Ottawa, Ontario. Melkior Resources Inc. (“Melkior”) (TSX.V: “MKR”; OTCPK: “MKRIF”; FSE: “MEK”) is pleased to provide a progress report on its wholly owned Carscallen gold project which is located approximately 25 kilometres west of the centre of Timmins Ontario and 5.5 kilometres west of Lake Shore Gold Corp’s West Timmins Mine. Surface work and prospecting in July has revealed some significant results: 1.73 and 8.02g/t gold and 2.95% zinc from a dump of the the old AuMo Shaft area and a new zone on the south part of the property (South Zone) with anomalous gold (6 samples greater than 0.1 g/t) and anomalous arsenic values contained in arsenopyrite.
The AuMo Shaft area also known as the Hazelton Vein No. 1, was described by Hawley, J.E. (1926) as striking approximately N20E and dipping steeply east. The actual shaft area is approximately 10 metres outside the Melkior claim boundary however the mineralized structure extends on to Melkior ground. Historically, the vein or shear zone was traced on surface for a length of 150 feet. Surface samples of 0.4 oz/ton gold over 4 feet have been reported (Assessment File 42A05SE0723). Diamond drilling under the outcrop of this vein for a distance of 300 feet was reported to have cut mineralized sections of quartz and tourmaline which yielded some gold on assay. The width of the zone on the surface ranged from one to five feet. A map in assessment file T-10 indicates that several assays on this vein ranged from 0.02 oz/ton gold over 11 inches to 0.52 oz/ton gold over 12 inches.
In July, the South Zone was traced for a distance of 136 metres on surface through a series of old trenches, rusty zones and quartz veining. Samples taken here displayed anomalous gold (1.30, 0.796, 0.479, 0.330g/t) and arsenic (arsenopyrite) values (5670, 7770, 3880 ppm and 1.25% respectively). Other gold mineralization on the Melkior Carscallen property was not found to be associated with arsenic however the Lake Shore Gold Corp’s, West Timmins Mine is known to contain arsenic in the form of arsenopyrite. A short Induced Polarization survey has been undertaken to extend selected lines to cover this new mineralized zone.
The South Zone and AuMo Zone as well as the previously reported Shenkman, Zam Zam and Jowsey gold zones appear to be part of one larger mineralizing system. As these vein systems appear to be correlated with one another, the entire system is open in all directions and to depth based on past Melkior geophysical surveys and diamond drilling.
Additional work this year will include further investigation of the South zone and along the southeast boundary of the Carscallen property where historical work has outlined gold zones (Hazelton 2 and Hazelton 5 Zones) traced by diamond drilling to within 50 metres of the Melkior property boundary (see figure below).
Exsics Exploration has completed line-cutting and an Induced Polarization survey on the Big Marsh Property located about 5 km to the north of the Carscallen property. Results are pending.
The contents of this press release have been reviewed by Jens Hansen, P.Eng, President and director and Wayne Holmstead, P.Geo, Qualified Persons as defined by National Instrument 43-101.
About Melkior:
Melkior is a mineral exploration company with gold exploration projects in West Timmins, Ontario and Launay, Quebec.
For more information:
Jens E. Hansen, President and CEO
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.