OTTAWA, ONTARIO–(Marketwired – Dec. 2, 2015) – Melkior Resources Inc. (“Melkior”) (TSX VENTURE:MKR) (OTC PINK:MKRIF) (FRANKFURT: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 Timmins West Mine. Recent (2014) exploration drilling by Lake Shore Gold Corp has intersected several significant, northeast trending gold zones to the southwest of the Timmins West Mine along Hwy 144. Below is a figure that shows the location of the Carscallen property in relation to the Timmins Gold Camp and the Timmins West Mine
To view the Location of Carscallen Property map, please visit the following link: http://media3.marketwire.com/docs/1035319m.pdf
The Timmins West Mine owned by Lake Shore Gold Corp is presently producing about 150,000 ounces of gold per year (Lake Shore Gold Corp Website). In addition, in 2014, the Lake Shore announced the discovery of a new zone (144 Gap Zone) that had intersected 5.37 grams per tonne over 46.0 metres, including 21.87 grams per tonne over 6.0 metres and 12.54 grams per tonne over 4.4 metres. The gold mineralization has been found in north trending structures similar to the Carscallen Property.
Current work on the Carscallen property consists of a surface sampling program on the Zam Zam Zone, Jowsey Zone and the Shenkman Zone. Samples were taken from areas that were previously drilled as well as areas that have not seen past drilling. Following is a chart showing the gold results of the sampling.
|Carscallen Property Sample Results|
|451615||5356825||0.353||Arsenic Zone Dump|
|451962||5356935||9.66||Aumo Shaft Dump|
|451615||5358408||2.84||Jowsey Zone Shaft Dump|
|451965||5357060||0.021||Mahoney Lake West Porphyry Boulder|
|451410||5356821||0.041||Porphyry with Pyrite Cubes|
|451644||5357935||0.517||Shenkman Zone166m Northeast|
|451506||5357824||0.001||Shenkman Zone Porphyry|
|451515||5357788||7.18||Shenkman Zone Quartz Vein Sulphides|
|451524||5357819||0.507||Shenkman Zone Shear|
|452108||5357393||0.081||Trenching North End of Mahoney Lake|
|451439||5358439||1.08||Zam Zam Zone|
|451442||5358436||6.66||Zam Zam Zone|
|451438||5358407||0.079||Zam Zam Zone|
|451437||5358426||0.259||Zam Zam Zone|
|451452||5358381||1.24||Zam Zam Zone|
|451470||5358358||3.85||Zam Zam Zone|
|451474||5358351||0.39||Zam Zam Zone|
|451476||5358341||32.5||Zam Zam Zone|
|451484||5358334||13.2||Zam Zam Zone|
|451494||5358324||2.94||Zam Zam Zone|
|451496||5358314||2.78||Zam Zam Zone|
|451498||5358303||3.3||Zam Zam Zone|
|451488||5358330||18.5||Zam Zam Zone Fork Southeast|
|451485||5358325||3.29||Zam Zam Zone Main Vein|
Seven samples taken on the Jowsey Zone ranged from 0.649 to 58.8 g/t gold over a 150 meter strike length with an average of 10.7 g/t gold. The highest value (58.8 g/t gold) was found in the most southerly section of the zone where it disappears beneath overburden and swampy ground.
Fourteen samples were taken on the Zam Zam Zone over a strike length of about 135 meters. The values ranged from 0.079 to 32.5 g/t gold with an average of 6.4 g/t gold. It was noted during sampling that the zone splays in places with gold values continuing in the splays. One splay was analyzed and found to contain 18.5 g/t gold.
One sample taken on the Shenkman Zone analyzed 7.18 g/t ton gold and a sample taken on the Aumo Shaft Zone analyzed 9.66 g/t gold.
The figure below shows the relative locations of samples taken on the property.
To view the figure, please visit the following link: http://media3.marketwire.com/docs/1035319_fig1.pdf
A drill program is scheduled for December on the Carscallen property. It will consist of 5 holes (400m minimum) to test specific targets that have been generated by recent work on the property. At least one hole will test the northern extension of the Aumo Shaft Zone where drilling last year by Melkior intersected 39.2 g/t gold over 0.3 meters
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.
Melkior is a mineral exploration company with gold exploration projects in West Timmins, Ontario and Launay, Quebec.
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.
Jens E. Hansen
President and CEO