OTTAWA, ONTARIO – Melkior Resources Inc. (“Melkior” or the “Company”) is pleased to note that new developments were recently announced on the properties surrounding Melkior’s 49% owned (Xstrata 51%) Kenty Lake Nickel, Copper, PGE prospect in the Ungava region of Quebec. Jilin Jien Nickel Industry Company Ventures Inc announced a request by Jilin Jien to make a takeover offer for Goldbrook (November 30, 2011). The lands owned by the two companies completely surround the Melkior Kenty Lake claims.
The Jilin-Goldbrook joint venture holds several important nickel deposits in the Raglan belt some of which are presently under development. Melkior’s Kenty Lake deposit forms part of a trend of deposits in the belt and is has a good nickel grades. Melkior believes its deposits could ultimately reach development.
The Falconbridge Limited- Eastern North American Exploration Office reported in their 1999 annual report that the Kenty Lake deposit hosts 817600 metric tonnes 3.05% nickel 1.26% copper, 222ppb gold, 1007 ppb platinum and 1647 ppb palladium in three zones (D8 North, D8 South and D9) The above data does not conform to the 43-101 specifications and the data has not been reviewed by an independent qualified person. Falconbridge which was subsequently acquired by Xstrata was the partner of Melkior at the time.
Subsequent to this work the Falconbridge-Melkior joint venture drilled two holes in 2004. Hole D-04-108 was on a new target 1500 metres west of zones D8/D9 and D-04-107 was 1000 metres further west. D-04-107 intersected 3.5 m 1.0% nickel and 0.31% copper. Hole D-04-108 intersected 99.77 metres 0.64% nickel and 0.26% copper.
An airborne electromagnetic-magnetic survey covered the property in 2007. The interpretation of the data recommended undertaking ground electromagnetic surveying on new targets at 3 specific locations as well as drilling more holes on the known deposits. This work has not yet been undertaken.
Melkior and its predecessors have been involved with the Kenty Lake property since 1986. This property plus the Launay gold property are long standing assets of Melkior.
This press release was prepared by Jens E. Hansen, P. Eng., President and Director of Melkior Resources Inc., the Qualified Persons under Section 43-101.
About Melkior:
Melkior is a junior exploration company with active exploration projects in West Timmins,the McFaulds “Ring of Fire” area and Long Lac 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.