Mr. Jonathon Deluce reports

MELKIOR ANNOUNCES MAIDEN VAL D'OR DRILL PROGRAM FOR MARCH 2021

Melkior Resources Inc. has secured a drill and defined the main targets for its 1,500-metre drill program at the Val-d'Or property. Drilling will commence in early March, 2021, and the company will provide further details on its final drill targets at that time.

Following the completion of an IP survey on the western strike extension of the Bruell showing (located 240 metres east of the property) and an airborne MAG survey, the company has defined targets for its maiden drill program. The targets are shallow and associated with IP and MAG anomalies (see news release dated Jan. 20, 2021 ). The company believes that a 1,500-metre drill program will be sufficient to target mineralization associated with alteration zones and geophysics targets.

Jonathon Deluce, chief executive officer of Melkior, further comments: "We are excited to commence our 1,500-metre maiden drill program at our Val-D'Or project. Using the data from our till, IP and Mag surveys completed in 2020, we were able to review our results against neighbouring successful programs to put the strongest targets forward. We have recently seen an increase in M&A in the Val D'Or district, which highlights the continued exploration potential and interest from the intermediate/major producers."

The area targeted by the maiden drill program is the western extension of the Vein zone area being explored by Eldorado Gold Corp. In 2018 to 2019, a 2,000-metre program located mineralization along a 250-metre strike length and to a vertical depth of 125 metres. This is a new discovery on its property, and Melkior's property contains the western strike extension to that mineralization. In between the property and the new discovery made by Sparton/Eldorado, four gold showings are related to the same geological features, with the Bruell deposit being located 240 metres from the property.

The new discoveries are either hosted in veins inside of sheared gabbros and also in sheared zone of mafic volcanic hosting quartz, sericite and ankerite veins. Both mineralization is associated with disseminated pyrite.

Current finalized drill targets on the property includes:

• High conductive anomalies associated with the largest IP axis found on the property;
• Isolated high- and low-magnetic anomalies that are associated with IP anomalies, located in gabbros and mafic volcanics. Some are also in association with VMS and orogenic gold targets previously defined by the Ministry of Energy and Natural Resources;
• Low magnetic structures cross-cutting the main magnetic fabrics which are also associated with chargeable anomalies. Those targets may be associated with the carbonate alteration as found at the Bruell showing. Those cross-cutting features are mostly NE-SW in direction and could be associated with faulting similar to the NE-SW structures that Sparton/Eldorado interpret close by to their previous discoveries; and
• A zone with multiple magnetic contrasts, located immediately on strike with the Bruell showing.

The property

The Val-d'Or property is located 35 kilometres east from Val d'Or and is accessible by a well-maintained dirt road as well as logging roads. The 120 claims cover approximately 6,333.04 hectares (63.33 square kilometres).

Qualified person

This press release was prepared by Steven Lauzier, PGeo, OGQ, a qualified person as defined under National Instrument 43-101, and he has reviewed and approved the geological information provided in this news release.

Stock options

The company has granted incentive stock options to directors and officers of the company for the right to purchase up to an aggregate of 900,000 common shares of the company, exercisable at the price of 70 cents per share for five years. In the event of resignation from the company by a director or officer, the options granted to such director or officer will be subject to an accelerated one-year exercise period commencing on the date of resignation in accordance with the terms of the company's stock option plan.

About Melkior Resources Inc.

Melkior Resources is an exploration-stage resource company with strong partners in world-class mining jurisdictions. Melkior's flagship Carscallen project is being advanced by Kirkland Lake Gold through a $110-million option/joint venture agreement. Melkior's White Lake project is being advanced by Barrick Gold through a $4-million option/joint venture agreement. Melkior under 100-per-cent ownership is focused on advancing its Val-d'Or and Maseres projects in Quebec. Kirkland Lake Gold currently owns approximately 6 per cent of the company.