Mr. Jonathon Deluce reports

MELKIOR COMMENCES HIGH-RESOLUTION MAG SURVEY AT VAL-D'OR IN PREPARATION FOR DRILLING

Melkior Resources Inc. will conduct a high-resolution MAG survey on the entire Val d'Or property. This survey will be done at a low altitude using tight line spacing, which is a configuration that has seen a lot of success by neighbouring companies in the Val d'Or district. The total survey length will be 2,573 line kilometres.

Jonathon Deluce, chief executive officer of Melkior, comments: "We look forward to reviewing the results of our high-resolution MAG survey at Val d'Or. This will help the company narrow in our drill targets for the winter 2020 program on target 4 and determine follow-up on our additional three targets. We will be reviewing the data received against neighbouring successful drill programs to best target potential gold mineralization in a district that has produced over 25 million ounces of gold historically.

"We are very excited as we head into the winter months with the drill program recently commenced at the Carscallen gold project, which is being operated by our strategic partner, Kirkland Lake Gold, and in the coming months a drill program at the Val d'Or project."

The MAG survey will allow the company to better define the source of the previously completed soil survey (see news release dated Aug. 27, 2020) that defined four main targets. Target 4 is currently being investigated with an induced polarization (IP) survey. The target 4 grid covers a long magnetic high that connects to Sparton's Bruell showing. The target is up ice from soil anomalies and could host the source of the defined anomalies.

Target 4

the company's top priority target is target 4, located in the southern area of the property. The target is based on multielemental (silver, arsenic, nickel, cobalt, copper, molybdenum, zinc, rubidium and tungsten) soil anomalies that indicate a possible source located up ice on the property. Target 4's lithologies include basalts and mafic volcanoclastic rocks; a one-kilometre-long formation that is locally described as a cherteous tuf with semi-massive sulphide pockets; and a tonalite-granodiorite intrusion. The tonalite-granodiorite intrusion is most likely the source of four mineralized showings located as close as 300 metres (m) outside of the property, including the Bruell deposit, on the neighbouring Eldorado/Sparton joint venture and on strike with target 4.

This local context, the historical magnetic airborne survey and the soil anomalies support the target 4 area being investigated by a 13.9-line-kilometre IP survey that began on Nov. 6, 2020. The company will use the MAG and IP survey interpretation to finalize its drill program starting in January, 2020.

This press release was prepared by Steven Lauzier, vice-president of exploration for Quebec, professional geoscientist, OGQ, and by Pierre-Alexandre Pelletier, professional geoscientist, OGQ, who are qualified persons as defined under National Instrument 43-101 and who reviewed and approved the geological information provided in this news release.