The TSX Venture Exchange has accepted for filing documentation of an option agreement dated June 7, 2023, between an arm's-length party and Melkior Resources Inc. Pursuant to the agreement, the company has agreed to acquire 100 per cent of the Beschefer East project. The Beschefer East project is located approximately 90 kilometres west of Matagami and 100 kilometres north of La Sarre, Que., Canada.

As a consideration, the company must issue up to 2.5 million shares at the higher of 20 cents per share or the weighted average price of the common shares for the 10 trading days immediately preceding the applicable anniversary date of the effective date, incur $1.5-million in exploration expenditures over a period of three years, and make a cash payment of $50,000 to the optionor.

In addition, the optionor is also granted a net smelter return royalty of up to 2.5 per cent on certain claims made up of a historical NSR royalty of 1.5 per cent and 1 per cent.

For further details, please refer to the company's news release dated June 14, 2023.