Mr. Keith Deluce reports

MELKIOR RESOURCES COMMENCES 2024 WINTER DRILL CAMPAIGN AT CARSCALLEN GOLD PROJECT

Melkior Resources Inc. has commenced its 2024 winter drill campaign at the Carscallen gold project, located approximately 25 kilometres southwest of Timmins, Ont.

Highlights:

• A five-hole winter drill program with a total of 1,200 drill metres is under way at the Carscallen project. The drilling will test new opportunities and expand the strike and downdip continuities of previously established gold showings at the 1010 zone.
• The drill program has commenced and will be completed in six to eight weeks.

Keith Deluce, director of Melkior Resources, stated: "Following the data review and 3-D modelling exercises, we are thrilled to kick off the winter drilling program at the Carscallen gold project. The program will probe the strike and downplunge extensions of the 1010 mineralized zone, including testing the northwest target, an unexplored area north of 1010 zone, which has the same geophysical magnetic and IP chargeability and resistivity signatures as the gold zones at Carscallen."

2024 winter drill program

An eight-hole drill program was designed at the Carscallen property to target new opportunities and expand the strike extents of previously established gold showings at the 1010 zone. A total of 1,750 drill metres on an NQ-size drill core were planned for this program, of which 1,200 metres will be drilled during this phase. Individual drill holes ranges in depth from 150 metres to 300 metres. The primary objectives of the exploration program are to test the northwest zone, which is an unexplored area about 500 metres north of 1010 gold showings, and an infill to stepout exploration drill targeting the lateral and downdip extensions of gold mineralization across the 1010 main zone.

1010 gold zone

The 1010 gold showings have about 500 metres of strike length and characterized by multiple, stacked, anastomosing, shear-hosted, quartz-sulphide veins, which are locally enveloped by stockwork breccia mineralization. The gold zones are steep dipping, and often exhibit pinch and swell attitude along the north-south trend. The gold mineralization at the 1010 zone is coincident with mod-high (moderate-high) magnetics associated with folded-faulted features, mod-high IP chargeability (conductors) and resistivity. The geophysical signatures are typical in most of the gold zones at the Carscallen property.

In a north-south longitudinal section, the mineralization at the 1010 zone and northwest zone appears to be controlled by fold structure with the hinge zone located between the 1010N and 1010S. These suggest of a possibly north-plunging mineralization on the 1010N and a south-dipping mineralization on the 1010S.

Over all, a total of six drill holes, MKR-24 (01 to 06), all dipping toward the east, were planned to test the plunge of mineralization. The holes have variable target depths ranging from 200 metres to 300 metres. The drilling will probe the downdip of the 1010 mineralization zone based on historical surface mapping and drilling, and to test the continuity of mineralization along strike length up to 800 metres.

Northwestern zone

The northwestern zone is an unexplored area about 500 metres north of the 1010 gold showings, characterized by overlapping clusters of gold-in-soil anomaly, mod-high magnetics, and coincident moderate IP chargeability (conductors) and resistivity.

Two shallow drill holes, MKR-24 (07 to 08), at about 150 metres deep, were planned to test the gold mineralization potential in the area.

Equity compensation plan

At its annual general meeting of shareholders held on March 28, 2024, the company's shareholders approved the company's omnibus equity compensation plan. The company's information circular for the meeting, which was filed on SEDAR+ on March 7, 2024, contains detailed disclosure about the plan. The plan reserves up to 10 per cent of the company's issued and outstanding shares for grants of incentive compensation, and, as at the date hereof, there are 1,825,000 options and zero restricted share units (RSUs) under the plan. The plan requires shareholder approval annually in accordance with the policies of the TSX Venture Exchange. Please refer to the information circular for more information.

Qualified person

All technical information in this news release has been reviewed and approved by Martin Ethier, PGeo. Mr. Ethier is a consultant for Melkior and a qualified person for the purposes of National Instrument 43-101.

About Melkior Resources Inc.

Melkior is an exploration-stage resource company in world-class mining jurisdictions with a strong partner. Melkior's is focused on advancing its flagship Carscallen, Beschefer East, Genex, Val d'Or, White Lake and Maseres projects.