Melkior Intersects 2.23 g/t Gold Eq over 24.5m in GEN-22-01

Highlights:

• First rushed results back from GEN-22-01 intercepted 2.23 g/t Au Eq over 24.5 metres,including 3.69 g/t Au Eq over 7.78 metres 

• There are still 105 non-rush samples where assays are outstanding which have the potential to extend this intercept 

• The Company has completed its 4,000-metre drill program and will report additional results through the remainder of the year  

Timmins, Ontario – TheNewswire – November 24, 2022 – Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce rushed results from the first drill hole at the Genex Project. GEN-22-01 intersected 2.23 g/t Au Eq over 24.5 metres (0.24 g/t Au, 1.15% Cu, 0.52% Zn & 3.92 g/t Ag), including 3.69 g/t Au Eq over 7.78 metres (0.32 g/t Au, 2.29% Cu & 5.24 g/t Ag), successfully extending the Genex Shaft Zone 50 metres to the northeast. 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 an advanced gold-copper polymetallic VMS exploration target with significant near-term resource potential.

Jonathon Deluce, CEO of Melkior, remarks, “We are very excited about this strong first intercept and the potential results of the remaining drilling supported by the visual observations announced last week. Market conditions remain challenging, but we are well positioned with Genex, a strong treasury and capital structure to benefit when the market turns. 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.”

GEN-22-01:

GEN-22-01 was drilled as a step-out hole to test the immediate extension of the historical H Zone at a vertical depth above 50 metres. In that area, the brecciated mafic to intermediate volcanic rocks, as much as felsic volcanoclastic, are strongly affected by a black chlorite alteration. The disseminated polymetallic mineralization takes the form of disseminated grains and stringers. Additionally, a semi-massive chalcopyrite vein was intercepted from 33.72 to 34.18 metres with grades of 16.4 % copper and 1.46 g/t gold over 0.46 metres.

There are still 105 non-rush samples where assays are outstanding which have the potential to extend this zone.

Note 1: Gold equivalent grades are based on the following metal prices: gold US$1,600 per oz, zinc US$1.35/lb, copper US$3.35/lb, and silver US$18.0 per oz. Metal recoveries of 100% are applied in the gold equivalent calculation.

Note 2: Stated lengths are core lengths as drilled. True widths are estimated to be above 80% of reported core length intervals.

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 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 Kirkland Lake Gold (Now Agnico Eagle Mines) through a $110M option/joint venture agreement. Melkior under 100% ownership, is focused on advancing its Genex, Val D’Or, White Lake and Maseres Projects. Agnico Eagle Mines currently owns approximately 6% of the Company.

ON BEHALF OF THE BOARD

Jonathon Deluce, CEO