Business
Melkior Announces Consolidation and Commencement of Drilling
(via TheNewswire) February 10, 2020 - TheNewswire - Timmins, Ontario ...
About this update from Melkior Resources Inc.
[{"type":"text","content":"Melkior Announces Consolidation and Commencement of Drilling(via TheNewswire)\n \n \nFebruary 10, 2020 - TheNewswire - Timmins, Ontario - Melkior Resources Inc. (\"Melkior\" or the \"Company\") (TSXV:MKR) (OTC:MKRIF) announces that its board of directors unanimously approved a consolidation of the Company's share capital on the basis of one new common share for every ten old shares.\n\n \n \nThe Company's present issued and outstanding capital of 193,657,586 common shares will be reduced to approximately 19,365,759 common shares after the proposed consolidation. The Company's name and trading symbol will remain unchanged.\n\n \n \nThe proposed consolidation is to facilitate future equity financings and acquisitions. No fractional shares will be issued pursuant to the consolidation. Any fractional shares will be rounded to the nearest whole number of common shares. \n\n \n \nThe consolidation is subject to TSX Venture Exchange approval. Once Melkior has received the required approvals, registered shareholders of the Company will receive a transmittal letter from Computershare Investor Services Inc., the Company's registrar and transfer agent, with instructions on how to exchange their pre-consolidated shares for post-consolidated shares.\n\n \n \n2020 Exploration Plan\n\n \n \nThe updated structure will allow management to seek financing to ensure our 2020 work program goals are met and investors have potential catalysts through-out the entire year. The plans are as follows:\n\n \n \nWinter/Spring 2020 programs:\n\n\n \n\n\n1. Carscallen Project (Timmins): \n\n\n\n\n\na. Following the November 2019 drilling success (23.5g/t gold over 8 meters with .036% copper over 81 meters), the Company will commence a 1,800-meter drill program in early March 2020. \n\n\n\nb. The first two drill holes are planned to confirm the current interpretation, expand on the strike, and investigate the copper intercepts. The third drill hole is planned to test the conductive zone to the southwest, which was identified by the Mise-a-la-Masse survey. Please refer to the January 23, 2020 release for further detail on the planned drill locations and targets. \n\n\n\nc. With success from the March drill campaign, the Company will plan additional drilling throughout 2020 to continue to build upon the mineralized gold-bearing system and potential copper. \n\n\n...