Melkior drills 13.42 g/t gold over 2 metres at Carscallen, Ontario

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Melkior Resources Inc. [MKR-TSXV] reported results from 3,684 metres of drilling from the $110-million strategic investment and partnership with Agnico Eagle Mines [AEM-TSX, NYSE] (previously Kirkland Lake Gold) at the Carscallen project located approximately 25 km southwest of Timmins, northeast Ontario. This program is being operated by Agnico Eagle under an option/joint venture whereby Agnico can earn a 50% interest from Melkior. As of March, 2022, there was approximately $1.3-million of work commitment left to be spent by September, 2022, to meet the minimum commitment.

The Carscallen gold project comprises 295 claim units covering 47 km2. The drill program consisted of 3,684 metres. Drill hole CAR-21-18, collared approximately 50 metres northwest of the ZamZam/Jowsey zone, intersected 6.88 g/t gold over 1.5 metres from 384.5 to 386 metres, including 19.6 g/t gold over 0.5 metres from 385.5 to 386 metres.

Drill hole CAR-21-19, collared 300 metres north of CAR-21-18, intersected 5.85 g/t gold over 1.5 metres from 400 to 401.5 metres, including 16.1 g/t gold, 83.6 g/t silver, 0.33% copper and 0.23% zinc over 0.5 metres from 401 to 401.5 metres.

Both vein intersections in drill holes CAR-21-18 and CAR-21-19 are interpreted to be the same vein system, with CAR-21-18 intersected at approximately 280 metres vertically below surface and CAR-21-19 at approximately 300 metres vertically below surface. In addition, with multiple vein intersections in CAR-21-18, these intercepts open this 300-metre gap between the two drill holes for additional drill testing and extend the ZamZam/Jowsey zones by 350 metres, which is open to the north.

A deep hole, CAR-21-20, in the Shenkman zone intersected 13.42 g/t gold over 2 metres from 642 to 644 metres, including 51.9 g/t gold over 0.5 metres from 643.5 to 644 metres, approximately 520 metres vertically below surface. This intercept occurred approximately 160 metres down dip of an earlier intercept in drill hole CAR-20-10, which intersected 6.85 g/t gold over 4.1 metres from 408.5 to 412.6 metres, including 40.1 g/t gold over 0.5 metres from 412.1 to 412.6 metres approximately 375 metres vertically below surface.

These intercepts from the 2020/2021 drill campaigns have effectively expanded on the down-dip intercepts in the Shenkman zone from historical drilling by approximately 280 metres.

Jonathon Deluce, CEO, remarked: “We are excited to announce these developments from our partnership’s second phase of drilling. We continue to demonstrate the expansion potential of the high-grade gold-bearing zones within an approximately 2.5 km by 1.2 km, north-northwest-south-southeast corridor. We look forward to commencing our phase 3 drill program during Q2.”

Drilling is estimated to resume during Q2 2022, with a minimum 4,200 metres currently budgeted for the remainder of the year. A historical geophysics review is under way to assist with exploration targeting. This summer, a field program is being planned with a second phase of soil sampling, trenching and field mapping being considered.

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