Melkior Announces Commencement of Drilling and Stock Options
Timmins, March 11, 2020 - Melkior Resources Inc. ("Melkior" or the "Company") (TSX:MKR) (OTC:MKRIF) is pleased to announce that it has commenced its second phase 1800 meter drill program in Carscallen Township.
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The first drill hole will focus on following up on drill hole CAR-19-03A, which intersected 23.5 g/t Au over 8.0 meters from 426.0 to 434.0 meters. This intercept is interpreted to be approximately 150 meters downdip of an earlier intercept in CAR-61-2012 which assayed 4.34 g/t Au over 13.0 meters from 272.0 to 285.30 meters. The proposed drill hole will be drilled midway between these two intercepts in order to validate the current interpretation. The drill hole is further designed to investigate a copper intercept within the underlying mafic volcanics which was intersected in hole CAR-79-2012 and assayed 3.5% copper over 1.35 meters from 528.0 to 529.35 meters.
A second drill hole is proposed to expand on the strike extent of the gold bearing system with a drill hole collared 25 meters northwest of CAR-19-03A and 35 meters northeast of drill hole CAR-71-2011 which intersected four disparate gold bearing vein systems including 97.3 g/t Au over 0.5 meters from 254.0 to 254.5 meters and 4.1 g/t Au over 4.55 meters from 262.7 to 267.25 meters. The proposed drill hole is designed to intersect these auriferous zones approximately 160 meters downdip as well as to confirm strike continuity to the intercept in CAR-19-03A.
The third drill hole will be located to drill into the identified target to the southwest. As copper has been encountered both in recent drilling in drill hole CAR-19-03A (.036% copper over 81 meters from 432 to 513 meters, see December 4, 2019 press release) and CAR-79-2012, it is suggested that these intercepts may emanate from the conductive zone to the southwest. The collar will also be located approximately 50 meters southeast of drill hole CAR-69-2011which intersected 16.1 g/t Au over 1.65 meters from 508.45 to 510.10 meters within the mafic volcanics below the granodiorite. Any auriferous vein systems encountered in this proposed hole could also effectively increase the strike extent of the gold system by approximately 100 meters to the southeast of the previous drill campaign.
Third Hole Mise-a-la-Masse Target:
Stock Options
The Company announces that it has granted incentive stock options (the "Options") to directors and officers of the Company for the right to purchase up to an aggregate of 1,025,000 common shares of the Company, exercisable at the price of $0.20 per share for five years. In the event of resignation from the Company by a director or officer, the Options granted to such director or officer will be subject to an accelerated one-year exercise period commencing on the date of resignation in accordance with the terms of the Company's Stock Option Plan.
Qualified Person
All technical information in this press release has been reviewed and approved by Peter Caldbick, P.Geo. Mr. Caldbick is a consultant for Melkior and a Qualified Person for the purposes of 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.
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.
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