Mr. Jonathon Deluce reports

MELKIOR IDENTIFIES NEW TARGETS AT MASERES AND PLANS JANUARY 2021 DRILL PROGRAM

Melkior Resources Inc. has re-evaluated its geochemical data following a till survey completed on the Maseres property during the summer (see news release dated July 9, 2020). The till survey was conducted to confirm previously known soil sample anomalies defined in 2019 by the company. The reinterpretation of the 2019 soil results and 2020 till sample results indicate a possible source of mineralization on the property, just up ice from the previously drilled locations. The company will begin a drill program in early January, 2021, before drilling its Val d'Or East property.

Jonathon Deluce, chief executive officer of Melkior Resources, commented: "The reinterpretation of the previous soil samples and 2020 till samples provide a renewed theory on our A block target. While the previous drill program focused on the IP targets under the strong soil results, we believe that the potential source of the gold, silver [and] zinc anomalies are up ice and along the structure further to the northeast. A drill program is currently being designed to commence in January. Investors have numerous catalysts to track for the next quarter:

1. "Results from Kirkland Lake Gold's maiden (as operator) 3,800-metre program at Carscallen (results expected December to February, 2021);
2. "Drill program at Maseres to test reinterpreted targets (January, 2021);
3. "Maiden drill program at Val d'Or (February, 2021)."

The reinterpretation of the data also defined multiple areas of interest for VMS (volcanogenic massive sulphide) mineralization as being the source for multiples polymetallic (silver, copper and zinc) anomalies in glacial dispersal trends. Widespread and well-correlated anomalies in silver and zinc indicate that similar mineralization to the one previously discovered during drilling (19 grams per tonne silver and 1.74 per cent zinc) could explain the type of mineralization to expect at the source of the anomalies. The company will complete ground exploration work to observe if mineralized blocks can be found at the surface near the expected source of anomalies and follow up with local geophysics.

Methodology

The purpose of this survey was to confirm the anomalous glacial vectors previously identified in the historical soil samples and to extend up ice the surveys until it covered the possible source; and if possible, identify the host lithology in boulders and pebbles from sampling pits.

A total of 108 soil samples were collected during the 2020 survey, including 70 samples on the A block, 13 samples on the B block and 33 on the E block. The samples consisted of B-horizon till samples and weighed approximately one kilogram each.

The samples were sent to ALS's laboratory in Val d'Or and tested using the AuME-TL44 assaying protocol, which consists of the assaying of gold and 46 other elements by aqua regia extraction with ICP-MS finish on a 50-gram sample.

A geochemical assay result retreatment of the 2017, 2018 and 2020 samples to extract additional information has been conducted. Two sets of maps were produced: one consisting of simply extracting the values greater than two-sigma deviation (95 per cent to 98 per cent) and greater-than-three-sigma (greater than 99 per cent) values for gold, silver, copper and zinc. The second set was for trace elements and consisted of attributing a grade index value to selected elements and plotting the sum of these grade indexes on maps. The grade index value is calculated by attributing a value of 4 if the selected value is greater than three-sigma deviation (top 99 per cent); a value of 2 if within two-sigma deviation (95 per cent to 99 per cent); a value of 1 if within one-sigma deviation (68 per cent to 95 per cent); and a value of 0 if smaller than one sigma (less than 68 per cent).

Qualified person

This press release was prepared by Steven Lauzier, PGeo, OGQ, and by Pierre-Alexandre Pelletier, PGeo, 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.