|By Marketwired .||
|June 26, 2014 10:15 AM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 06/26/14 -- Melkior Resources Inc. ("Melkior") (TSX VENTURE: MKR)(PINKSHEETS: MKRIF)(FRANKFURT: MEK) is pleased to announce it has started its summer exploration program on the Launay gold project located 35 km west of Amos, Quebec.
The exploration program will principally focus on Zone 75 and consists of channel sampling areas covered by a 2013 grab sample program. In 2013 several grab samples were taken in and around Zone 75 where several samples returned gold values greater than 1g/t and corresponded to an albite-rich mineralized zone, referred to as the "white unit". The zone is oriented north-south and visible at surface 50 metres north of Zone 75 and 20 metres to the south. The nearest drill hole is located 50 metres from the white unit. The channel samples will systematically test the white unit and the results will be integrated with previous drilling to assist in a preliminary 43-101 resource estimate on the near surface gold mineralization.
Further surface prospecting and geological mapping will also be conducted further south, where favorable gold bearing structures have been interpreted by geophysical methods.
Melkior considers the Launay property to have significant potential for a large tonnage gold deposit in an area with excellent infrastructure. Recent drilling by Melkior and Beaufield Resources Inc. ("Beaufield) in 2013 and 2014 on Zone 75 has revealed wide near surface gold mineralized intersections:
- 3.92 g/t gold over 13.40 metres in hole LAY-15-2013 (January 13th news release)
- 6.20 g/t Gold over 10.5 metres in hole LAY-20-2013 (February 18th news release)
- 4.04 g/t gold over 15.52 metres in hole LAY-21-2013 (March 18th news release)
The Launay gold project covers the Launay granitic intrusion which hosts a gold mineralized trend approximately 3 kilometres long. Several other gold showings exist outside this trend.
Under the terms of an option and joint-venture agreement signed in November 2013, Beaufield has the option to earn an interest of up to 50% in the Launay gold project by incurring exploration expenditures aggregating $1,250,000 over five years, Beaufield will earn 10% interest for each $250,000 of exploration expenses. To date Beaufield has earned a 10% interest. Melkior is the operator on the project.
About the Launay Gold Project:
The Project is located in the active Abitibi Greenstone belt approximately 70 kilometres northeast of Rouyn-Noranda and 80 kilometres northwest of Val d'Or. It is accessible via highway 111, 35 kilometres west of Amos where all accommodations, supplies and services are available. Power and rail lines cross the property. The property consists of 136 claims or 56 square kilometres and adjoins Royal Nickel's Dumont Nickel property. The gold occurs in altered, mineralized granite which has been traced for at least 3 kilometres. Two zones have seen limited near surface drilling namely Zone 75 and the Principal Zone. The area remains to be fully explored along strike and at depth. There is potential for a significant open pit gold resource.
This news release has been prepared by Jens E. Hansen, Eng., CEO, President and director of Melkior, the Qualified Person, as defined by National Instrument 43-101.
Melkior is an exploration company with active gold exploration projects in West Timmins, Ontario and Launay, Quebec.
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.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Melkior's periodic reports including the annual report or in the filings made by Melkior from time to time with securities regulatory authorities.