Melkior – Maseres Project Update

Head Office: 66 Brousseau Ave., Suite 207, Timmins, ON P4N 5Y2 Canada

MELKIOR – MASERES PROJECT UPDATE

July 26, 2018 Trading Symbol: MKR

TSX Venture Exchange

Timmins, Ontario. Melkior Resources Inc. (“ Melkior”) would like to provide our shareholders

with an update on Maseres Project activities.

Soil sampling over priority areas in Maseres is well underway, sample collection is anticipated to

be completed by mid-September. Samples are being submitted for trace multi-element analysis

(ALS Method AuMe-TL43). Soil samples will be submitted in batch es, the first batch has already

been submitted, analytical turnaround times are estimated to be 4-6 weeks. Complete results from

the 5,000 A-Horizon soil sample program are anticipated to be available by the end of October.

Limited geological reconnaissance of the Maseres Project has be en conducted to provide some

context for those areas that host the priority VTEM EM anomaly trends. Consistent with

observations made in 2017 glacia l fluvial deposits are abundant and bedrock outcrop is limited.

Some of the priority EM trends were traversed where feasible, a lthough access is locally difficult.

It is anticipated that EM trends, if they are mineralized, coul d be softer than the surrounding rock

and may have been scoured into relief by glaciation, exacerbati ng the difficulty in ground truthing

the EM anomalies.

The reconnaissance observations generally reinforce the geologi cal setting envisioned and

proposed by Melkior in previous news releases. The bedrock obse rved on the Maseres Project are

considered to be consistent with a moderately metamorphosed Arc hean greenstone belt. The

environment as such would have been subaqueous deposition of ma fic and felsic volcanic rocks

of extrusive, volcano-sedimentary and chemical sedimentary orig in. Chert beds have been

observed in roadside bedrock exposure south of the area covered by the VTEM survey.

Metamorphic processes (heat and or pressure) have modified the mineralogical assemblages and

thus the appearance of the rocks. Field observations suggest th at heat has played a more dominant

role than pressure in the metamorphic process, based primarily on the ubiquitously low level of

deformation observed. While it is clear from outcrop exposure t hat folding and faulting is present,

more often than not what is interpreted to be volcanic stratigr aphic layering is preserved, distinct,

measurable and presents at first glance a cohesive pattern of orientation and composition.

The geologic data accumulated to date provides some context for the curious ring like magnetic

and EM trend located in the central area of the VTEM survey. Initial observations indicate that the

E M t r e n d i s l o c a l l y c o - i n c i d e n t w i t h a d e p r e s s e d a r e a b e t w e e n an apparent stratigraphic

compositional change from felsic to mafic rock. Interpreted str atigraphic information in

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conjunction with compositional observations suggest that the ri ng like structure could be the

horizontal expression of a gentl y folded and eroded stratigraph ic sequence within in a

metamorphosed volcanic package. T his interpreted stratigraphic sequence appears to have a

cohesive conductive signature and may be associated with a primary volcanic depositional source.

Melkior is currently working on a hypothesis that the EM conduc tive trends, from northeastern

boundary of the Maseres project to the center of the project ar ea, and to the southeast, might be

associated with a single folded stratigraphic sequence within a metamorphosed volcanic package.

Field work on the Maseres project is expected to continue through out the summer.

Wade Kornik, P.Geo., has approved the information contained in this release. Mr. Kornik is the

Exploration Manager of the Company and is Qualified Person as d efined by National Instrument

43-101.

ON BEHALF OF THE BOARD

Keith James Deluce, CEO

For more information, please contact:

Melkior Resources Inc.

E-mail: [email protected]

Tel: 705-267-4000

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

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