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Melkior Resources Receives TSXV Approval for Genex Au-Cu Project (Incl. 2.26 g/t Au Eq over 33.85 metres)
Timmins, Ontario – TheNewswire – July 21, 2022 - Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce that the TSX
About this update from Melkior Resources Inc.
[{"type":"text","content":"Timmins, Ontario – TheNewswire – July 21, 2022 - Melkior Resources Inc. (“Melkior” or the “Company”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce that the TSX Venture Exchange (“TSXV”) has approved its previously announced option agreement (the “Agreement”) to acquire 100% of the Genex Project (“Genex”) from International Explorers & Prospectors Inc. (“IEP”). The Genex Project is located approximately 20 kilometres west of Timmins and borders Melkior’s Carscallen Project on its northeast boundary. The TSXV approval will allow the Company to make the initial cash payment and issuance of 500,000 common shares to IEP to begin the earn-in for Option 1 as described further in this news release. The Genex Project is an advanced gold-copper VMS exploration target with significant near-term resource potential. The zones have been historically interpreted over approximately 300 metres wide with a sub-vertical dip. Historical drilling completed along strike and across inside 500 metres of a strongly altered volcanic sequence revealed satellite gold-copper mineralization that proves the expansion potential of the system. Project Summary: Location: The Genex Project is located in the Kamiskotia volcanic belt extending northwest of Timmins. The Project is made of 70 claims, 6 patents and 1 partial lease totaling 1,616 hectares with good access. Underground workings including a 84-metre deep shaft and lateral development on two levels, were completed between 1964 and 1966. History: The Kamiskotia area saw significant base metal production during the fifties and sixties, led by the Kam Kotia mine with 6.4 million tonnes of ore produced at a grade of 1.11% Cu and 1.17% Zn1. The Genex Project was in production between 1966-1967, where it shipped 240 tonnes of concentrate at 21.45%-27.25% Cu (No zinc or gold recovered)2. Genex hosts a historical resource (non-compliant NI43-101) of 1 Million Tonnes of Copper using a cut-off grade of 1%2, which Middleton calculated in 1975. No gold or zinc values were calculated in this historical resource. A qualified person for the Company has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves. The Company is disclosing the historical res...