Melkior Continues to Intersect Wide Polymetallic Sulfide Mineralization at Genex
Head Office: 66 Brousseau Ave., Suite 207, Timmins, ON P4N 5Y2 Canada
Melkior Continues to Intersect Wide Polymetallic Sulfide Mineralization at Genex
December 15, 2022 Trading Symbol:MKR
TSX Venture Exchange
Highlights:
• Visual observations on approximately 1,207 metres of drilling completed across 9 holes located within 100
metres of the historical Genex underground infrastructure.
• Disseminated to semi-massive polymetallic mineralization has been intersected in all holes drilled to date
ranging in width from 2.2 to 40.2 metres
• A new volcanogenic massive sulfide lens with associated stringer intervals was discovered outside the
historical Genex deposit.
• Drilling was completed in late November, with the program totalling 4,223 metres
Timmins, Ontario. Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is
pleased to provide a second visual update from its drill program completed at Genex, which commenced in
early October. On April 21st, 2022, the Company announced an option agreement for the Genex Project to
earn 100% over 7 years from International Explorers & Prospectors Inc (see news release dated April 21,
2022). The Genex Project is a gold-copper polymetallic VMS exploration target with significant near-term
resource potential.
Figure 1: GEN-22-12 (106m)
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*The photos are of selected intervals and are not necessarily indicative of the mineralization hosted within the
entirety of the drill holes
Drilling
This update includes 9 holes totalling 1,207 metres ranging in depth between 75 and 220 metres, targeting infill
and extension targets around the historical Genex Mine (see following diagram). From logging, 5 holes out of 9
returned at least one mineralized interval over 10 metres hosting disseminated chalcopyrite-pyrite, pyrite-sphalerite
and/or pyrite. Three holes drilled in two different areas host massive or semi-massive intervals embedded in the
disseminated sulfide envelope.
Genex Infill:
Holes GEN-22-10, and GEN-22-13 were drilled about 30 metres east of the shaft area to test the near surface
up-dip extension of the Genex structure. Hole GEN-22-14 was drilled across the underground workings using
a north north-west azimuth to test the potential for large near-surface disseminated mineralization. In this hole,
repeated sulfide clusters, veins and stringer zones hosting up to 10% chalcopyrite with accessory sphalerite
over metric intervals were observed from a depth of 25 to 110 metres along hole. The host rock is a volcanic
breccia of intermediate composition affected by zones of strong chloritization, carbonatization and
sericitization.
South West Extension:
GEN-22-08, GEN-22-09, GEN-22-17 and GEN-22-18, tested the geometry of a western extension of the
Genex system up to a distance of about 100 metres from the known deposit. The first two holes tested the
down dip potential while GEN-22-17 and GEN-22-18 were planned to test a possible updip extension close to
surface and lateral continuity.
The most significant observations were made on hole GEN-22-18, where two sulfide occurrences were
identified. A chalcopyrite stringer zone is present from 70.3 to 89.7m, hosted in massive mafic to intermediate
vesicular volcanic flows affected by moderate carbonate-chlorite alteration. The second mineralized interval is
defined from 101.8 to 111.0m. The mineralization is an example of volcanogenic massive pyrite-chalcopyrite
layers with associated stringers located at the contact between the Genex felsic fragmentary unit and massive
andesite. The high level of chloritization and carbonatization tends to obscure primary contacts.
Figure 2: GEN-22-18 (105.6m)
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Genex Down Plunge:
GEN-22-11 and GEN-22-12 were drilled to cover a potential southward continuity of the Genex system. The
most encouraging observations were obtained from hole GEN-22-12, where a true VMS (volcanogenic
massive sulfide lens) occurs at about 50 metres from the historical Genex mineralization and is hosted in a
distinct volcanic sequence. The new mineralization takes the form of massive chalcopyrite-pyrite lenses hosted
by volcanic tuffs from 106 to 117.5 metres along hole. A volcanic contact at 33 metres marks a clear change
from sericite to chlorite contact alteration.
Figure 3: GEN-22-12 (108m)
Visual Intercept Highlights:
The following observations were made as indications of the Genex Au-Cu Zone, but they have not yet been
correlated with gold, copper, zinc or silver grades.
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*For a full list of figures please refer to this link.
