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Melkior Resources Inc (2)
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Close 2020-05-21 C$ 0.87
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Melkior drills 9.5 m of 5.6 g/t Au at Carscallen

2020-05-21 13:24 ET - News Release

Mr. Jonathon Deluce reports

MELKIOR DISCOVERS NEW VMS SETTING AND INTERSECTS 5.6 G/T GOLD AND 6.4 G/T SILVER OVER 9.5 METERS, INCLUDING 0.5 METERS OF 67.9 G/T GOLD, 79.8 G/T SILVER, 0.62% COPPER AND 0.27% ZINC ON THE CARSCALLEN PROPERTY

Melkior Resources Inc. has discovered a new volcanogenic massive sulphide-hosted (VMS) environment in Carscallen township approximately 25 kilometres west of Timmins, Ont., in its recent drill program. The discovery occurred approximately 264 metres south of the current deep drilling program initiated in early March, 2020. The third drill hole, CAR-20-06, tested a mise-a-la-masse (MALM) conductor and encountered strong chalcopyrite (copper) and sphalerite (zinc) mineralization, described as clots and disseminations, as well as arsenopyrite, pyrite and pyrrhotite mineralization with visible gold hosted within lithologies such as a previously unknown massive rhyolite which typically hosts mineralization in VMS environments.

Drill hole CAR-20-06 intersected 5.6 grams per tonne (g/t) gold (Au) and 6.4 g/t silver (Ag) over 9.5 metres from 486.5 to 496 metres, including 23.9 g/t Au over 0.5 metre from 486.5 to 487.0 metres and 67.9 g/t Au with 79.8 g/t Ag over 0.5 metre from 495 to 495.5 metres. The final interval from 495.5 to 496 also returned 0.62 per cent copper and 0.27 per cent zinc. In addition, CAR-20-05, which intersected 25.7 g/t gold over six metres from 357 to 363 metres, had previously not been analyzed for the 36 multielement analysis and has recently returned assays of 3.6 per cent copper and 27.8 g/t silver over 0.7 metre from 360.5 to 361.2 metres, in addition to the 205 g/t Au previously reported. Between 303 and 750 metres, 311 samples were taken, which returned 100 per cent anomalous copper, 100 per cent anomalous zinc and 88 per cent anomalous gold. Pyritic and pyrrhotitic mineralization was prevalent throughout the entirety of the VMS environment encountered.

Highlights:

  • The Carscallen gold project lies within the township of Carscallen, approximately 25 kilometres southwest of the city of Timmins, Ont. It comprises 301 claim units covering 47 square kilometres with 100-per-cent ownership by Melkior.
  • The third drill hole, CAR-20-06, with a target depth of 600 metres, was extended an additional 150 metres to 750 metres and terminated within pyritic and pyrrhotitic mineralization. Melkior believes it may be within what is described as a Bimodal mafic VMS environment as the rock types include mafic massive basalts, pillowed mafic flows with localized hyaloclastite, subaqueous debris flow breccias and dacitic to rhyolitic massive flows with no pyroclastic all characteristic of this VMS classification.
  • Typical as well of this class of VMS encountered in CAR-20-06 were numerous feldspar porphyry dikes and alteration, including chloritization, sericitization, silicification and epidotization.
  • The drill hole intersected bands of semi-massive pyrrhotite and clusters of coarse pyrite from 454 to 468 metres. These types of systems typically contain a significant amount of pyrrhotite, an iron sulphide which is strongly magnetic and believed to be the principal conductor in the MALM survey and recognized in the VTEM total magnetic intensity as a significant elevated response.
  • Significant concentrations of gold have now been established approximately 264 metres south of the first two holes drilled with further drill testing required to establish continuity and the possible expansion into a larger gold system. Gold and silver values are usually highest in the fringe and cooler upper portions of VMS systems.
  • In 2012, CAR-84-2012, collared approximately 275 metres northwest of CAR-20-06, intersected iron formation consisting of centimetres-thick magnetite interbedded with chert, chlorite, pyrite and hematite within mafic volcanics typical of the distal portion of a VMS. This historic drill hole may provide a vector in future drilling based upon the results in CAR-20-06.
  • A second MALM survey has been completed on CAR-20-06, which appears to exhibit stronger conductivity between CAR-20-06 and the first two drill holes CAR-20-04 and CAR-20-05. These first two holes in the program also returned strong copper disseminations within a chlorite-rich alteration of a possible copper-rich VMS stringer zone.
  • Further TDEM (time-domain electromagnetic) borehole surveys are planned to be conducted on CAR-20-06 and CAR-20-04. Drill grid patterns have also been planned to reflect the potential for both the gold-bearing system between these drill holes and the recognized VMS system, but may be modified pending the results of the TDEM surveys.

Jonathon Deluce, chief executive officer of Melkior, remarks: "We are excited with the last of our results from our March, 2020, drill program. We are very encouraged to intercept high-grade gold veins in our 264-metre stepout hole with indications of metals found within a VMS environment. We believe the Carscallen project has a lot of potential for both the high-grade gold system and the increased likelihood of being in a VMS environment as well. Hole CAR-20-06 demonstrated consistent anomalous mineralization over 447 metres and that consistency, combined with strong downhole conductive readings, supports us potentially being on the fringe of a VMS system."

Quality assurance/quality control (QA/QC) and core sampling protocols

The program was carried out under the supervision of Peter Caldbick, professional geoscientist, and a consultant for Melkior Resources, 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, professional geoscientist. Mr. Caldbick is a consultant for Melkior and a qualified person for the purposes of National Instrument 43-101.

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