OTTAWA, ONTARIO – Melkior Resources Inc. (TSXV – MKR) (“Melkior”) presents the assay results from its recent 1616 metre drill program on its Carscallen gold property in West Timmins, Ontario. Gold mineralization grading 1.46 g/t gold over 15 metres, including 6.55 g/t gold over 2.8 metres, was intersected in granite and in quartz-feldspar-porphyry (QFP) dykes near surface. Significant synvolcanic alteration, thick units of iron formation and coarse volcanic breccias were also encountered at depth in holes CAR-84-2012 and CAR-68X-2012. Anomalous gold values were associated with these rocks; it is the first time that Melkior has encountered a prospective volcanic environment with a significant thickness (several dozen metres).
Going forward Melkior’s plan is to delineate a near surface gold resource within a 300 m x 10 m corridor by drilling a grid of 25 metre spaced shallow holes which could lead to an eventual near surface resource calculation. This corridor is located on the ZamZam zone (north of Shenkman) and it has the most promising near surface gold values based on compilation of holes from the 2007 -2012 drilling programs (see Table 2). This series of proposed holes is designed to encounter the mineralized zone between the 75 and 100 metres depth.
In 2007, surface grab samples included 601.60 g/t Au and 843.72 g/t Au; additional channel sampling is required to integrate more continuous data for the surface gold occurrence. A channel sampling and mechanical stripping program began November 6th, 2012 in preparation for the next phase of drilling. Results will be integrated into an eventual resource calculation. A map outlining the past ZamZam surface and drill results along with the location of the channeling and mechanical stripping program can be found on Melkior’s website at www.melkior.com.
Table 1: NEW RESULTS FROM CURRENT PROGRAM (Fall 2012)
Hole Number | From (m) | To (m) | Length * (m) | Gold (g/t) |
CAR-83-2012 | 366.00 | 371.00 | 5.00 | 0.35 |
439.10 | 451.95 | 12.85 | 0.30 | |
451.95 | 464.85 | 12.90 | 1.15 | |
512.00 | 513.00 | 1.00 | 2.00 | |
571.50 | 572.25 | 0.75 | 1.46 | |
CAR-84-2012 | 32.00 | 33.00 | 1.00 | 1.67 |
101.70 | 116.70 | 15.00 | 1.46 | |
Including | 101.70 | 104.50 | 2.80 | 6.55 |
270.00 | 273.00 | 3.00 | 0.43 | |
281.25 | 282.00 | 0.75 | 1.04 | |
368.00 | 370.00 | 2.00 | 2.55 |
*Note: Reported drill intercepts are not true widths. At this time, there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.
Geological Details
Two holes were drilled to explore geology underneath the granite cap (about 300 to 400 m thick). Insights from previous drilling suggested that a volcanogenic system containing base metals and/or gold might be present. One hole was also extended to access the area at depth west of the Shenkman zone.
Iron formation units were intersected in hole CAR-84-2012 between 394.07 and 403.55 metres and between 525.50 and 527.15 metres. The bedding orientation was 70 degrees to the core axis (hole dipping at -80 degrees). This iron formation consists of centimetre-thick layers of magnetite interbedded with chert, chlorite, pyrite and hematite. Iron formation was also encountered in hole CAR-68X-2012 between 643.75 and 652.20 metres. It is similar in composition to the iron formation from hole CAR-84-2012, however, this unit is heavily brecciated. Coarse breccias were also encountered in hole CAR-84-2012 between 418.15 and 436.20 metres and in hole CAR-68X-2012 between 668.45 and 694.70 metres. Such units commonly represent a favourable environment for volcanogenic massive sulphide deposits.
Future work
The next exploration phase will focus on defining what appears to be important near surface gold mineralization at the ZamZam portion of the ZamZam – Shenkman – Mystery mineralized trend. The objective is to define a near surface resource in a 300 m by 10 m corridor (see Table 2 for previous results from this area). The program will include surface sampling to define the outcropping veins where earlier grab samples have graded up to 843.72 g/t gold. The channel sampling and trenching commenced November 6, 2012.
