Mr. Jonathon Deluce reports

MELKIOR INTERSECTS 25.7 G/T GOLD (0.91 OZ/TON) OVER 6.0 METERS, INCLUDING 102 G/T (3.6 OZ/TON) GOLD OVER 1.5 METERS. 8.7% COPPER AND 33.9 G/T SILVER OVER 0.5 METERS AT CARSCALLEN

Melkior Resources Inc. has provided results from the first two drill holes on the Carscallen gold project located approximately 25 kilometres west of Timmins, Ont. Both holes were drilled to depths of 600 metres with the first drill hole drilled between CAR-61-2010 which intersected 4.85 grams per tonne Au over 13.3 metres from 272.0 to 285.30 metres and CAR-19-03A which intersected 23.5 g/t Au over 8.0 metres from 426.0 to 434.0 metres (Nov. 28, 2019, press release). The second drill hole was collared 25 metres west of drill hole CAR-19-03A to commence drill testing the strike extent of the gold system encountered in CAR-19-03A.

Highlights

• The Carscallen gold project lies within the township of Carscallen, approximately 25 kilometres southwest of the town of Timmins, Ont. It comprises 295 claim units covering 47 square kilometres with 100-per-cent ownership by Melkior.
• The drill program consisted of 1,950 metres with the first two drill holes drilled to depths of 600 metres, and the third drill hole extended from 600 to 750 metres.
• Assay results have been returned for the first two drill holes and are pending for the third drill hole with visual indications of mineralization.
• CAR-20-05 intersected 25.7 g/t Au over 6.0 metres from 357.0 to 363.0 metres, including 205 g/t Au over 0.7 metre from 360.50 to 361.20 metres within mafic metavolcanics approximately 35 metres below the granodiorite contact and 350 metres vertically below surface.
• Drill hole CAR-20-05 has helped to confirm the current interpretation of a significant gold-bearing epigenetic system (minerals forming later than the rocks enclosing it) that continues below the granodiorite and into the mafic metavolcanic rocks below as further verified by an earlier intercept of 51.9 g/t Au over 3.7 metres from 533 to 536.7 metres in CAR-80-2012.
• CAR-20-04 intersected 4.2 g/t Au over 4.0 metres from 334.0 to 338.0 metres including 15.8 g/t Au over 1.0 metre from 337.0 to 338.0 metres. This intercept occurred approximately 100 metres up dip of the intersection in CAR-19-03A and approximately 60 metres down dip of the intersection in CAR-61-2010. The intercept occurred within the granodiorite approximately 325 metres vertically below surface and further validates the interpretation.
• Drill hole CAR-20-04 further intersected 0.103 per cent copper over 18.5 metres from 472.5 to 491.0 metres plus 8.7 per cent copper and 33.9 g/t silver over 0.5 metre from 545.0 to 545.50 metres.
• Drill hole CAR-20-05 intersected 0.30 per cent copper over 1.5 metres from 512.50 to 514.0 metres.
• The ubiquitous presence of copper in the underlying mafic metavolcanics suggest that this may represent a copper feeder system vectoring to a VMS (volcanogenic massive sulphide) environment.
• Exsics Exploration Inc. has probed CAR-20-06 utilizing the mise-a-la-masse geophysical system (MALM), which utilizes the conductive mass in the drill hole as one of the current electrodes to aid in determining the geometry and strike extent of the conductive mass. Three significant highly conductive lenses or injection points have been determined by the survey, which is continuing.

 
                      RESULTS FROM 2020 DRILL HOLES
 
Hole ID     From (m)   To (m)   Length (m)   Au (g/t)   Cu (%)   Ag (g/t)
                                                       
CAR-20-04       334      338          4.0        4.2                   
Including       336      338          2.0       8.05                  
And             337      338          1.0       15.8                  
              472.5    491.0         18.5               0.103          
                545    545.5          0.5                 8.7       33.9    
CAR-20-05       357      363          6.0       25.7                  
Including     360.5      362          1.5      102.0                 
And           360.5    361.2          0.7      205.0                 
              512.5    519.0          6.5       1.35                  

* Stated lengths are core lengths as drilled. True widths are estimated to 
  be 80 per cent of reported core length intervals. 

In 2012, Dr. Eric Hebert, PhD, PGeo, of GeoVector Management Inc., intersected 3.55 per cent copper over 1.35 metres from 528.0 to 529.35 metres in CAR-79-2012 (March 26, 2012, press release) consisting of "stringers of copper sulphide mineralization within a chlorite-rich alteration zone." Dr. Hebert went on to note, "The texture of sulphides and chloritic alteration suggest a VMS origin (volcanogenic massive sulphides) that may be consistent with a possible stringer zone of copper-rich VMS intersected" (March 26, 2012).

Jonathon Deluce, chief executive officer of Melkior, remarks: "First off, we want to thank the long-time support of our loyal shareholders and hope everyone is staying safe during these uncertain times. We are very excited about these developments at our Carscallen project. We believe the potential of the system we are uncovering is significant and could bring increased attention to our project in the West Timmins camp. We look forward to providing the results from CAR-20-06 and the Mise-a-la-Masse survey shortly."

The program was carried out under the supervision of Peter Caldbick, PGeo, and a consultant for Melkior Resources Inc., the qualified person responsible for this news release. The drill core was split with half sent to Actlabs in Timmins, Ont., and fire assayed with an AA and gravimetric finish. Whole metallic assays are performed on samples greater than 10 g/t gold and samples containing visible gold. In addition, all three drill holes were treated with the 1E3 36-element multielement package with aqua regia analyses. Duplicates, standards and blanks were inserted into the sample stream.

Qualified person

All technical information in this press release has been reviewed and approved by Peter Caldbick, PGeo. Mr. Caldbick is a consultant for Melkior and a qualified person for the purposes of National Instrument 43-101.