Melkior Intersects 2.29% Copper over 7.78m in Polymetallic Sulfides at Genex
Highlights:
-
Results from the first 6 holes drilled in the 4, March 16th, 2023 - Melkior Resources Inc. ("Melkior" or the "Company") (TSXV:MKR) (OTC:MKRIF) is pleased to announce results from the first six holes in its maiden Melkior-operated 4,194-metre drill program at the Genex Project. On April 21st, 2022, the Company announced an option agreement for the Genex Project to earn 100% over 7 years from International Explorers & Prospectors Inc (see news release dated April 21, 2022). The Genex Project is a polymetallic exploration target with near-term resource potential based on a high density of historical drilling around the former Genex deposit which is located from surface down to 100 metres in depth. These first results demonstrated the wide development possibility of this type of polymetallic and VMS target with significant near-term resource potential.
Program highlights include GEN-22-01, which intersected 0.96% Cu and 0.22g/t Au over 27.0 metres, including 2.29% Cu and 0.32g/t Au over 7.78 metres, successfully extending the Genex Shaft Zone 50 metres to the north. GEN-22-04 intersected 1.14 g/t Au, 0.52% Cu, 0.36% Zn and 14.17 g/t Ag over 15.65 metres, including 5.0 g/t Au, 1.98% Cu, and 61.26 g/t Ag over 2.7 metres. A cobalt interval was obtained inside the mineralized zone with 0.15% Co over 9.45 metres, including 0.415% Co over 2.7 metres.
It is the first time cobalt values have been encountered on the Genex project, identified with systematic sampling. The mineralization is visually correlated with chalcopyrite stringers.
Jonathon Deluce, CEO of Melkior, remarks, "We are excited to announce this first batch of holes drilled at Genex. We have accomplished our Phase 1 goal of extending the potential economic zone up to 100 metres north of the historical deposit. Various majors have stated the need for copper/gold deposits, and with Genex being nearby existing infrastructure, we are excited about the Project's potential. We look forward to announcing the remaining drill results over the coming weeks."
Program Details:
The 6 holes total 987 metres with lengths varying between 75 and 220 metres located at the margin of the composite grade shell modelled using Leapfrog software (see news release dated October 27, 2022 for technical information). The program tested the continuity of base metals and gold mineralization around the historical Genex Mine.
GEN-22-01, GEN-22-04 and GEN-22-05 were drilled as step-out holes to test the immediate extension of the Genex north-south trend. Hole GEN-22-01 was drilled to the east and encountered a near-surface zone nearly 50 metres north of the shaft area, while GEN-22-04 was drilled along this trend to chase stringer zones at strong angles. These drill results support the extension of the mineralized system up to 100 metres north of the shaft area following a north-south trend. In this area, mafic to intermediate volcanic rocks are strongly brecciated and affected by black chlorite alteration overprinting carbonate. In addition to the disseminated and stringer polymetallic mineralization, GEN-22-01 cut a semi-massive chalcopyrite vein which intersected 16.4% Cu and 1.46 g/t Au over 0.46 metres from 33.72 to 34.18 metres. In addition, a zinc-rich stringer was intersected at the footwall returning 1.8% Zn over 10.5 metres. The interpretation indicates a true width.
GEN-22-02 and GEN-22-03 were drilled to the northeast targeting the Genex south-western extension, where historical drilling had identified copper-gold-zinc mineralization between 100 and 150 metres vertical and about 100 meters from underground infrastructure. Both holes intersected a long series of copper-bearing stringers starting at surface and continuing to a depth of 100 metres with grades varying between 0.5% to 3% Cu over 0.5 to 3.9 metres.
