Published: October 30, 2018
Timmins, Ontario. Melkior Resources Inc. (“Melkior”) is pleased to announce that assay results confirm the existence of strata-bound sulphide mineralization within mafic volcanic rock on the Maseres Project.
Assay results from the strata bound, sulphide mineralized horizon returned maximum values of:
Copper: 2,040 ppm
Zinc: 130 ppm
Silver: 4.3 ppm
Gold: 0.459 ppm
42 samples contained over 9% Iron with 16 of these containing over 9% Sulphur.
The results of these analysis in conjunction with surficial observations validates the hypothesis that VMS type mineralization is present on the Maseres Project. The proximity of the mineralized horizon to VTEM conductors suggests a correlation between VTEM EM anomalies and strata-bound sulphide mineralization on the Maseres Project. This correlation would elevate all EM anomalies along the ten-kilometer geological trend to drill targets. The following table summarizes the number and Grade of 386 EM anomalies identified by Geotech on the Maseres Project.
|Number of EM Anomalies||Anomaly Grade|
|29||Conductance > 50 S|
|25||35 S < Conductance < 50 S|
|46||20 S < Conductance < 35 S|
|79||10 S < Conductance < 20 S|
|89||5 S < Conductance < 10 S|
|118||Conductance < 5 S|
As reported by Geotech:
“There are two kinds of anomalies:
- Strong EM conductors possibly associated with pyrrhotite and/or pyrite in iron formations;
- AIIP anomalies associated with clay in drainages”
Melkior is of the opinion that the extensive corridor of VTEM EM anomalies are predominately related to a single volcanic package, that includes VMS type mineralized units, deposited at a transition from felsic to mafic vulcanism.
These bedrock samples were taken in an area of, relatively shallow overburden and very close to strong EM conductors. The geology of this area will be studied to better understand this important sequence of rocks. Approximately 80% of the VTEM EM anomalies on the Maseres Project have been evaluated on the ground (ground truthed). The areas that host the EM anomalous trends are almost always low lying and devoid of outcrop immediately overlying the EM anomalies. A trenching permit has been applied for, prospecting continues and weather permitting, bedrock exposure will be enhanced before winter sets in.
Melkior is advancing the Maseres Project to enhance shareholder value, due diligence is required prior to moving to the drilling stage. Sufficient information is now available to select a focus area and to continue with the due diligence process on a prioritized 2.5 km x 2.5 km area. This focus area was selected based on a combination of: year-round drill access; confirmation of VMS type mineralization; correlation of VMS type mineralization to EM anomalies; supporting geological data from outcrop; and robust geochemical (Au, Cu, Ag) signature obtained in the 2017 soil sampling program. A grid will be established over this area for ground control. IP and resistivity surveys will be conducted to establish bedrock topography and to provide more detailed information on the location and strength of conductive targets. The contract for the line cutting and geophysical survey will be awarded within the next 30 days. The IP and resistivity survey will be initiated on freeze up as there are wet area over portions of the survey area. A requirement of the geophysical contract will be the delivery of preliminary data on a daily basis. The preliminary data will be posted within 24 hours to the Melkior website to allow our shareholders to share in the excitement of the next phase of exploration on the Maseres Project.
Jim Deluce, CEO of Melkior comments to our shareholders, “Melkior continues to provide an unprecedented level of transparency while we continue to aggressively advance our assets. I invite all Melkior shareholders to engage our website and the release of our upcoming IP and resistivity data. When we have mitigated the drilling risk as best we can we are going to select some drill holes and we are going to drill. Melkior currently has over $1,000,000 in the bank.”
Wade Kornik, P.Geo., has approved the information contained in this release. Mr. Kornik is the Exploration Manager of the Company and is a Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD
Keith James Deluce, CEO
For the full press release click here.