OTTAWA, ONTARIO--(Marketwired - Jul 22, 2014) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR)(MKRIF)(MEK.F) is providing results for a channel sampling program undertaken in June 2014 and the remaining three holes drilled in January 2014 on Zone 75. The drilling revealed continuous mineralization hosted in a granite with a strong albite alteration; previously reported intersections include 4.04 g/t gold over 15.52 metres (hole LAY-21-2013) and 6.20 g/t gold over 10.50 metres (LAY-20-2013).
Highlights include:
- 2.64 g/t gold over 11.60 metres (CHL-09-2014), channel sample
- 5.58 g/t gold over 3.00 metres (CHL-15-2014), channel sample
- 1.89 g/t gold over 14.10 metres (LAY-27-2014), drill hole
- 0.86 g/t gold over 9.35 metres (LAY-26-2014), drill hole
Table 1 displays the results obtained for the 9 channels completed this summer. All channels were taken on Zone 75.
Table #1 - Launay channel results
| Channel Number |
Length (Metres) |
Azimuth (Degrees) |
From (Metres) |
To (Metres) |
|
Interval*(Metres) |
Gold (g/t) |
| CHL-09-2014 |
11.60 |
090 |
0.00 |
11.60 |
|
11.60** |
2.64 |
| CHL-10-2014 |
6.00 |
090 |
0.00 |
6.00 |
|
6.00** |
1.32 |
| CHL-11-2014 |
1.60 |
090 |
0.00 |
1.60 |
|
1.60** |
1.68 |
| CHL-12-2014 |
7.00 |
090 |
0.00 |
7.00 |
|
7.00** |
0.97 |
| CHL-13-2014 |
3.00 |
090 |
1.00 |
2.00 |
|
1.00 |
1.47 |
| CHL-14-2014 |
1.60 |
090 |
0.00 |
1.60 |
|
1.60** |
2.90 |
| CHL-15-2014 |
3.00 |
090 |
0.00 |
3.00 |
|
3.00** |
5.58 |
| CHL-16-2014 |
8.00 |
090 |
6.00 |
10.00 |
|
4.00** |
1.44 |
| CHL-17-2014 |
8.00 |
090 |
0.00 |
8.00 |
|
8.00** |
1.38 |
*Reported intercepts are not true widths.
** Intersection is open
The channels consist of gold bearing disseminated pyrite (about 2%) hosted in a strongly albitized granite. Most of the holes previously drilled on Zone 75 have intersected the albite-rich gold zone below the 50 metre level. The new surface gold intersections provide new data to add to the current database and confirmed the continuity of the mineralized zone up to the surface. The results also have shown that the mineralized zone is near vertical and affected by local faults. This information will be very important in planning the next drilling program on the property.
The results of three exploration holes drilled in January 2014 west of Zone 75, totaling 700 metres are also reported. The drilling discovered a new gold zone and also demonstrated the continuity of gold on the west part of Zone 75.
Table 1 displays the results obtained for the 3 winter holes. Hole LAY-26-2014 was collared at the bottom of a hill, about 150 metres west of Zone 75. Holes LAY-27-2014 and LAY-28-2014 were collared about 50 metres west of Zone 75.
Table #1 - Launay drill results
| Hole Number |
End of hole length (Metres) |
Azimuth (Degrees) |
Dip (Degrees) |
From (Metres) |
To (Metres) |
Interval*(Metres) |
Gold (g/t) |
| LAY-26-2014 |
391 |
130 |
-50 |
21.65
30.90
49.30
134.25
272.50 |
22.65
40.25
51.60
134.75
273.50 |
1.00**
9.35
2.30
0.50**
1.00** |
1.32
0.86
0.73
1.24
1.30 |
| LAY-27-2014 |
168 |
090 |
-50 |
23.00
48.18 |
37.10
53.00 |
14.10
4.82 |
1.89
0.70 |
| LAY-28-2014 |
141 |
090 |
-55 |
- |
- |
- |
NSA*** |
*Reported drill intercepts are not true widths.
** Intersection is open
***NSA : No Significant Assay
Hole LAY-26-2014 was drilled 150 metres west of Zone 75 on an Induced Polarization (IP) anomaly. The IP anomaly was detected over two surveyed lines and explained in hole LAY-26-2014 by the presence disseminated pyrite (about 2%) with gold associated (0.86 g/t gold over 9.35 metres). This opens new possibilities of finding additional gold mineralization using IP as a geophysical tool elsewhere on the 3 km long property. The new zone requires follow-up.
The 2 last holes (LAY-27-2014 and LAY-28-2014) were drilled to test possible western extensions of Zone 75. The holes were collared about 50 metres west of Zone 75.
Quality control
Core processing included descriptive logging and systematic sampling for analysis. The drill core was sawn in half, with one-half delivered to a commercial laboratory and the other half retained for future reference. The channel samples were cut and delivered to a commercial laboratory. Samples were submitted to ALS Chemex Laboratories in Val d'Or, Québec. The processed samples were subjected to a standard fire assay with AA technique (Au-AA23) on a 30-gram subsample. Standards and blanks were inserted randomly into the sample shipments as part of the sampling protocol. For samples returning greater than ten g/t gold, follow-up analysis using fire assay with a gravimetric finish is completed. Following receipt of assays, visual analysis of mineralized intercepts is conducted, and additional analyses may be requested to ensure the accurate representation of the mineralized zones.
This press release was prepared by Dr. Eric Hebert, P.Geo, of GeoVector Management Inc., qualified person under National Instrument 43-101. Dr. Hebert has supervised the surface program, logged the channels, designed the sampling program and reviewed the quality control information.
About Zone 75:
Zone 75 was discovered in 1987 by Melkior's predecessor Les Mines Messeguay Inc. with discovery drill hole number ML-87-75, which intersected 0.127 oz/t (4.35 g/t) gold over 69 feet (20.98 metres). Zone 75 coincides with a north-south striking magnetic axis and dips to the west between 65 to 80 degrees. The mineralization found at Zone 75 consists of auriferous pyrite grains disseminated in an altered granitic intrusive and remains open at depth. A metallurgic test has shown a gold recovery of 87% by gravity and cyanidation and that the ore does not contain any arsenic.
About the Launay Gold Project
The Launay Gold Project hosts near-surface mineralization along a three kilometre trend, which includes Zone 75 and the Principal Zone. The Project is located in the Abitibi Greenstone Belt and is approximately 70 kilometres northeast of Rouyn-Noranda, 80 kilometres northwest of the town of Val d'Or, Québec, and is easily accessible using highway 111 between LaSarre and Amos where all technical supplies for mining are available. Both rail and power are readily available. At least four gold mills are located within a 70 kilometres radius of Zone 75. The property consists of 83 claims covering 63 square-kilometres. Beaufield Resources Inc. ("Beaufield") entered into an option and joint venture agreement with Melkior where Beaufield will earn 50% in the project by spending $1,250,000 over five years. Beaufield has earned 10% interest having spent $250,000 of exploration expenses.
About Melkior:
Melkior is a junior exploration company with active 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.