** GEN-22-15 & 16 were not drilled.
Drill Hole Coordinates
DDH Az Dip Length UTM NAD83 z17 - E UTM NAD83 z17 - N Elevation (ASL)
GEN-22-08 150 -85 105 458773 5370091 344
GEN-22-09 60 -75 200 458648 5370058 346
GEN-22-10 60 -65 147 458815 5370155 349
GEN-22-11 330 -60 220 458848 5370061 351
GEN-22-12 150 -66 120 458813 5370122 350
GEN-22-13 60 -66 75 458813 5370122 350
GEN-22-14 330 -50 105 458800 5370196 348
GEN-22-17 330 -60 149 458671 5370117 346
GEN-22-18 330 -57 95 458728 5370120 346
DDH From m To m Width m Observations Target Impact Figures
GEN-22-08 25.5 35.15 9.65 Pyrite 1%, sphalerite 1%, trace chalcopyrite South-west extension Rhyolite dome contact
(81m)
GEN-22-09 84.1 87.4 3.3 Stringers and clusters (pyrite 1%, chalcopyrite 1%,
sphalerite 1%) in a volcanic interval. South-west extension
Strong, considering the
step out width (>100 m) at
shallow depth.
GEN-22-10 21 28.3 7.3 Coarse grained pyrite clusters (7%) with 2% sphalerite in
veinlets. Genex updip extension Near surface sulfide
occurrences found.
56 85.3 29.3
Discontinuous succession of sulfide clusters and
stringers: 0.5% to 2% pyrite-chalcopyrite over metric
intervals.
153 190 37 Disseminated pyritic halo associated with brecciated
intervals and quartz-carbonate veinlets.
GEN-22-12 106 117.5 11.5
Successions of semi-massive to massive sulphide
intervals between 40cm to 1.5m (figure 1): >50%
chalcopyrite, 1-40% pyrite and 1-5% sphalerite in mafic-
intermediate volcanic rocks.
Genex down plunge
extension
True VMS mineralization
detached from the
historical Genex zone.
1&3
16.6 18.8 2.2 Red sphalerite stringers (1%) with trace levels of
chalcopyrite and galena.
29 31.5 2.5 Pyrite (2%) in granular clusters, disseminated sphalerite
(2%) and chalcopyrite (1%).
25.2 47 21.8
1-10% stringers/clusters of chalcopyrite, trace to 3%
pyrite and trace to 3% sphalerite in strongly
brecciated/carbonatized mafic volcanic unit.
70.1 110.25 40.15
1-5% stringers/clusters of chalcopyrite, 1-5% pyrite and 1-
5% sphalerite in strongly brecciated/carbonatized mafic
volcanic unit.
4.3 15.5 11.2 Pyrite (3%) sphalerite (1%) and chalcopyrite (<1%) in
stringer veins.
Genex, western shallow
extension
New shallow
mineralization identified
15.5 21.4 5.9
Up to 10% pyrite, 3% sphalerite and 2% chalcopyrite, with
magnetite, forming clusters and distorted centimetric
veins.
Genex, western shallow
extension
New shallow
mineralization identified 5&6
141 149 8 Up to 2% chalcopyrite and 1% pyrite as stockwork veins. Genex, western
extension, down dip
Genex western extension
lateral continuity
70.3 89.7 19.4 Chalcopyrite 2%, clusters and stringers (1-3cm wide). Genex, western shallow
extension
New shallow
mineralization identified
101.8 111 9.2 Chalcopyrite 3%, pyrite 2%, sphalerite 2%, forming
massive sulfide layers and cross-cutting stringers.
Genex, western
extension, up dip
Genex western extension
lateral continuity 2&4
GEN-22-17
GEN-22-18
December 2022, Genex Project, Visual Mineralization Description
Large disseminated
mineralization similar to
holes of the IG-17 series.
Indication of wide
mineralized halos outside
the historical Genex zone
Genex infill
Genex up dip extension
Genex down plunge
extension
GEN-22-11
GEN-22-13
Part of a discrete
stockwork vein zone; near
surface updip extension
of the Genex system.
GEN-22-14
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3D Plan View of the Genex Gold-Copper System*
*Gold-equivalent grade shells (gold + copper + zinc + silver) based on inverse distance interpolation using
Leapfrog software.
Qualified Person
All technical information in this press release has been reviewed and approved by Peter Caldbick, P.Geo. Mr.
Caldbick is a consultant for Melkior and a Qualified Person for the purposes of National Instrument 43-101.
About Melkior Resources
Melkior Resources is an exploration stage resource company in world -class mining jurisdictions with a strong
partner. Melkior’s flagship Carscallen Project is being advanced by Kirkland Lake Gold (now Agnico Eagle
Mines) through a $110M option/joint venture agreement. Melkior under 100% ownership is focused on
advancing it s Genex, Val D’Or, White Lake and Maseres Projects. Agnico Eagle Mines currently owns
approximately 6% of the Company.
ON BEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, please contact:
6
Melkior Resources Inc.
E-mail: [email protected]
Tel: 226-271-5170
The reader is invited to visit Melkior's web site www.melkior.com.
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