Loading, Please Wait...
OTTAWA, ONTARIO--(Marketwired - Jan 22, 2016) - Melkior Resources Inc. ("Melkior") (TSX VENTURE:MKR)(OTC PINK:MKRIF)(FRANKFURT:MEK) is pleased to provide an update on a December, 2015 drill program and compilation work performed on its wholly owned Carscallen gold project which is located approximately 25 kilometres west of the centre of Timmins Ontario and 5.5 kilometres west of Lake Shore Gold Corp's Timmins West Mine. The Carscallen property shares a roughly 6 km long border with Lakeshore's Timmins West property.
The 405 metre (5 hole) drill program was designed to target near surface gold mineralization in veins within surficial granitic rocks overlying regional volcanic rocks.
As a result of the recent work, three significant observations may be made:
1) Re-sampling of hole MKR-14-03 and the large discrepancy from the original sample analysis has indicated the presence of coarse gold. The re-analysis contained 82.3 g/t gold compared to the original sample that contained 39.2 g/t indicating the possible presence of coarse gold. In the furure, all holes and gold intersections will be re-analyzed for coarse gold.
2) The data compilation work has identified the underlying mafic volcanics as a significant target for gold mineralization and will be the focus of future work on the property. It appears that the mineralized structures have been offset at the upper granitic, lower volcanic contact. The lower, mafic volcanic extensions of these structures should be investigated for all known veins in the granitic rocks.
3) The results of the drill program (MKR-15-05) suggest that more work is needed near the boundary of the Aumo Property presently owned by Lakeshore Gold Corp. Accessory metals such as silver indicate there is a similarity between the Aumo Zone (MKR-14-03 and MKR-15-05) and the South Zone (MKR-15-08). This indicates they may have a similar genesis and may both come from a deeper seated source.
2015 Drill Program
Hole MKR-15-05 was drilled to test the Aumo Zone where drilling last year by Melkior intersected 39.2 g/t gold over 0.3 metres (MKR-14-03). The current hole intersected 4 zones of mineralization from 41.7 to 46.1 metres. The best analysis in this hole was 303 ppb gold over 1 metre. In addition the mineralized sample from the 2014 drilling was quartered and re-analyzed. The re-analysis contained 82.3 g/t gold indicating the possible presence of coarse gold and 71.1 g/t silver. The 2015 drilling has confirmed the existence of a continuous structure here that will be investigated in future work.
Hole MKR-15-06 was drilled to test the Jowsey Zone where surface sampling in November found 58.8 g/t gold. Two zones were intersected; one directly under the 58.8 g/t sample and one in the last half of the hole. The zone under the surface sample was found to contain 4.4 g/t over 2 metres.
Hole MKR-15-07 was picked from section work on past drilling. A large section of sheared porphyry was noted in the core. The best analysis in this hole was 106 ppb gold over 1 metre width.
Hole MKR-15-08 was drilled to test the South Zone where past surface sampling produced analyses of up to 3.38 g/t gold . A zone mineralized with quartz and sulphides was intersected in the drilling from 46.5 to 50.5 metres. The zone was intruded by 10-20 cm ultramafic dikes. This zone was found to contain a weighted average of 293 ppb gold and 0.2 to 1.2 g/t silver over 5 metres.
Hole MKR-15-09 was drilled to intersect the Shenkman Zone where previous surface sampling found 43 and 23.7 g/t gold. The best value in this hole was 538 ppb gold over a 0.5 metre width.
A comprehensive compilation and evaluation of past drilling on the property has been launched and is in progress. The majority of past drilling on the property has been focussed on near surface, granitic hosted vein systems. This strategy has been very successful in locating quartz hosted veins, well mineralized with gold i.e. the Zam Zam, Jowsey and Shenkman veins. It was observed, however, that the veins were usually truncated at the contact between the upper granitic rocks and the lower mafic volcanic rocks. Shearing and faulting has been observed at this contact leading to the conclusion that the gold-bearing structure has been sheared and displaced at the contact.
This work has located one of these vein systems in the underlying mafic volcanic rocks. Based on the strike direction and location, this zone could be the down-dip extension of the Zam Zam Zone. This new zone has been traced for approximately 700 metres by past drilling and is characteristically associated with pyrite mineralization. Past work noted the volcanic hosted gold mineralization in individual drill holes, however, the recent compilation work has aided in proving these intersections are related and part of a larger structural system.
Typical, previously drilled holes that have intersected this zone have produced the following results:
Gold Intersections in Mafic Volcanics
CAR-32-2010: 5.84 g/t gold over 2.5 metres including 14.1 g/t gold over 0.6 metres (Melkior PR April 9, 2010),
CAR-57-2010: 89.5 g/t gold over 0.5 metres (Melkior PR August 19, 2010),
CAR-58-2010: 2.64 g/t gold over 13.5 metres (Melkior PR December 20, 2010),
CAR-59-2010: 3.19 g/t gold over 12.4 metres (Melkior PR December 20, 2010),
CAR-80-2012: 95.8 g/t gold over 2.0 metres including 185.5 g/t gold over 1.0 metre (Melkior PR April 12, 2012).
Melkior's recently appointed Exploration Manager, Wayne Holmstead was quoted as saying, "This is a significant development in the search for gold bearing structures on the property. Previous mineralization on the property was limited at depth by the granitic-volcanic contact. Newly outlined sub-granitic gold mineralization in volcanic rocks is now open in all directions and to depth. In light of recent gold discoveries by Lakeshore Gold Corp in volcanic rocks on the adjoining Timmins West Property, this observation is of major significance."
Conclusions and Recommendations
The occurrence of significant gold in the volcanics capped by a granitic cover as well as the continuity and grade of mineralized veins in the upper granite enhances the gold potential of the Carscallen project. Also the proximity of the Carscallen property to a producing mine (Timmins West) and important new gold discoveries (144 Gap Zone) by Lakeshore Gold Corp, also emphasizes the potential of the Carscallen property.
Future work will consist of further compilation and evaluation as well as additional sampling of un-sampled drill core where the volcanic hosted gold mineralization is suspected based on surrounding holes. A model to aid in further exploration of the property is being developed. After this, the following phase will consist of diamond drilling to discover new zones and further define and extend the known gold mineralized zones into the mafic volcanic rocks.
The contents of this press release have been reviewed by Jens Hansen, P.Eng (Director), and Wayne Holmstead, P.Geo (Exploration Manager), Qualified Persons as defined by National Instrument 43-101.
The reader is invited to visit Melkior's new web site www.melkior.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.