MKR.V · 2023-03-10 12:00:00

Melkior Intersects 16.8 g/t Gold over 1.5 Meters at Carscallen

Drill Results

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

March 10, 2023 Trading Symbol:MKR

TSX Venture Exchange

Highlights:

• 16.8 gpt Gold over 1.5 meters, including 49.6 gpt Gold over 0.5 meters in CAR-22-31

• CAR-22-31 successfully extended the strike extent of the Shenkman Zone by 100

meters to the south

• CAR-22-27 increases the total strike extent of the gold system to 2.5 k ilometers

across the Zamzam and Shenkman Zones (Between CAR-22-27 and CAR-20-06)

• CAR-22-29 is one of the deepest gold intercepts in the 1010 North Zone, confirming

the continuity of the gold-bearing structures at depth

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

(OTC:MKRIF) is pleased to announce results from 6,283 meters of drilling at the Carscallen Gold

Project located approximately 25 kilometres southwest of Timmins Ontario.

Program Highlights:

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

kilometers southwest of Timmins, Ontario and borders the Genex Project which Melkior

has under option from International Explorers & Prospectors Inc. It is comprised of 344

claim units covering 60 square kilometers with 100% ownership by Melkior.

• The Phase 3 drill program consisted of 6,283 meters.

• The Phase 3 drill program was designed to follow up on 2021 -Q4’s program and was

planned with holes targeting the deep Shenkman Zone and North Zam Zam Extension.

Additional holes were drilled in the Mystery and 1010 Zones.

• CAR-22-25 was drilled in the southern portion of the Shenkman and targeted a higher -

grade northwest trending corridor of gold mineralization. Significant assays from this drill

hole include 4.42 gpt Au over 0.5 meters and 6.75 gpt Au over 1.5 meters from 329.2

to 330.7 meters, including 18.30 gpt Au over 0.5 meters. In addition, a strong zone of

mineralization between 515 and 525 meters was intersected with sulphide-enriched

quartz-carbonate veins. Assays from this zone include 8.49 gpt Au over 0.5 meters ,

8.10 gpt Au over 0.5 meters and 8.49 gpt Au over 0.5 meters.

• CAR-22-28 was collared approximately 100 meters south-west of CAR-22-25, Following

up on the encouraging results . Significant intersects include 4.93 gpt Au over 0.5

meters, 14.5 gpt Au over 0.5 meters, 4.15 gpt Au over 0.5 meters, and 4.49 gpt Au

over 1 meter including 7.92 gpt Au over 0.5 meters.

• CAR-22-31, collared approximately 100 meters southwest of drill hole CAR-22-28 on the

southern portion of the Shenkman Zone, intersected 16.8 gpt Au over 1.5 meters from

395 to 396.5 meters, including 49.6 gpt Au over 0.5 meters.

• CAR-22-27 was drilled approximately 450 meters north of the Zam Zam Zone and

intercepted 8.29 gpt Au over 0.5 meters within a 30 cm quartz vein hosting elevated

pyrrhotite, pyrite and minor chalcopyrite. The new intercept is also 100 meters north and

along the projected strike from a similar 30 cm quartz vein seen in CAR -21-19 that

assayed 5.85 gpt Au over 1.5 meters . This has significant implications for exploration

north of the Zam Zam Zone as these intercepts are situated where no significant drilling

has been completed to the north and at depth.

• CAR-22-29 was collared to target an elevated IP chargeability response on the 1010

North Zone. This drill hole encountered two significant sulphide veins at 100.2 meters

which returned 2.29 gpt Au over 0.7 meters, and at 194.5 meters which returned 8.19

gpt Au over 1.5 meters, including 19.5 gpt Au over 0.6 meters. Both veins occurred

within carbonatized granodiorites and are described as significant clusters of coarse

subhedral pyrite. This is one of the deepest gold intercepts in the 1010 North zone and

suggests continuity downdip of gold-bearing structures at depth.

Jonathon Deluce, CEO of Melkior, remarks, “We are excited about these developments from the

Phase 3 drill program at the Carscallen Gold Project. 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.”

