Melkior Yields up to 12.6% Copper, 43.9 g/t Gold and 13.1% Zinc in Phase 1 Prospecting at Genex

The Company embarked on an aggressive multifaceted exploration program over the course of the summer to uncover the surface footprint of the Genex polymetallic deposit. The program included prospecting focused on the northern extension of the Genex deposit, a beep mat exploration program, as well as a large trenching and channel sampling program.

Jonathon Deluce, CEO of Melkior, states, "We are excited to announce these strong results from our Phase 1 prospecting program at Genex. These initial efforts were successful in validating the gold potential of the Claim Post trend located between 100 and 250 metres north of the historical Genex Mine. We believe these results support the expansion potential of the mineralized system to the north that has seen limited historical drilling

We anticipate unveiling more comprehensive results on the remaining programs, which include a beep mat exploration program as well as a stripping and channel sampling program."

This first phase was exploratory and consisted of bedrock and float sampling concentrated first on historical blasted trenches located outside the historical mine perimeter. The prospecting team worked mostly north and northwest of the historical Genex deposit to cover the "claim post" trend where copper-gold-zinc values were obtained from historical blasted trenches and sporadic short diamond drill holes. The chip sampling of bedrock and excavation walls, totaling 79 samples, was accompanied by the sampling of float blocks of close origin. The grab samples totaled 24 samples for this phase. Sampling highlights include the following:

Phase 1 Prospecting Highlights - Chip samples from outcrop and trench walls*

• 10 rock chip samples yielded greater than 1% copper, with 4 samples above 2% copper

  • Sample F213816 assayed 3.1% copper, 1.44 g/ gold, 50.1 g/t silver

  • Sample F213572 assayed 12.6% copper, 4.48 g/t gold, 24.4 g/t silver, 0.047% cobalt

• 9 rock chip samples yielded greater than 1% zinc, with 3 samples around 2% zinc

  • Sample F213533 assayed 1.0% copper, 2.7% zinc

Phase 1 Prospecting Highlights - Grab samples from float*

• 5 rock grab samples on float blocks yielded greater than 1% copper, with two samples above 5%

  • Sample F213671 assayed 7.5% copper, 2.3 g/t gold, 0.036% cobalt

  • Sample F213569 assayed 5.3% copper, 2.1 g/t gold, 0.046% cobalt

• 10 rock grab samples on float blocks yielded greater than 1% zinc, with 2 samples around 10% zinc

  • Sample F213508 assayed 0.2% copper, 10.7% zinc, 5.46 g/t gold, 22.5 g/t silver

  • Sample F213512 assayed 0.6% copper, 13.1% zinc

• 5 rock grab samples on float blocks yielded 1 g/t gold with the highest result of 43.9 g/t gold

  • Sample F213516 assayed 0.095 % copper, 0.7% zinc, 43.9 g/t gold, 23.8 g/t silver

*See full table in Schedule A

This sampling is preliminary and cannot be comparable to a measured sampling such as a channel sampling or a drill hole.

Figure 1 (Gold Results > 1 g/t Au)

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Figure 2 (Copper Results > 5% Cu)

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Figure 3 : Highlight Sample

Figure 3 : Highlight Sample

Phase 1 Prospecting Summary of Claim Post Target

• During the Phase 1 Prospecting Program, a series of 103 samples were collected through chip sampling on outcrops and historical trenches/blast sites focused on extension targets related to the claim post trend, located between 100 and 250 metres north and north-east from the historical Genex "C" Zone.

• This first phase aimed at documenting the historical sampled sites around the historical underground working, assessing the indication of gold mineralization, and determining the geological environment in conjunction with geophysics.

• The main northern target being tested is a strong conductor and chargeability anomaly of northeast orientation, which coincides with a high metal signal.

• As indicated by Sample F213508 (Figure 3) coming from a blasted float block, the claim post mineralization is mainly in the form of foliated volcanic rocks of mafic composition. Alteration assemblages are varied and can be classified as: sericite-quartz, chlorite, carbonate rich and silicified.

• Mineralization observed by the teams was primarily comprised of disseminated chalcopyrite, sphalerite, and pyrite.

Schedule A & Table 1: Phase 1 Sampling Highlights

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QA/QC

Rock samples were sent to AGAT in Timmins, ON, and fire assayed with an AA, with any samples over 10 g/t being assayed with gravimetric finish. Additionally, for base metals, Metals Package by 4 Acid Digest, ICP-OES Finish was used with over limits tested by 4-Acid dilution testing. Standards, and blanks were inserted into the sample stream.

Qualified Person

All technical information in this press release has been reviewed and approved by Martin Demers, P.Geo. (PGO registration #3785). Mr. Demers 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:

Melkior Resources Inc.

E-mail: info@melkior.com

Tel: 226-271-5170

The reader is invited to visit Melkior's website www.melkior.com.

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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.