MKR.V · 2020-05-20 12:00:00

Melkior Announces Strategic Partnership with Kirkland Lake Gold

Partnerships & JV

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

May 20, 2020 Trading Symbol: MKR

TSX Venture Exchange

Timmins, Ontario. Melkior Resources Inc. (“ Melkior” or the “ Company”) (TSXV:MKR) is

pleased to announce a strategic partnership with Kirkland Lake Gold (“ Kirkland”) pursuant to

which Melkior will raise $1,000,000 by way of a non-brokered private placement to Kirkland of up

to 1,250,000 units at a price of $0.80 per unit.

Each unit will be comprised of one common share of Melkior and one common share purchase

warrant entitling Kirkland to acquire a Melkior share for $1.20 per share for a period of two years

from the closing of the financing.

The financing remains subject to receipt of all necessary regulatory approvals, including conditional

approval of the TSXV.

In addition, the parties have entered into a non-binding term sheet pursuant to which Kirkland may

acquire an option on the Company’s Carscallen Property, located 25 kms west of Timmins (the

“Property”). Upon entering into definitive agreements, Kirkland w ould have the right to earn up

to a 50% interest in the Property over a five year period upon incurring certain exploration

expenditures. Upon completion of the earn in and formation of a joint venture , Kirkland would

retain the right to acquire an additio nal 25% interest in the Property over a subsequent five year

period upon incurring additional exploration expenditures. E ntering into the option and joint

venture agreement remains subject to the negotiation and execution of definitive agreements and

the r eceipt of all required board and regulatory approvals. A subsequent News Release will be

issued once a definitive agreement has been entered into.

Jonathon Deluce, Chief Executive Officer of Melkior Resources, commented:

"We are extremely proud to announce this landmark equity investment and potential joint-venture

agreement with one of the world's most respected gold mining companies. W e believe this may

provide our shareholders with the upside of discovery with limited share dilution to advance th e

Property. Kirkland Lake Gold CEO Tony Makuch was President and CEO of Lake Shore Gold, from

2008 until its acquisition by Tahoe Resources in 2016. The operation was later acquired again by

Pan American Silver, which shares a 9km border with our Carscallen gold project.

Mr. Makuch and his technical team have a comprehensive understanding of the geological setting

within the Timmins gold camp, which we felt as a board made this the perfect fit. We will continue

to focus on advancing our other assets while providing updates as they come available at the

Carscallen Project. We want to thank our long -standing shareholders as we look forward to

welcoming Kirkland Lake Gold as a strategic partner upon completion of the financing.”

ON BEHALF OF THE BOARD

Jonathon Deluce, CEO

For more information, please contact:

Melkior Resources Inc.

Tel: 226-271-5170

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.