Melkior Intersects 0.75% Copper over 8.45m Extending the Genex System 200m North
Head Office: 66 Brousseau Ave., Suite 207, Timmins, ON P4N 5Y2 Canada
Melkior Intersects 0.75% Copper over 8.45m Extending the Genex System 200m North
June 21, 2023 Trading Symbol:MKR
TSX Venture Exchange
Highlights:
• Final results from the successful maiden (Melkior operated) 4,194-meter drill program at the Genex
Project
• GEN-22-24 and GEN-22-25 highlight the expansion potential 200 metres northwest of the historical
Genex mine
• GEN-22-24 intercepted 0.75% Cu, 12.08 g/t Ag over 8.45 metres, including 1.48% Cu and 22.03 g/t Ag
over 2.4 metres
• GEN-22-25 intercepted 1.24% Zn over 13.85 metres within 0.76% Zn over 30.25 metres
• These results, combined with our first batches previously announced (GEN-22-01: 0.96% Cu & 0.22g/t
Au over 27.0 metres, GEM-22-12: 3.35% Cu, 0.46g/t Au & 9.6 g/t Ag over 6.0 metres) demonstrate the
expansion and near-surface bulk tonnage potential of the historical Genex Deposit
Timmins, Ontario. Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is
pleased to announce the remaining results from its maiden Melkior-operated 4,194 drill program at the Genex
Project. 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 polymetallic exploration target with near-term resource potential based on a high
density of historical drilling around the former Genex deposit, which is located from surface down to 100
metres in depth. These results continued to demonstrate the wide development possibility of this type of
polymetallic and VMS target.
Program highlights include GEN-22-24 intersecting 0.75% Cu, 12.08 g/t silver over 8.45 metres, including
1.48% Cu and 22.03 g/t silver over 2.4 metres. GEN-22-25 intersecting 1.24% Zn over 13.85 metres, within
0.76% Zn over 30.25 metres. These intercepts extend the Genex System up to 200 metres north of the historical
mine.
Jonathon Deluce, CEO of Melkior, remarks, “We are excited about these results as they highlight the
expansion potential of the historical Genex deposit, situated approximately 200 meters away from existing
underground infrastructure. These findings affirm the existence of shallow-depth satellite or extension zones.
We look forward to leveraging what we have learned to plan our next phase of drilling and start follow-up
surface work this month. Further details of our summer program will be provided shortly.”
Program Details:
These 14 holes total 2,220 metres, with lengths between 75 and 246 metres, located at the margin of the
composite grade shell modelled using Leapfrog software (see news release dated October 27, 2022) for
technical information). The program tested continuities and satellite lenses of base metal and gold
mineralization extending the historical Genex Mine. Additionally, four holes were drilled to test the Gossan
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Target defined by IP chargeability anomalies. The Gossan target is located about 600 metres northeast of
Genex, identified from a thick layer of rusty sand mixed with quartz fragments and identified during previous
drilling operations.
Genex Northwest Extension:
A series of five holes (GEN-22-17, 18, 23, 24, 25) were drilled on a staggered section following a north-
northwest (N330°) section, up to 200 metres away from the Genex Mine. The objective was to assess a
sequence of parallel northeast IP chargeability anomalies, which extend for about 300 metres on both sides of
the historical Genex area. Additional investigation is required to confirm the relationship between the Genex
historical deposit and the northwest target. This target is based on a compilation of historical drillholes that
revealed a concentration of gold and copper anomalies at an average vertical depth of 100 meters, within a
formation consisting of felsic, tuffaceous to sedimentary layers in contact with mafic intrusions. The north-
northwest drilling strategy aimed to intersect geophysical anomalies at a perpendicular angle.
Holes GEN-22-24 and GEN-22-25 encountered substantial mineralized intervals within trends situated
approximately 200 meters northwest of the Genex infrastructure. These intervals may be associated with a
succession of sulfide stringers occurring at intervals of 10 to 30 metres.
Hole GEN-22-24 yielded the most significant result, with values of 0.75% Cu and 12.08 g/t Ag over 8.45
meters. This includes a higher-grade section measuring 2.4 meters, returning values of 1.48% Cu, 22.03 g/t
Ag, and 0.014% Co. Additionally, further down the hole, there is a zinc-enriched interval measuring 11.3
meters, with a grade of 0.93% Zn (refer to the table below for detailed results). The copper mineralization,
resembling the Genex system, is hosted in a strong chlorite alteration. The zinc mineralization is associated
with pyrite in stringers, occurring alongside a dominant sericite alteration that surrounds the chlorite zone. The
entire zoning is constrained in the same vesicular andesitic flow.
