OTTAWA, ONTARIO – Melkior Resources Inc. (“Melkior” or the “Company”) (TSX VENTURE: MKR) is pleased to announce the completion of a 681-line kilometre airborne gradient gravity survey of its 100% owned 192 square-kilometre McFaulds East property in Northern Ontario, James Bay Lowlands.
The survey was flown using the Falcon Airborne Gravity Gradiometer (AGG) system offered exclusively from Fugro Airborne Surveys. The Falcon AGG technology is the only gravity gradiometer specifically designed for airborne survey use and as such provides the lowest-noise, highest-resolution airborne gravity data available. The dataset will be invaluable in helping Melkior define and delineate nickel-copper sulphide targets in the McFaulds region.
Data from this survey will be combined with other geophysical data for interpretation. Gravity data is considered highly useful in the exploration of Nickel-Copper sulphide deposits, as several of these types of deposits are known to produce positive gravity anomalies. Previously completed airborne and ground surveys identified a number of high priority targets for massive sulphides. The AGG survey will define these targets to reduce ground exploration costs.
The property was staked in 2008 to cover a major gravity high, as shown in regional data. The gravity high is thought to be due to mafic or ultramafic intrusions or layered mafic-ultramafic igneous complexes. The gravity anomaly and its postulated related large intrusions are proximal to known nickel-copper sulphide mineralization in ultramafic rocks at the Eagle Nest discovery of Noront. Mafic or ultramafic intrusions interpreted to be present on the East Rim propertywould thus hold significant potential to host magmatic nickel copper sulphide mineralization.
Eldorado Property:
Melkior owns a 100% interest in the Eldorado property, which consists of 384 unpatented claims covering a surface area of 61.44 square kilometres. Eldorado is located in an active mining area 20 kilometres southeast of the city of Timmins, Ontario.. The property is situated within a geological entity known as the Shaw Dome, a southeast-trending anticline with a shallow southeast plunge. The Shaw Dome is recognized as having potential for komatiite-hosted nickel, VMS style mineralization, and mesothermal gold mineralization.
In January 2011, Melkior drilled six diamond holes totaling 910.8 metres to test three discrete electromagnetic anomalies and fulfill assessment requirements to keep the claims in good standing. Most of the holes encountered mafic to intermediate flows and volcaniclastics presumably of the Deloro Assemblage. Locally interbedded sediments with minor sulphides likely account for at least two of the VTEM anomalies. Ultramafic rocks were intersected in one area. Anomalous base metals were encountered in two target areas (best values of 1 metres of 2200 ppm Zinc, Ni up to 863 ppm and Cu up to 440ppm) associated with an intermixed volcanic/sedimentary stratigraphy. Anomalous gold (best value 3 metres of 650 ppb Gold) occurs in two holes in one target area. The initial values encountered are low; however, they are indicative of mineralization in the system and confirm exploration potential.
Carscallen Gold Property:
Melkior owns a 100% interest in the Carscallen Township, which shares approximately nine kilometres of common boundary with Lake Shore Gold Corp. and is 5 kilometres west of Lake Shore’s Timmins mine.
Melkior resumed drilling on its 100% owned Carscallen Gold Project in February (Press Release February 14th, 2011). To date, five holes totaling 1276 metres have been completed. Three holes tested the northern extension of the ZamZam zone. All three holes encountered mineralized sections consisting of quartz and pyrite veins. Two holes were designed to target where the ZamZam and Jowsey zones intersect at depth. CAR-66-2011 encountered a 9 metre thick intersection of pyrite stringers and veins. CAR-67-2011 intersected within altered mafic volcanic rock, ankerite, sericite, and pyrite alteration. All results are pending and will be released once received and compiled. Drilling is ongoing and further holes are planned on the Shenkman zone to test the granite-mafic volcanic contact zone to find the source of the pyrite-rich xenoliths.
An 11.1 line kilometre Induced Polarization survey was completed March 18th 2011. The survey covered Carlton Lake and extended to the boundary between Melkior and Zinccorp Resources Inc.
Since drilling began on Melkior’s Carscallen Gold property in 2007, Melkior has drilled more than 25,000 metres on the gold system. The Melkior work represents a new discovery in Timmins West with continuous drilling.
This Press Release was prepared by Jens E. Hansen, P.Eng, President of Melkior Resources Inc., Qualified Person under National Instrument 43-101.
About Melkior:
Melkior is a junior exploration company with active exploration projects in West Timmins and the Mc Faulds “Ring of Fire” areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and Quebec.
For more information:
Melkior Resources Inc.
Tel: 613.721.2919
Fax: 613.680.1091
E-mail: [email protected]
Web: 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 press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Melkior’s periodic reports including the annual report or in the filings made by Melkior from time to time with securities regulatory authorities.