MKR.V · 2022-05-03 12:00:00

Melkior Intersects 13.42g/t Au over 2.0 Meters at Carscallen

Drill Results

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

May 3, 2022 Trading Symbol:MKR

TSX Venture Exchange

Highlights:

• 13.42 g/t Gold over 2.0 Meters (m), Including 51.9 g/t Au over 0.5m in CAR-21-20

• CAR-21-19 successfully extended the mineralized trend 350 meters northwest of the Zam Zam

Zone. This has resulted in identifying multiple high-grade gold-bearing zones within an

approximately 2.5 km by 1.2 km NNW-SSE corridor.

• Drilling is estimated to resume during Q2 2022, with 4,200 meters currently budgeted for the

remainder of the year.

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

pleased to announce results from 3,684 meters of drilling from the $110 million strategic investment and

partnership with Agnico Eagle Mines (Previously Kirkland Lake Gold) at the Carscallen Project located

approximately 25 kilometres southwest of Timmins Ontario. This program is being operated by Agnico Eagle

Mines (“Operator”) under the option / joint venture announced on Sept 28, 2020. As of March 2022, there was

approximately $1.3M of work commitment left to be spent by September 2022 to meet the minimum

commitment.

Program Highlights:

• The Carscallen Gold Project lies within the township of Carscallen, approximately 25 kilometers

southwest of Timmins, Ontario. It is comprised of 295 claim units covering 47 square kilometers with

100% ownership by Melkior.

• The drill program consisted of 3,684 meters.

• Drill hole CAR-21-18, collared approximately 50 meters northwest of the ZamZam/Jowsey zone,

intersected 6.88 gpt Au over 1.5 meters from 384.5 to 386 meters, including 19.6 Au gpt over 0.5

meters from 385.5 to 386.0 meters. Drill hole CAR-21-19, collared 300 meters north of CAR-21-18,

intersected 5.85 gpt Au over 1.5 meters from 400.0 to 401.5 meters including 16.1 gpt Au, 83.6 gpt

Ag, .33% Cu and .23% Zn over 0.5 meters from 401.0 to 401.5 meters.

• Both vein intersections in drill holes CAR-21-18 and CAR-21-19 are interpreted to be the same vein

system, with CAR-21-18 intersected at approximately 280 meters vertically below surface and CAR-

21-19 at approximately 300 meters vertically below surface. In addition, with multiple vein

intersections in CAR-21-18, these intercepts open this 300-meter gap between the two drill holes for

additional drill testing and extend the ZamZam/Jowsey zones by 350 meters, which is open to the

north.

• A deep hole, CAR-21-20, in the Shenkman zone intersected 13.42 gpt Au over 2.0 meters from 642 to

644 meters, including 51.9 Au gpt over 0.5 meters from 643.5 to 644 meters, approximately 520

meters vertically below surface. This intercept occurred approximately 160 meters down dip of an

earlier intercept in drill hole CAR-20-10, which intersected 6.85 gpt Au over 4.1 meters from 408.5 to

412.6 meters, including 40.1 gpt Au over 0.5 meters from 412.1 to 412.6 meters approximately 375

meters vertically below surface.

• These intercepts from the 2020/2021 drill campaigns have effectively expanded on the down-dip

intercepts in the Shenkman zone from historical drilling by approximately 280 meters.

Jonathon Deluce, CEO of Melkior, remarks, “We are excited to announce these developments from our

Partnership’s second phase of drilling. We continue to demonstrate the expansion potential of the high-grade

gold-bearing zones within an approximately 2.5 km by 1.2 km, NNW-SSE corridor. We look forward to

commencing our Phase 3 drill program during Q2.”

VIDEO: Melkior CEO Update

Significant Assay Table

Hole-ID From

(m) To (m) Length

(m) Au (g/t) Ag (g/t) Cu (%) Zn (%)

CAR‐21‐17 388.5 389.0 0.5 6.38

424.0 425.0 1.0 2.01

488.0 489.0 1.0 1.30

495.0 496.0 1.0 3.69

509.5 510.0 0.5 3.31

646.5 647.0 0.5 3.72

658.5 659.0 0.5 5.17

CAR‐21‐18 125.5 126.0 0.5 8.70

176.0 177.0 1.0 3.65

376.0 376.5 0.5 6.39

384.5 386.0 1.5 6.88

Incl. 385.5 386.0 0.5 19.60

CAR‐21‐19 73.0 74.0 1.0 1.56

400.0 401.5 1.5 5.85

Incl. 401.0 401.5 0.5 16.10 83.6 0.33 0.23

CAR‐21‐20 629.5 632 2.5 2.95

642 644 2.0 13.42

Incl. 643.5 644 0.5 51.9

655.5 656 0.5 2.03

CAR‐21‐21 590.5 591.6 1.1 2.92

761 761.8 0.8 1.19

852 853.0 1.0 1.48

CAR‐21‐22 69.5 71 1.5 1.37

88 88.5 0.5 1.45

* Stated lengths are core lengths as drilled. True widths are estimated to be 80% of reported core length

intervals.

Plan View:

Hole ID Easting UTM Northing UTM Length (m) DIP Azimuth

CAR‐21‐17 5358492 451768 702 ‐60 240

CAR‐21‐18 5358714 451632 414 ‐50 240

CAR‐21‐19 5359006 451595 423 ‐50 240

CAR‐21‐20 5358292 452268 882 ‐55 240

CAR‐21‐21 5358642 452055 960 ‐55 240

CAR‐21‐22 5356610 451688 303 ‐55 190

The drill program was performed and managed by Agnico Eagle Mines (Previously Kirkland Lake Gold). The

drill core was split with half sent to Actlabs in Timmins, O N, and fire assayed with an AA with any samples

over 10 g/t being assayed with gravimetric finish. Whole metallic assays were performed on samples containing

visible gold. In addition , all six drill holes were treated with the 1E3 36 element multi -element package with

aqua regia analyses. Duplicates, standards, and blanks were inserted into the sample stream.

Carscallen Next Steps:

• Drilling is estimated to resume during Q2 202 2, with a minimum 4,200 meters currently budgeted for

the remainder of the year.

• A historical geophysics review is underway to assist with exploration targeting.

• This summer, a field program is being planned with a second phase of soil sampling, trenching and field

mapping being considered.

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.

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.

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