Significant Assay Table:

Hole-ID From

(m)

Length

(m)

(g/t)

CAR‐21‐23 588.16 590.2 2.04 2.60

596 596.5 0.5 3.59

CAR‐22-24 633 633.5 0.5 1.59

635 635.6 0.6 2.39

CAR‐22-25 324.5 325 0.5 4.42

329.2 330.7 1.5 6.75

Incl. 329.7 330.2 0.5 18.3

515.5 516 0.5 8.49

522 522.5 0.5 8.1

525 525.5 0.5 8.49

CAR‐22-26 191.25 191.75 0.5 2.6

209.5 210 0.5 1.69

464 464.5 0.5 8.36

CAR-22-27 341.7 342.2 0.5 8.29

CAR-22-28 251 251.5 0.5 4.93

254.5 255 0.5 2.31

272.5 273 0.5 14.5

290.5 291 0.5 4.15

476 476.5 0.5 2.27

501.5 502.5 1.0 4.49

Incl. 502 502.5 0.5 7.92

CAR-22-29 100.2 100.9 0.7 2.29

194.5 196 1.5 8.19

Incl. 195.4 196 0.6 19.5

CAR-22-31 287.5 288 0.5 2.32

292 292.5 0.5 9.96

301.2 302 0.8 2.29

307.5 309 1.5 2.07

395 396.5 1.5 16.8

Incl. 396 396.5 0.5 49.6

443.5 444.1 0.6 23.1

0.0

CAR-22-32 735 737 2.0 1.13

739 739.5 0.5 1.17

0.0

* Stated lengths are core lengths as drilled. True

widths are estimated to be 80% of reported core

length intervals.

Newly Targeted High-Grade Corridor:

• A new interpretation was modelled with Datamine software to outline the higher grade

(>25g/t) gold veins to produce a grade shell for drill targeting.

• Preliminary modelling identified a high-grade corridor trending 40 degrees northeast, with

an approximate width of 75 meters and a strike length of 375 meters. The high-grade

corridor is located in the Shenkman Zone and was targeted in holes 25, 2 8, 31 and 32

using a 310-drill azimuth.

• This strategy proved successful with encouraging intercepts in drill holes CAR -22-25,

CAR-22-28, and CAR-22-31. CAR-22-031 was successful in expanding this corridor to the

southwest intercepting 49.6 gpt Au over 0.5 meters. Further drilling is needed to refine

this model.

Plan View:

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

CAR‐22‐23 5358266 452216 786 -54 240

CAR‐22‐24 5358245 452286 777 -54 240

CAR‐22‐25 5357737 451868 600 -70 310

CAR‐22‐26 5357431 451994 546 -55 310

CAR‐22‐27 5359103 451533 450 -50 240

CAR‐22‐28 5357692 451826 702 -70 310

CAR‐22‐29 5357761 450946 462.5 -60 120

CAR‐22‐30 5357577 450725 402 -55 90

CAR‐22‐31 5357566 451812 801.9 -60 310

CAR‐22‐32 5357767 452158 756 -60 320

The drill program was managed by Agnico Eagle. The drill core was split with half core sent to

Actlabs in Timmins, ON, 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, select intervals 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:

• Building on the 2022 drill campaign, one of the stronger areas for further inve stigation is

the area between CAR-21-19 and CAR-22-27 for infill drilling. The 300‐meter gap between

CAR‐21‐18 and CAR‐21‐19 should also be investigated to build upon the values seen in

CAR‐21‐18. Uppercut and undercut drilling would also be warranted for both drill holes.

• Further recommendations would entail exploring the northwest -southeast higher-grade

corridor trending at a 310-degree azimuth by expanding drilling to the northwest to test the

Zam Zam Zone and the gap between the Shenkman and the Zam Zam Zone. In addition,

consideration for expanding on the downdip extension of an intercept of 8.19 gpt Au over

1.5 meters from 194.5 to 196 meters , including 19.5 gpt Au over 0.5 meters in the 1010

North Zone, would be recommended with an undercut drill hole.

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 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, 20 20 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.

This news release contains certain statements that may be deemed “forward -looking statements” with respect to the Company

within the meaning of applicable securities laws, including statements with respect to the Company’s future plans of Carscallen.

Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words

“expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or th at

events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations

expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future

performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-

looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to obtain al l

requisite approvals, including approval of the TSX Venture Exchange and securities regulatory authorities, if required for a

transaction or financing, the Company’s ability to raise sufficient capital to fund its obligations under its property agreem ents

going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop Carscallen or its other

projects and for general working capital purposes , changes in economic conditions or financial markets , the inherent hazards

associates with mineral exploration, changes in general economic conditions, the ability of the Company to obtain the necessary

permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a

timely fashion relative to the Company’s plans and business objectives for the projects, changes in environmental and other laws

or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations,

aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general

competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the

Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation

to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should

change.

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