The geology under the granite remains highly prospective for gold and for base metals. Thorough exploration will require careful planning with a series of deep holes and perhaps supplemented by deep penetration geophysics.
Table 2: PREVIOUS RESULTS FROM THE ZAMZAM ZONE
Hole number | From (m) | To (m) | Length* (m) | Gold (g/t) |
WKD-07-14 | 18.64 | 25.07 | 6.43 | 1.91 |
WKD-07-14B | 21.16 | 31.90 | 10.74 | 0.75 |
WKD-07-09 | 45.50 | 45.80 | 0.30 | 21.96 |
WKD-07-09B | 22.60 | 41.00 | 18.40 | 0.85 |
TW-08-ZZ-3 | 38.95 | 39.28 | 0.33 | 3.37 |
TW-08-ZZ-3 | 44.68 | 46.07 | 1.39 | 0.92 |
TW-08-ZZ-5 | 35.60 | 36.92 | 1.32 | 0.95 |
TW-08-ZZ-6 | 21.00 | 25.05 | 4.05 | 1.25 |
TW-08-ZZ-7 | 34.60 | 38.90 | 4.30 | 2.15 |
TW-08-ZZ-8 | 36.25 | 38.00 | 1.75 | 1.12 |
CAR-17-2009 | 120.10 | 120.95 | 0.85 | 9.42 |
CAR-18-2009 | 181.80 | 182.40 | 0.60 | 15.65 |
CAR-18-2009 | 208.75 | 209.35 | 0.60 | 25.30 |
CAR-19-2009 | 92.00 | 92.70 | 0.70 | 48.00 |
CAR-20-2009 | 80.80 | 84.50 | 3.70 | 3.16 |
CAR-21-2009 | 39.00 | 41.60 | 2.60 | 0.97 |
CAR-21-2009 | 128.00 | 138.40 | 10.40 | 0.71 |
CAR-21-2009 | 143.10 | 150.90 | 7.80 | 0.88 |
CAR-22-2009 | 122.30 | 127.70 | 5.40 | 3.55 |
CAR-45-2010 | 176.25 | 183.75 | 7.50 | 8.58 |
CAR-58-2010 | 248.25 | 261.75 | 13.50 | 2.64 |
CAR-59-2010 | 250.00 | 262.40 | 12.40 | 3.19 |
CAR-63-2011 | 155.35 | 156.00 | 0.65 | 3.21 |
CAR-63-2011 | 179.25 | 179.75 | 0.50 | 10.15 |
CAR-65-2011 | 165.15 | 173.20 | 8.05 | 3.98 |
*Note: Reported drill intercepts are not true widths. At this time, there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.
Quality control
Core processing included descriptive logging and systematic sampling for analysis. The drill core was sawn in half, with one-half delivered to a commercial laboratory and the other half retained for future reference. Assays were submitted to ALS Chemex Laboratories in Timmins, Ontario. The processed samples were subjected to a standard fire assay with AA technique (Au-AA-24) and inductively coupled plasma emission spectroscopy (ME-ICP-41) on a 50-gram subsample. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol. For samples returning greater than 10 g/t gold, follow-up analysis using fire assay with a gravimetric finish is completed. Following receipt of assays, visual analysis of mineralized intercepts is conducted, and additional analyses may be requested to ensure the accurate representation of the mineralized zones.
This press release was prepared by Dr. Eric Hebert, PGeo, of GeoVector Management Inc., Qualified Person under National Instrument 43-101. Dr. Hebert has supervised the diamond drill program, logged the core, designed the sampling program and reviewed the quality control information.
About Melkior:
Melkior is a junior exploration company with active exploration projects in West Timmins and holds several other exploration properties of which the most important is the 100% owned Launay gold property in West Quebec. Melkior also holds two important claim groups in the Beardmore Long-Lac gold camps.
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.