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InvestmentPitch Media Video Discusses Melkior Resources' $110 Million Option/JV with Kirkland Lake Gold on its Carscallen Project near Timmins - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2020) -  Melkior Resources (...
About this update from Melkior Resources Inc.
[{"type":"text","content":"InvestmentPitch Media Video Discusses Melkior Resources' $110 Million Option/JV with Kirkland Lake Gold on its Carscallen Project near Timmins - Video Available on Investmentpitch.comVancouver, British Columbia--(Newsfile Corp. - September 30, 2020) -  Melkior Resources (TSXV: MKR) (OTC PINK: MKRIF) (FSE: MEK) has closed a strategic partnership with Kirkland Lake Gold. Melkior granted Kirkland Lake, a senior gold producer, the right to earn-in up to a 75% interest in its Carscallen Project located 25 kilometers west of Timmins, Ontario.Cannot view this video? Visit:https://www.youtube.com/watch?v=vlj21ClPwqgFor more information, please view the InvestmentPitch Media \"video\" which provides additional information on the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Melkior\" in the search box.The Carscallen Gold Project, Melkior's flagship property, hosts 7 gold zones with 98% of drill holes yielding gold mineralization. For example, November 2019 drill results reported an intersection of 23.5 grams per tonne gold over 8.0 meters from 426.0 to 434.0 meters, including 372 grams per tonne gold over a half meter on the third deep hole CAR-19-03A.Kirkland Lake also closed the previously announced subscription of 1,250,000 units of Melkior at a price of $0.80 per unit for gross proceeds of $1 million, with each unit consisting of one share and one warrant, with the warrant exercisable at $1.20 for 24 months.To earn its 50% interest Kirkland Lake must complete $10 million in exploration expenditures over 5 years with a minimum commitment of $3 million during the first 2 years, which includes $1.5 million and a minimum of 3000 meters of drilling to be completed in the first year. Should Kirkland, who will be the operator, fail to incur the Phase 1 expenditures during the option period, its option shall expire. Upon Kirkland earning its 50% interest, the two companies will form a joint venture to carry on operations, with Kirkland having the right to earn an additional 25% interest by incurring another $100 million of exploration expenditures over 5 years. Any additional funds required beyond the $100 million will be shared 75%/25%.Kirkland has the right to acquire up to 19.9% in the future by way of either secondary market purchases or future private placements and ...