TORONTO - Melkior Resources Inc. [MKR-TSXV] reported results from the first drill hole at the Genex project near Timmins, Ontario GEN-22-01 intersected 2.23 g/t gold equivalent over 24.5 metres (0.24 g/t gold, 1.15% copper, 0.52% zinc and 3.92 g/t silver), including 3.69 g/t AuEq over 7.78 metres (0.32 g/t Au, 2.29% Cu and 5.24 g/t Ag), successfully extending the Genex shaft zone 50 metres to the northeast.
On April 21, 2022, the company announced an option agreement for the Genex project to earn 100% over seven years from International Explorers & Prospectors Inc. The Genex project is an advanced gold-copper volcanogenic massive sulphide exploration target with significant near-term resource potential.
Jonathon Deluce, CEO, commented: "We are very excited about this strong first intercept and the potential results of the remaining drilling supported by the visual observations announced last week. Market conditions remain challenging, but we are well positioned with Genex, a strong treasury and capital structure to benefit when the market turns. Various majors have stated the need for copper/gold deposits, and with Genex being nearby existing infrastructure, we are excited about the project's potential."
GEN-22-01 was drilled as a step-out hole to test the immediate extension of the historical H zone at a vertical depth above 50 metres. In that area, the brecciated, mafic-to-intermediate volcanic rocks, as much as felsic volcanoclastic, are strongly affected by black chlorite alteration. The disseminated polymetallic mineralization takes the form of disseminated grains and stringers. Additionally, a semi-massive chalcopyrite vein was intercepted from 33.72 metres to 34.18 metres, with grades of 16.4% copper and 1.46 g/t gold over 0.46 metres.
There are still 105 non-rush samples where assays are outstanding, which have the potential to extend this zone.
Melkior Resources is an exploration-stage resource company in world-class mining jurisdictions. Melkior's flagship Carscallen project is being advanced by Kirkland Lake Gold (now Agnico Eagle Mines) through a $110-million option/joint venture agreement. Melkior, under 100% ownership, is focused on advancing its Genex, Val D'Or, White Lake and Maseres projects. Agnico Eagle Mines currently owns approximately 6% of the company.