MKR.V · 2023-03-16 12:00:00

Melkior Intersects 2.29% Copper over 7.78m in Polymetallic Sulfides at Genex

Drill Results

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

March 16, 2023 Trading Symbol:MKR

TSX Venture Exchange

Highlights:

• Results from the first 6 holes drilled in the 4,194-meter drill program at the Genex Project

• GEN-22-01 intersected 0.96% Cu and 0.22g/t Au over 27.0 metres, including 2.29% Cu and 0.32g/t Au

over 7.78 metres.

• GEN-22-04 intersected 1.14 g/t Au, 0.52% Cu, 0.36% Zn and 14.17 g/t Ag over 15.65 metres, including

5.0 g/t Au, 1.98% Cu, and 61.26 g/t Ag over 2.7 metres.

• Significant cobalt results were obtained: 0.15% Co over 9.15 metres, including 0.415% Co over 2.7

metres in GEN-22-04.

• Both holes successfully extended the Genex Shaft Zone mineralization between 25 to 100 metres to the

north.

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

pleased to announce results from the first six holes in its maiden Melkior-operated 4,194-metre 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 first results demonstrated the wide development possibility of this type of polymetallic

and VMS target with significant near-term resource potential.

Program highlights include GEN-22-01, which intersected 0.96% Cu and 0.22g/t Au over 27.0 metres,

including 2.29% Cu and 0.32g/t Au over 7.78 metres, successfully extending the Genex Shaft Zone 50 metres

to the north. GEN-22-04 intersected 1.14 g/t Au, 0.52% Cu, 0.36% Zn and 14.17 g/t Ag over 15.65 metres,

including 5.0 g/t Au, 1.98% Cu, and 61.26 g/t Ag over 2.7 metres. A cobalt interval was obtained inside the

mineralized zone with 0.15% Co over 9.45 metres, including 0.415% Co over 2.7 metres.

It is the first time cobalt values have been encountered on the Genex project, identified with systematic sampling.

The mineralization is visually correlated with chalcopyrite stringers.

Jonathon Deluce, CEO of Melkior, remarks, “We are excited to announce this first batch of holes drilled at

Genex. We have accomplished our Phase 1 goal of extending the potential economic zone up to 100 metres

north of the historical deposit. Various majors have stated the need for copper/gold deposits, and with Genex

being nearby existing infrastructure, we are excited about the Project’s potential. We look forward to

announcing the remaining drill results over the coming weeks.”

Program Details:

The 6 holes total 987 metres with lengths varying between 75 and 220 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 the continuity of base metals and gold mineralization around the

historical Genex Mine.

GEN-22-01, GEN-22-04 and GEN-22-05 were drilled as step-out holes to test the immediate extension of the

Genex north-south trend. Hole GEN-22-01 was drilled to the east and encountered a near-surface zone nearly

50 metres north of the shaft area, while GEN-22-04 was drilled along this trend to chase stringer zones at

strong angles. These drill results support the extension of the mineralized system up to 100 metres north of the

shaft area following a north-south trend. In this area, mafic to intermediate volcanic rocks are strongly

brecciated and affected by black chlorite alteration overprinting carbonate. In addition to the disseminated and

stringer polymetallic mineralization, GEN-22-01 cut a semi-massive chalcopyrite vein which intersected

16.4% Cu and 1.46 g/t Au over 0.46 metres from 33.72 to 34.18 metres. In addition, a zinc-rich stringer was

intersected at the footwall returning 1.8% Zn over 10.5 metres. The interpretation indicates a true width.

GEN-22-02 and GEN-22-03 were drilled to the northeast targeting the Genex south-western extension, where

historical drilling had identified copper-gold-zinc mineralization between 100 and 150 metres vertical and

about 100 meters from underground infrastructure. Both holes intersected a long series of copper-bearing

stringers starting at surface and continuing to a depth of 100 metres with grades varying between 0.5% to 3%

Cu over 0.5 to 3.9 metres.

Hole ID From

(m) To (m) Length

(m) Cu (%) Gold

(g/t)

(g/t) Zn (%) Co (%)

GEN-22-01 28 55 27 0.96 0.22 - - -

Including 33.72 41.5 7.78 2.29 0.32 - - -

Including 33.72 34.5 0.78 11.41 0.97 18.56 - 0.057

51.42 55 3.58 - 0.49 - - -

52.52 63 10.48 - - - 1.81 -

GEN-22-02 21.2 21.7 0.5 3.18 0.53 22.1 0.67

40.2 44.5 4.3 - - - 0.69

52.5 53.8 1.3 1.11 - - -

105.3 106 0.7 0.65 - - -

128.5 130 1.5 - 0.685 - -

145 149 4 0.3 - - -

GEN-22-03 49.75 55.6 5.85 - - - 2.16 -

65 66 1 1.18 - - - -

82.1 86 3.9 0.57 - - - -

104.8 105.5 0.7 - 2.97 - - -

129.35 130 0.65 - 1.51 - - -

134.4 135 0.6 - 4.86 - - -

GEN-22-04 6 21.65 15.65 0.51 1.14 14.17 0.36

Including 12.2 21.65 9.45 0.82 1.83 22.86 - 0.15

Including 16.5 19.2 2.7 1.98 5 61.26 - 0.415

36.4 46.8 10.4 - - - 0.68 -

58 63.6 5.6 - 0.34 - - -

GEN-22-05 4.3 8 3.7 0.34 0.44 - 0.4 -

GEN-22-06 No Significant Values

Note 1: Stated lengths are core lengths as drilled. True width for hole GEN-22-01 is estimated to be above

80% of reported core length intervals with the actual interpretation. True width for holes GEN-22-02, 03, 04,

05 are 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.

Drill Hole Coordinates

DDH_No UTMnad83_East UTMnad83_North Azimuth Dip Length

GEN-22-01 458793 5370200 60 -60 177

GEN-22-02 458646 5370115 60 -58 207

GEN-22-03 458646 5370115 60 -70 220

GEN-22-04 458824 5370152 330 -50 160

GEN-22-05 458824 5370152 60 -60 75

GEN-22-06 458795 5370053 330 -65 150

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.

Qualified Person

All technical information in this press relea se 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, 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.

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