Melkior drills 16.8 g/t gold over 1.5 metres at Carscallen, Ontario

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Melkior Resources Inc. [MKR-TSXV] reported results from 6,283 metres of drilling at the Carscallen gold project located approximately 25 km southwest of Timmins, northeastern Ontario.

Program highlights: The Carscallen Gold Project lies within the township of Carscallen and borders the Genex Project which Melkior has under option from International Explorers Prospectors Inc. It is comprised of 344 claim units covering 60 km2 with 100% ownership by Melkior.

The Phase 3 drill program consisted of 6,283 metres. The Phase 3 drill program was designed to follow up on 2021-Q4’s program and was planned with holes targeting the deep Shenkman Zone and North Zam Zam Extension. Additional holes were drilled in the Mystery and 1010 Zones.

CAR-22-25 was drilled in the southern portion of the Shenkman and targeted a higher-grade northwest trending corridor of gold mineralization. Significant assays from this drill hole include 4.42 g/t gold over 0.5 metres and 6.75 g/t gold over 1.5 metres from 329.2 to 330.7 metres, including 18.30 g/t gold over 0.5 metres. In addition, a strong zone of mineralization between 515 and 525 metres was intersected with sulphide-enriched quartz-carbonate veins. Assays from this zone include 8.49 g/t gold over 0.5 metres , 8.10 g/t gold over 0.5 metres and 8.49 g/t gold over 0.5 metres.

CAR-22-28 was collared approximately 100 metres south-west of CAR-22-25, Following up on the encouraging results. Significant intersects include 4.93 g/t gold over 0.5 metres, 14.5 g/t gold over 0.5 metres, 4.15 g/t gold over 0.5 metres, and 4.49 g/t gold over 1 metre, including 7.92 g/t gold over 0.5 metres.

CAR-22-31, collared approximately 100 metres southwest of drill hole CAR-22-28 on the southern portion of the Shenkman Zone, intersected 16.8 g/t gold over 1.5 metres from 395 to 396.5 metres, including 49.6 g/t gold over 0.5 metres.

CAR-22-27 was drilled approximately 450 metres north of the Zam Zam Zone and intercepted 8.29 g/t gold over 0.5 metres within a 30-cm quartz vein hosting elevated pyrrhotite, pyrite and minor chalcopyrite. The new intercept is also 100 metres north and along the projected strike from a similar 30-cm quartz vein seen in CAR-21-19 that assayed 5.85 g/t gold over 1.5 metres. This has significant implications for exploration north of the Zam Zam Zone as these intercepts are situated where no significant drilling has been completed to the north and at depth.

CAR-22-29 was collared to target an elevated IP chargeability response on the 1010 North Zone. This drill hole encountered two significant sulphide veins at 100.2 metres which returned 2.29 g/t gold over 0.7 metres, and at 194.5 metres which returned 8.19 g/t gold over 1.5 metres, including 19.5 g/t gold over 0.6 metres.

Jonathon Deluce, CEO, remarked, “We are excited about these developments from the Phase 3 drill program at the Carscallen Gold Project. We continue to demonstrate the expansion potential of the high-grade gold-bearing zones within an approximately 2.5 km by 1.2 km NNW-SSE corridor.”

Preliminary modelling identified a high-grade corridor trending 40 degrees northeast, with an approximate width of 75 meters and a strike length of 375 metres. The high-grade corridor is located in the Shenkman Zone and was targeted in holes 25, 28, 31 and 32 using a 310-drill azimuth.

This strategy proved successful with encouraging intercepts in drill holes CAR-22-25, CAR-22-28, and CAR-22-31. CAR-22-031 was successful in expanding this corridor to the southwest intercepting 49.6 g/t gold over 0.5 metres. Further drilling is needed to refine this model. The drill program was managed by Agnico Eagle.

Building on the 2022 drill campaign, one of the stronger areas for further investigation is the area between CAR-21-19 and CAR-22-27 for infill drilling. The 300-metre gap between CAR 21 18 and CAR 21 19 should also be investigated to build upon the values seen in CAR 21 18. Uppercut and undercut drilling would also be warranted for both drill holes.

Further recommendations would entail exploring the northwest-southeast higher-grade corridor trending at a 310-degree azimuth by expanding drilling to the northwest to test the Zam Zam Zone and the gap between the Shenkman and the Zam Zam Zone. In addition, consideration for expanding on the downdip extension of an intercept of 8.19 g/t gold over 1.5 metres from 194.5 to 196 metres, including 19.5 g/t gold over 0.5 metres in the 1010 North Zone, would be recommended with an undercut drill hole.

Melkior’s flagship Carscallen Project is being advanced by Agnico Eagle Mines Limited through an option agreement pursuant to which Agnico Eagle Mines Ltd. [AEM-TSX, NYSE] 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 10 years.

Melkior is focused on advancing its 100%-owned Genex, Val D’Or, White Lake and Maseres Projects. Agnico Eagle also owns approximately 6% of the issued and outstanding common shares of Melkior.

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