Mr. Jonathon Deluce reports

MELKIOR ANNOUNCES FURTHER DRILL PROGRAM EXTENSION TO 6,600M AT CARSCALLEN

Through its strategic partnership with Kirkland Lake Gold Ltd. (operator), Melkior Resources Inc. has expanded the current drill program to 6,600 metres on its Carscallen project, located approximately 25 kilometres west of Timmins, Ont., and approximately six kilometres west of Pan American Silver's West Timmins mine.

As at the end of January, 4,611 metres of drilling have been completed, with drilling still under way. Due to increased drilling activity in the region, assay turnaround times have seen significant delays compared with previous programs in the year. The company looks forward to providing its complete results and next steps for the project in March.

Program summary

The program will focus on the 800-metre-long, northwesterly trending Zam Zam/Shenkman trend, which has already been partially defined by past drilling and produced multiple high-grade intercepts of gold. A key part of the program will involve a series of holes to follow up on the gold intercepts encountered in the preceding fall, winter and spring drill programs. Intersection highlights from these programs include CAR-19-03A with 23.5 grams per tonne gold over 8.0 metres 430 metres vertically below surface (Nov. 28, 2019, press release) and CAR-20-05 with 25.7 grams per tonne gold over 6.0 metres 350 metres below surface (May 7, 2020, press release) from the south edge of the Shenkman zone; as well as CAR-20-06, which includes 5.68 grams per tonne gold and 6.4 grams per tonne silver over 9.5 metres, including 67.9 grams per tonne gold, 79.8 grams per tonne silver and 0.62 per cent copper over 0.5 metre, from an area 260 metres to the south of the Shenkman zone.

The key objectives for the drilling are to test the gold system both for sustained grades at depth and for continuity up dip and northwest-southeast along strike of previous encouraging drill results. Work has also been planned to evaluate possible new targets for future drilling, including areas to the north, south and to depth in the Zam Zam/Shenkman trend, where little to no drilling has been completed for more than one kilometre in each direction.