Hole ID
From (m)
To (m)
Length (m)
Cu (%)
Gold (g/t)
Ag (g/t)
Zn (%)
Co (%)
GEN-22-01
28
55
27
0.96
0.22
-
-
-
Including
33.72
41.5
7.78
2.29
0.32
-
-
-
Including
33.72
34.5
0.78
11.41
0.97
18.56
-
0.057
51.42
55
3.58
-
0.49
-
-
-
52.52
63
10.48
-
-
-
1.81
-
GEN-22-02
21.2
21.7
0.5
3.18
0.53
22.1
0.67
40.2
44.5
4.3
-
-
-
0.69
52.5
53.8
1.3
1.11
-
-
-
105.3
106
0.7
0.65
-
-
-
128.5
130
1.5
-
0.685
-
-
145
149
4
0.3
-
-
-
GEN-22-03
49.75
55.6
5.85
-
-
-
2.16
-
65
66
1
1.18
-
-
-
-
82.1
86
3.9
0.57
-
-
-
-
104.8
105.5
0.7
-
2.97
-
-
-
129.35
130
0.65
-
1.51
-
-
-
134.4
135
0.6
-
4.86
-
-
-
GEN-22-04
6
21.65
15.65
0.51
1.14
14.17
0.36
Including
12.2
21.65
9.45
0.82
1.83
22.86
-
0.15
Including
16.5
19.2
2.7
1.98
5
61.26
-
0.415
36.4
46.8
10.4
-
-
-
0.68
-
58
63.6
5.6
-
0.34
-
-
-
GEN-22-05
4.3
8
3.7
0.34
0.44
-
0.4
-
GEN-22-06
No Significant Values
Note 1: Stated lengths are core lengths as drilled. True width for hole GEN-22-01 is estimated to be above 80% of reported core length intervals with the actual interpretation. True width for holes GEN-22-02, 03, 04, 05 are unknown at this stage of work.
Note 2: Compared to previous releases, the reporting of individual metal grades is utilized to better represent local high-grade portions of the mineralization and to better model the geometry for follow-up drilling.
Drill Hole Coordinates
DDH_No
UTMnad83_East
UTMnad83_North
Azimuth
Dip
Length
GEN-22-01
458793
5370200
60
-60
177
GEN-22-02
458646
5370115
60
-58
207
GEN-22-03
458646
5370115
60
-70
220
GEN-22-04
458824
5370152
330
-50
160
GEN-22-05
458824
5370152
60
-60
75
GEN-22-06
458795
5370053
330
-65
150
The field program was run by SL Exploration, and the drill core was split with half sent to AGAT in Timmins, ON, and fire assayed with an AA, with any samples over 10 g/t being assayed with gravimetric finish. Whole metallic assays are performed on samples if they contain visible gold. Additionally, for base metals, Metals Package by 4 Acid Digest, ICP-OES Finish was used with over limits tested by 4-Acid dilution testing. Duplicates, standards, and blanks were inserted into the sample stream.
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.
About Melkior Resources
Melkior Resources is an exploration stage resource company in world-class mining jurisdictions with a strong partner. Melkior's flagship Carscallen Project is being advanced by Agnico Eagle Mines Ltd. through an option agreement pursuant to which Agnico Eagle has the option (but not the obligation) to acquire up to a 75% interest to the Carscallen Project by spending $110 million on the Carscallen Project over a 10-year period. See the Company's news release dated September 28, 2020 for more information. Melkior, under 100% ownership, is focused on advancing its Genex, Val D'Or, White Lake and Maseres Projects. Agnico Eagle also owns approximately 6% of the issued and outstanding common shares of Company.
ON BEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, please contact:
E-mail: info@melkior.com
Tel: 226-271-5170
The reader is invited to visit Melkior's web site www.melkior.com.
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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This news release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, and include statements with respect to the anticipated timing of the Agreement and payments thereunder and statements with respect to the non-43-101 compliant resource estimates on the property to be acquired by the Company. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the failure to complete the terms of the Agreement, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects.; the business and operations of the Company; unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the Company's public filings under its SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions or changes in factors affecting such forward-looking statements.Copyright (c) 2023 TheNewswire - All rights reserved.