Hole GEN-22-25 intersected a significant mineralized interval of 1.24% Zn over 13.85 meters, which is part
of a broader mineralized envelope characterized by lower grades. The mineralization is observed as a cluster of
replacements, with pyrite occurring within the porosity of the andesite flow. In addition, there are stringer
veins hosting the zinc mineralization, situated within layers exhibiting strong interlayered sericite and chlorite
alteration.
Genex Trend:
Hole GEN-22-14 was drilled longitudinally inside the Genex historical trend following a 330° azimuth to test
the potential intersection of northeast-oriented mineralized structures between Genex Zones C and A. Notably,
a repeated occurrence of stringers and breccia, ranging from 1 to 5 meters in thickness, was observed down to
a vertical depth of 80 meters. The highlight intercept was 0.46 g/t gold, 0.93% Zn over 5 meters. GEN-22-14
helped fill the gap between historical zones “A”, “H”, “C” by highlighting wide low-grade disseminated
mineralization around the historical high-grade lenses.
Holes GEN-22-17 and GEN-22-18 were drilled perpendicular to the southwest extension of the shaft area,
using a N330° azimuth, positioned between 50 and 100 metres from historical underground workings. GEN-
22-17 intersected the direct up-dip continuity of the southwest extension with a chlorite-hosted sulfide stringer
yielding 0.56% Cu over 5.7 metres between 15 to 21.4 metres. Additionally, minor silver content was
observed, along with sporadic presence of gold and cobalt values, reaching up to 0.3 g/t Au and 0.03% Co,
respectively.
At the end of GEN-22-18 a new mineralized structure was identified following the down dip extension to the
west of the Genex system. The result of 0.58% Cu, 0.4 g/t Au over 4.1m takes the form of chalcopyrite rich
stringer veins hosted in a chlorite-silica pervasive alteration.
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Located approximately 200 meters northward, shallow holes GEN-22-19, GEN-22-20, and GEN-22-22 were
drilled to explore targets near the historical C Zone. Hole GEN-22-19 was positioned along the strike
immediately south of the C Zone underground development, while the other two holes targeted the footwall of
the zone. Together, these three holes cover around 100 meters of strike and dip extension, with the objective of
intersecting a gently dipping pillow lava basalt.
Each hole successfully intercepted the crucial contact before encountering mafic intrusive formations. Notably,
in hole GEN-22-20, a chalcopyrite-bearing stringer with a grade of 0.2% Cu over 1.2 meters was identified.
On the other hand, hole GEN-22-22 revealed an intriguing discovery, passing through a prominent pyrite
stringer spanning 15 meters. This pyrite stringer was hosted within a carbonatized andesite, although no
significant metal enrichment was observed. The results and observations from both holes will be utilized to
refine the targeting of the fertile structure.
Gossan Target
Four holes were drilled to test strong and wide chargeability anomalies correlated from line to line going
northeastward, about 100 metres south of the Gossan Target. The program is a first attempt to understand the
alteration signature and geometry.
None of the four holes intercepted significant copper or gold anomalies. However, the series of holes,
spanning over 400 meters along strike, revealed the presence of strong pervasive alteration, locally hosting
sulfides, and a volcanic flow top represented by a sulfide bearing graphitic horizon. The eastern section of the
area exhibited a transition to a thick sequence of tuffaceous and sedimentary rocks, where strong sericitization
and pyritization were also observed.
Consequently, the program successfully identified amygdaloid carbonatized andesite, similar to the main host
rock in the Genex deposit, located more than 500 meters east-northeast from the Genex Mine.
Gossan drill tested Lithologies Alteration Mineralization
GEN-22-26 Amygdaloid andesite
Brecciated andesite
Strong carbonatization,
variable chloritization from
surface down to 90m.
52.3 – 66m
Semi-massive to massive
pyrite-pyrrhotite
GEN-22-27 Massie to pillowed
andesite
Strong diffuse silicification
Carbonatization from
133.2m
147-157m
Sericite-pyrite shear with
quartz veining
GEN-22-28 Massive to pillowed
andesite
Graphitic mudstone
Variable diffuse
carbonatization
Disseminated pyrite
GEN-22-29 Tuff
Sediments
Strong diffuse
carbonatization with
sericite
Disseminated pyrite.
