacked vein systems could have a substantial deep seated source worthy of significant exploration. Recent discoveries by Probe Mines and Lake Shore Gold indicate the importance of deep drilling. Melkior's plan is to outline longer term exploration for the Carscallen property. Melkior's Carscallen project represents a potential substantial gold deposit that could replenish existing reserves in the Timmins Gold camp and with excellent infrastructure in close proximity to Timmins.
The contents of this press release have been reviewed by Jens Hansen, P.Eng, President and director and Peter Caldbick, P.Geo, the Timmins area Project Manager for Melkior Resources Inc., Qualified Persons as defined by National Instrument 43-101.
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.
Contact
Melkior Resources Inc.
Jens E. Hansen
President and CEO
613.721.2919
613.680.1091
info@melkior.com
www.melkior.com
