Mr. Jonathon Deluce reports

MELKIOR COMMENCES 1,500M DRILL PROGRAM AT VAL D'OR

Melkior Resources Inc. has commenced drilling on selected targets of the Val d'Or property. Following the completion of an IP (induced polarization) survey on the western strike extension of the Bruell showing (located 240 metres east of the property) and an airborne high-resolution MAG (magnetic) survey, the company has defined multiple targets for its maiden drill program that target a source of the previously defined till anomalies.

Highlights

• Maiden 1,500-metre drill program at Val d'Or has commenced nearby recent M&A (mergers and acquisitions) in the district;
• Drilling the western extension of the Vein zone area being explored by Eldorado Gold Corp.

The drill cross-section is over the Bruell's western extension, where historical drill holes returned anomalous gold values up to 3.6 grams per tonne gold over 0.30 m, 0.6 g/t Au over 0.50 m, 0.6 g/t Au over 0.70 m and 1.0 g/t Au over 1.00 m. Part of the current program will target IP and/or MAG anomalies (see news release dated Jan. 20, 2021) located around those anomalous intersections, which were drilled between 1946 and 1988. The company believes that technological advancement allows the company to target rich mineralization close to the historical intersects that has previously gone undetected.

Fourteen diamond drill holes (DDH) have been planned over the IP grid. They are positioned to intersect magnetic highs and lows, strong gradients, historical anomalies, and chargeable or conductive anomalies. The company expects to drill approximately up to 1,500 m and will modify its planning depending on the field observations. The attached table presents the geophysical targets.

  
                              TARGETS
 
Hole                Target

VDE-21-01           Magnetic high, low conductor, historical target
VDE-21-02           Magnetic high, high conductor and chargeable
VDE-21-03           Magnetic high, medium conductor
VDE-21-04           Magnetic high, high chargeable
VDE-21-05           Magnetic low, lithological target
VDE-21-06           Magnetic high, low conductor
VDE-21-07           High conductor and chargeable
VDE-21-08           Magnetic gradient, high conductor
                    and chargeable, historical target
VDE-21-09           Magnetic gradient, lithological target
VDE-21-10           Magnetic gradient, lithological target
VDE-21-11           Magnetic gradient, lithological target
VDE-21-12           Magnetic high, lithological target
VDE-21-13           High conductor and chargeable
VDE-21-14           Magnetic high, historical target

A review of historical drilling on the property identified at least seven anomalous drill hole sections. To the north of the IP grid, three historical sections reported 210 parts per billion Au over 0.70 m, 230 ppb Au over 0.40 m and 3,900 ppb Au over 0.30 m (Perron and Guay, 1988). They are all located at the edge of magnetic highs. Their lateral extensions will be surveyed by holes VDE-21-01, VDE-21-02, VDE-21-08 and VDE-21-14.

In the central part of the IP grid are three intersections grading 600 ppb Au over 0.50 m, 600 ppb over 0.70 m (Paterson et al., 1946) and 1,000 ppb Au over 1.00 m (Perron and Guay, 1988). Their lateral extensions are tested by holes VDE-21-06, VDE-21-07 and VDE-21-09, respectively located 65 m, 130 m and 115 m from the historical showing.

On the southern part of the IP grid are two anomalies grading 450 ppb Au over 0.65 m and 940 ppb Au over 0.56 m (Perron and Guay, 1988). Those two will not be subject to drilling during this maiden drill program.

Qualified person

This press release was prepared by Steven Lauzier, vice-president of exploration for Quebec, 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.

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. Barrick Gold is advancing Melkior's White Lake project 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.

References

(1) K. Kivi, B.V. D'Silva, D. Parker, D., 1987: Journal de Sondage. Mines Messeguey Inc., GM 45792.

C. Larouche, 1985: Journal de sondage du trou MV-85-1.

C. Larouche, K. Kivi, M. Simoneau, T. Whitfield, D. Parker D., 1987: Resultats des travaux d'exploration. Mines Messeguey inc, GM 45862.

J.D. Paterson, B.C. Fillingham, H.N. MacDonald, 1946: Diamond Drill Record. Bruell Consolided Mines Ltd., GM 38598.

L. Perron, P. Guay, 1988: Rapport de travaux d'exploration 1987-1988, Projet Vauquelin No. 466. Mines Messeguey Inc., GM 47581.

M.W. Rennick, 1963: Diamond Drill Record. Claims Ferferber and Noranda Exploration Co. Ltd., GM 12997.

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