Table 1: Summary of Drill Results
Hole ID From
(m) To (m) Length
(m)
Cu
(%)
Gold
(g/t)
Ag
(g/t)
Zn
(%)
Co
(%)
GEN-22-14 6 11 5 0.46 - - -
incl 6 7 1 - 1.7 - -
24 26 2 1.19 0.7 - -
44.1 46.4 2.3 - 0.45 - 0.69
81 86,2 5.2 - - - 0.96
GEN-22-17 15.7 21.4 5.7 0.56 - 4.3 0.012
4
incl 16.6 19.4 2.8 - 0.22 - -
110.8 112 1.2 - 0.8 - -
GEN-22-18 86.6 88 1.4 - 1.76 - - -
101.5 105.6 4.1 0.58 0.4 - - -
incl 104 105.6 1.6 1.07 0.6 - - -
GEN-22-19 43.1 43.6 0.5 0.23 - - - -
GEN-22-20 52.0 53.2 1.2 0.2 - 4.1 - -
GEN-22-23 99.4 100 0.6 0.25 - - 1.07 -
106.9 108 1.1 0.14 - - 1.06 -
GEN-22-24 54 68,4 14.4 0.27 - - - -
76,7 85 8.3 0.58 - - - -
109 117,45 8.45 0.75 - 12.08 - -
110 112,4 2.4 1.48 - 22.03 - 0.010
130.5 141.8 11.3 - - - 0.93 -
GEN-22-25 87.5 89.2 1.7 - - - 1.56 -
150.15 180.4 30.25 - - - 0.76 -
incl 150.15 164 13.85 - - - 1.24 -
Note 1: Stated lengths are core lengths as drilled. True width for holes is unknown at this stage of work.
Note 2: Compared to previous releases, the reporting of individual metal grades is utilized to better represent
local high-grade portions of the mineralization and to better model the geometry for follow-up drilling.
Note 3: Holes GEN-22-21, GEN-22-22, GEN-22-26, GEN-22-27, GEN-22-28, GEN-22-29 did not intercept
any intervals above 0.2% copper over more than 0.5m
Drill Hole Coordinates
DDH_No UTMnad83_East UTMnad83_North Azimuth Dip Length
GEN-22-14 458793 5370200 330 -50 126
GEN-22-17 458671 5370117 330 -60 149
GEN-22-18 458731 5370119 330 -60 111
GEN-22-19 458781 5370312 60 -72 120
GEN-22-20 458727 5370338 360 -50 75
GEN-22-21 458724 5370335 360 -70 120
GEN-22-22 458724 5370335 60 -70 111
GEN-22-23 458680 5370400 330 -48 119
GEN-22-24 458628 5370293 330 -50 246
GEN-22-25 458674 5370213 330 -50 210
GEN-22-26 459377 5370354 330 -50 201
GEN-22-27 459556 5370541 150 -50 209,1
GEN-22-28 459612 5370788 150 -75 219
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GEN-22-29 459693 5370672 150 -50 204
The field program was run by SL Exploration, and the drill core was split with half sent to AGAT in Timmins,
ON, and fire assayed with an AA, with any samples over 10 g/t being assayed with gravimetric finish. Whole
metallic assays are performed on samples if they contain visible gold. Additionally, for base metals, Metals
Package by 4 Acid Digest, ICP-OES Finish was used with over limits tested by 4-Acid dilution testing.
Duplicates, standards, and blanks were inserted into the sample stream.
Genex Option Update:
The Company announces that it has completed all its’ first-year option obligations, including:
• Paid $50,000 to International Explorers & Prospectors Inc (“IEP”)
• Issued 500,000 common shares to IEP subject to a statutory hold period of four months and one day
from the date of issuance.
• Completed first-year work commitment by incurring over $750,000 in work expenditures.
• Delivered an annual report which summarized the work done on the property along with supporting
documentation.
The Company is funded and on track to complete its’ second-year obligations.
Qualified Person
All technical information in this press release has been reviewed and approved by Martin Demers, P.Geo. (PGO
registration #3785). Mr. Demers 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 Agnico Eagle Mines Limited through an
option agreement pursuant to which Agnico Eagle 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 a 10-year
period. See the Company’s news release dated September 28, 2020 for more information. Melkior, under
100% ownership, is focused on advancing its Genex, Val D’Or, White Lake and Maseres Projects. Agnico
Eagle also owns approximately 6% of the issued and outstanding common shares of Company.
ON BEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, please contact:
Melkior Resources Inc.
E-mail: [email protected]
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.
Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the
meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements
and are based on expectations, estimates and projections as at the date of this news release, and include statements with respect to the anticipated
timing of the Agreement and payments thereunder and statements with respect to the non-43-101 compliant resource estimates on the property to be
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