Melkior Intersects a New Zone 8.65 Metres Wide, Grading 1.26 G/T Gold on the Carscallen Gold Project, West Timmins Gold District, Ontario
Ottawa, Ontario CANADA, November 02, 2011 /FSC/ - Melkior Resources Inc. (MKR - TSX Venture), ("Melkior" or the "Company") is pleased to provide an update on the summer program of its 100% owned Carscallen gold project, located 5 kilometres west of the Timmins Gold Deposit and recent Thunder Creek gold discovery. There is paved road access to the Melkior property.
In the beginning of summer 2011, Melkior drilled seven holes on the Carscallen property. Several targets were tested, for a total of 2377 metres of core. More than 700 samples were assayed for gold. On the Shenkman zone, the purpose was to test interpreted cross structures near surface which could localize significant widths of mineralization. Exploration holes were also drilled. This news release presents results for the most significant intersections.
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Hole From To Core Length* Gold Silver Zone
(m) (m) (m) (g/t) (g/t)
CAR-73-2011 292.65 298.70 6.05 0.49 0.33 Exploration
CAR-73-2011 364.50 373.15 8.65 1.26 0.76 Exploration
CAR-76-2011 69.40 72.50 3.10 4.00 1.09 New Shk structure
CAR-76-2011 93.00 105.10 12.10 1.05 2.12 New Shk structure
CAR-76-2011 221.00 221.50 0.50 1.44 2.40 New Shk structure
CAR-76-2011 328.20 329.20 1.00 2.53 1.80 New Shk structure
CAR-77-2011 114.60 118.60 4.00 1.00 1.04 New Shk structure
CAR-77-2011 150.25 158.45 8.20 0.76 0.65 New Shk structure
CAR-78-2011 33.00 38.30 5.30 0.64 0.67 New Shk structure
CAR-78-2011 54.00 61.75 7.75 0.26 0.54 New Shk structure
CAR-78-2011 82.20 91.25 9.05 1.88 2.25 New Shk structure
CAR-78-2011 115.00 115.50 0.50 2.98 2.70 New Shk structure
CAR-78-2011 318.00 318.70 0.70 10.65 13.20 New Shk structure
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* Insufficient drilling has been completed to date to determine the true thickness of these intercepts.
Exploration Holes
Drill hole CAR-73-2011 was drilled at an azimuth of 240 degrees and a dip of -50 degrees with a final depth of 471 metres. This hole was drilled between the 1010 and the Shenkman zones to test the occurrence of gold between these zones. Mineralization grading 1.26 g/t Au was intersected between 364.50 and 373.15 metres, hosted in a series of quartz and pyrite veins. This intersection represents a new gold zone between the 1010 and Shenkman zones (see table for more results). With only one hole into this new structure, an estimate of its potential cannot be made, but the intersection suggests that gold-bearing structures on the property are more widespread than known to date. Two other holes (CAR-74-2011 and CAR-75-2011) were drilled between the Shenkman zone and the ZamZam area to test the continuity. It seems that there is no continuity between these two zones. A sharp discontinuity is most likely explained by a series of East - West shear zones that cut the different zones (i.e. 1010, ZamZam and Shenkman).
An exploration hole was drilled on the historic Wire Gold showing in the northeast part of the property. One of the objectives was to test a North - South vein system encountered in surface mapping which could be related to a North -South mineralized system such as ZamZam, 1010 and Shenkman. The vein was assayed at the surface (grab sample grading 2.17 g/t Au). This vein system is about 3 metres thick and was not encountered by the drill hole due to a dyke that displaced or cross-cut this mineralized vein. However, the drill hole gives new information on the geology of the Wire Gold showing.
Shenkman Zone
Previous drilling has indicated significant gold intersections at an approximate depth of 250 to 300 metres (including hole CAR-61-2011: 13.30 metres @ 4.84 g/t Au; CAR-71-2011: 13.25 metres @ 5.10 g/t Au; CAR-51-2011: 12.00 m @ 1.86 g/t Au). In June 2011, a structural study provided new insights on the structural control of the gold mineralization. Shallower targets were selected and tested on the Shenkman zone near surface based on this structural model, specifically the intersection of an East-West shear zone with a quartz porphyry dyke. A series of shallow holes, CAR76-2011 to CAR78-2011, was designed to test such targets. The Shenkman zone itself contains several parallel mineralized corridors which are spatially associated with quartz porphyry dykes (See Figure 1, an idealized compilation of several cross-sections totalling 150 metres across strike). Such quartz porphyry dykes were intersected, along with wide ankerite-sericite alteration zones; details on the holes follow. Figure 1 shows an updated cross-section of the Shenkman zone displaying a compilation of the best gold values.
Figure 1: Idealized cross-section of the Shenkman zone showing the best gold occurrences, projected up to 75 m onto section.
To view Figure 1, click onto the link below or copy and paste into your browser:
www.usetdas.com/maps/melkiorresources/mkrnov2003.jpg
Drill hole CAR-76-2011 was drilled at an azimuth of 240 degrees and a dip of -50 degrees with a final depth of 344 metres. Several mineralized zones were intersected (see Table for results). The most significant intersection occurs from 93.00 to 105.10 metres grading 1.05 g/t Au and 2.12 g/t Ag.
Drill hole CAR-77-2011 was drilled at an azimuth of 240 degrees and a dip of -50 degrees with a final depth of 221 metres. Two main intersections contain gold and silver values (see table for results). Significant ankerite and sericite alteration was associated with the zones.
Drill hole CAR-78-2011 was drilled at an azimuth of 240 degrees and a dip of -50 degrees with a final depth of 326 metres. Several gold mineralized zones were encountered (see table for results), the most significant being 1.88 g/t Au and 2.25 g/t Ag over 9.05 metres between 82.20 and 91.25 metres. Significant ankerite and sericite alteration was associated with the zones.
Significance and Future Work
In the Shenkman area, near surface (
Hole CAR-73-2011, which was drilled between the 1010 and Shenkman zones, also opens new possibilities in an entirely new area. Gold was encountered at depth, therefore the possibility to encounter the same zone near surface remains to be tested.
Melkior has retained the services of Terrane Geoscience Inc., who are collaborating with GeoVector on a 3D model based on all historical and Melkior drill holes (143 holes) and surface data. Melkior's next drilling program on the property will be based on this new 3D model. The program will start after a thorough review of this model.
Quality Control and Assurance
Core processing included descriptive logging and systematic sampling for analysis. The drill core was sawn in half, with one half delivered to the laboratory and the other half retained for future reference. Gold assays were performed at ALS CHEMEX Laboratories in Timmins, Ontario by standard Fire Assay with AA technique (Au-AA-23). Other elements were obtained by Inductively Coupled Plasma Emission Spectroscopy (ME-ICP-41) on a 30 gram sub-sample. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol.
This Press Release was prepared by Dr. Eric Hebert, P.Geo and Dr. Tom Setterfield, P.Geo, both of GeoVector Management Inc, and Qualified Persons under National Instrument 43-101. Dr. Hebert and Dr. Setterfield supervised the diamond drill program, logged the core and designed the sampling program. They have also reviewed the quality control information and this release.
About Melkior:
Melkior is a junior exploration company with active exploration projects in West Timmins and the Mc Faulds "Ring of Fire" areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and Quebec.
For more information:
Melkior Resources Inc.
Tel: 613.721.2919
Fax: 613.680.1091
E-mail: melkior@rogers.com
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.
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Source: Ressources Melkior Inc. (TSXV MKR) www.melkior.com
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