Melkior Resources Inc. Builds On Hemlo Foundation
Timmins, June 5, 2017 - Melkior Resources Inc. ("Melkior") is pleased to announce that Melkior has acquired by staking an additional 163 claim units (6,444 acres) in the White Lake Area and Bryant Township. These claims are contiguous with both the previously announced claims (NR Feb 15, 2017) and the recently optioned Kakeeway claim group (NR May 16, 2017). The total area of the White Lake Project is now 290 contiguous claim units (11,464 acres), additional staked claims are pending posting by the Ministry of Northern Development and Mines ("MNDM") and will be the subject of future news release. Melkior's current claim group adjoins Canadian Orebodies Inc. and is 3 km west of claims held by Golden Peak Minerals Inc. The White Lake Project is located approximately 15 km northeast of the Hemlo Gold Mine currently operated by Barrick Gold Corp.. Melkior's White Lake Property is situated in the north-eastern portion of the Hemlo Greenstone belt which has seen sporadic interest over the last four decades since the Hemlo staking rush. The area has been partially covered by an Airborne Geophysical Survey (Aerodat Limited, 1989) and subject to multiple Magnetometer, VLF, IP and Spectral IP surveys, geological mapping and soil sampling. Limited trenching, blasting and diamond drilling has been undertaken only on the Kakeeway claim group, resulting in the discovery of the high-grade Carroll-MacDougall gold Occurrence in the fall of 1993. The Carroll-MacDougall gold occurrence has reported assays of up to 1,168 g/t gold, taken by Resident Geologists with the Ontario Geological Survey and reported grab assays of 19.88 g/t gold.
Melkior staked its initial claims south of Canadian Orebodies following the south-easterly extension of the North Limb of the Hemlo Greenstone Belt. It was observed that there were gold occurrences within the North Limb, within the Kakeeway claim group and further southeast towards the margin of the Hemlo Greenstone Belt. Potentially indicating that the intervening areas merit additional exploration effort. Melkior through staking and option has acquired a significant amount of the south-eastern portion of the North Limb of the Hemlo Greenstone Belt, the historical exploration data is available through the MNDM. Melkior is in the process of reviewing the available data and developing an exploration plan that will leverage the accumulated historical data with the goal of advancing the White Lake Project to the drilling stage.
Melkior is mobilizing to conduct a geological investigation on the Maseres Project in the Urban-Barry Greenstone Belt, Quebec. The Maseres Project is located about 14 km southwest of the Osisko Black Dog Deposit. The Black Dog Project has been reported by Osisko to be a gold-silver-copper discovery in a volcanic sequence coincident with magnetic and electromagnetic anomalies and disseminated to semi-massive Au-Ag-Cu bearing sulfides. The Black Dog appears to be on the same magnetic trend as the Bonterra Gladiator Project. One interpretation of magnetic geophysical data suggest that this magnetic trend is folded and continues through the Great Thunders Great Dane Project and Melkior's Maseres Project. Mineralized boulders have been historically identified co-incident with this formational conductor and reported to contain 11 ppm gold and 2% copper (NR April 13, 2017). Melkior's initial program will consist of prospecting and sampling on the Maseres Project over the metavolcanic sequence that hosts the formational conductor, south of the Great Thunder property boundary.
Melkior's Carscallen Project, Timmins, Ontario, currently has an exploration permit pending with the MNDM. The Application for the Exploration Permit was posted to the Environmental Registry on May 18, 2017. A drill contract for 2,700 m has already been awarded for the Carscallen Project, Melkior is fully funded to complete this drilling. On MNDM permit approval, the 2017 Exploration Plan will be implemented. The 2017 Exploration Plan is available on the Melkior website (http://www.melkior.com/wp-content/uploads/MKR-2017-Exploration-Plan.pdf).
Melkior is always searching for new opportunities and is working to enhance its claim inventory in Hemlo, Urban-Barry and in Timmins with the goal of increasing shareholder value.
Jim Deluce, CEO of Melkior has expressed, "Melkior's presence in the Hemlo area has now been established. From a preliminary review of the data and onsite observations, striking similarities with the Barrick Hemlo Gold Mine have been observed. Melkior's White lake Project is a good example of how Melkior intends to use its exploration dollars to selectively acquire assets of merit at a reasonable cost and through our exploration efforts enhance shareholder value."
Wade Kornik, P.Geo., has approved the information contained in this release. Mr. Kornik is the Exploration Manager of the Company and is Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD
Keith James Deluce, CEO
For more information, please contact:
E-mail: info@melkior.com
Tel: 705-267-4000
The reader is invited to visit Melkior's web site www.melkior.com.
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