Mr. Keith Deluce reports

MELKIOR COMMENCES DRILLING AT BESCHEFER EAST

Melkior Resources Inc. has commenced its winter drill campaign at the Beschefer East project located in the Northern Abitibi greenstone belt in Quebec approximately 4.5 kilometres northeast of B-14, and 13 km on trend northeast of B26 and 17 km east of the Selbaie mine. On June 14, 2023, the company entered into an option agreement on the Beschefer East project to earn 100 per cent over three years from SOQUEM Inc. (see news release dated June 14, 2023).

Highlights:

• A six-hole winter drill program with a total of 1,050 drill metres is under way at the Beschefer East project. This drill program will test new targets identified from a biogeochemical gold-copper anomalous region that was identified using the black spruce tree bark sampling method. This target was selected for testing, considering the strong overlap between metal signatures and ground induced polarization (IP grid). The target area spans 800 metres in a region previously untested by drilling.

Drill program

A six-hole drill program with a total of 1,050 metres is under way at Beschefer East project. The target area spans 800 metres in a region previously untested by drilling. Individual drill holes ranges in depth from 150 to 200 metres.

The primary objective of t his drill program is to test the new targets identified from the biogeochemical gold-copper anomalous region. It was previously identified using the black spruce tree bark sampling method. This target was selected for testing, considering the strong overlap between metal signatures and the ground induced polarization (IP) grid. A line cutting and data acquisition survey was recently completed, east of the target area. The company has received the preliminary data. The three 1.5 km IP lines completed will give insight into the possibility to expand the target zone.

MMI, Bark and high-resolution magnetic programs

In preparation for the drill program the company completed an MMI, tree bark sampling and a high-resolution magnetic program with the following highlights:

• Five new gold-copper targets were identified using the black spruce tree bark sampling method.
• Three copper-lead-zinc targets were identified using the mobile metal ion sampling method.
• There has been limited historical drilling on the new targets identified, as the majority of historical drilling has been focused on the basalt and tuff geological units while the anomalies presented are located primarily in felsic rocks.
• The company executed a quality high-resolution airborne magnetic survey which confirmed trends over these strategic targets.

A total of 518 MMI samples were collected over two unique grids at Beschefer East, while 1,780 black spruce tree bark samples were collected using 100 m by 100 m spacing across the entire sampling grid.

The helicopter-borne survey was carried out by Prospectair, based out of Gatineau, Que., and totalled 968 line kilometres. The magnetometer used for the survey consisted of a non oriented (strap-down) optically pumped cesium split-beam sensor (Geometrics G-822A).

An area of 34 square km was covered by using a line spacing of 50 metres and N150 Azimut to optimize the clarity and detail of subtle structures. In addition, the company completed two infill blocks covered with lines every 50 metres, but offset by 25 metres to the main blocks lines. This effectively provided a 25 m line spacing within the infill blocks.

Genex update

On Jan. 1, 2025, the company and International Explorers & Prospectors Inc. appointed an arbitral tribunal to determine the parties' rights and obligations under their option agreement dated April 19, 2022, in respect of the Genex project (see the company's new release dated April 20, 2022, for additional information). The parties are working toward setting a hearing date, which is expected to be scheduled June, 2025, or later this year.

Stock options

The company announces that, subject to regulatory approval, it has approved the grant of 1.2 million incentive stock options to directors and an officer of the company. The options are exercisable at an exercise price of eight cents per share for a period of up to five years.

Qualified person

All technical information in this press release has been reviewed and approved by Martin Ethier, PGeo (No. 1520) consultant for Melkior, who is a member of the Order of Geologists of Quebec and a qualified person as defined under National Instrument 43-101.

About Melkior Resources Inc.

Melkior Resources is an exploration stage resource company operating in world-class mining jurisdictions across Quebec and Ontario. The company is dedicated to advancing a portfolio of high-potential mineral properties with a primary focus on gold exploration.

Melkior's flagship projects include the Carscallen project, the Beschefer East project, the Genex project and the Val d'Or project. These projects are strategically located in the Abitibi greenstone belt, known for hosting significant gold and base metal deposits.