OTTAWA, ONTARIO–(Marketwired – May 5, 2016) – Melkior Resources Inc. (“Melkior“) (TSX VENTURE:MKR)(OTC PINK:MKRIF)(FRANKFURT:MEK) is pleased to announce the start of a 3,000 metre drill program on the 100% owned Carscallen gold property located in Carscallen Township in the Porcupine Mining Division, west of Timmins Ontario. The Carscallen property shares a common boundary with the Lake Shore Gold-Tahoe, Timmins West property that is currently in production for gold. The drill was put on the property on May 3 and started drilling on May 4.
The target will be gold mineralization in the volcanic rocks beneath the Carlton Lake Pluton. Typical, previously drilled holes that have intersected this zone in the mafic volcanic rocks have produced the following results:
Previous Gold Intersections in the Mafic Volcanic rocks (true widths not known)
CAR-32-2010: 5.84 g/t gold over 2.5 metres including 14.1 g/t gold over 0.6 metres (Melkior PR April 9, 2010),
CAR-57-2010: 89.5 g/t gold over 0.5 metres (Melkior PR August 19, 2010),
CAR-58-2010: 2.64 g/t gold over 13.5 metres (Melkior PR December 20, 2010),
CAR-59-2010: 3.19 g/t gold over 12.4 metres (Melkior PR December 20, 2010),
CAR-80-2012: 95.8 g/t gold over 2.0 metres including 185.5 g/t gold over 1.0 metre (Melkior PR April 12, 2012).
Recent compilation and evaluation of past drilling on the property has indicated that the majority of past work has been focussed on near surface, granitic hosted vein systems. This strategy has been very successful in locating quartz hosted veins, well mineralized with gold i.e. the Zam Zam, Jowsey and Shenkman veins. A mineralized zone has been located in drilling that extended through the granitic rocks and into the underlying volcanic rocks. This new zone has been traced for approximately 700 metres by past drilling and is characteristically associated with pyrite mineralization. This is a significant development in the search for gold bearing structures on the property. Previous mineralization on the property was limited at depth by the granitic-volcanic contact. Newly outlined sub-granitic gold mineralization in volcanic rocks is now open in all directions and to depth. In light of recent gold discoveries by Lakeshore Gold Corp in volcanic rocks on the adjoining Timmins West Property, this observation is of major significance.
In addition, Melkior has been accepted as a successful applicant for the Junior Exploration Assistance Program sponsored by the Northern Ontario Heritage Fund Corporation and the Ontario Prospectors Association. The Junior Exploration Assistance Program has committed to provide Melkior with a grant of up to 33.3 per cent ($100,000) on approved eligible exploration expenses on the Carscallen property.
Wayne Holmstead, Exploration Manager Melkior Resources commented, “We are very pleased that the Junior Exploration Assistance Program has provided us with extra funds for the exploration of the Carscallen gold property. The program will permit Melkior to increase exploration and drilling on its key Timmins property by at least 30%. This is an important exploration development in Ontario.”
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Sabino Di Paola
Interim CEO and CFO
613.293.9219
613.680.1091 (FAX)
[email protected]
Melkior Resources Inc.
Wayne Holmstead
Exploration Manager
613-721-2919
613-680-1091 (FAX)
[email protected]
