NEWS release
Melkior Plans More Than 5,000 Metres of Drilling on the Carscallen Gold Project, West Timmins, Ontario
OTTAWA, ONTARIO, Oct 29, 2010 (MARKETWIRE via COMTEX News Network) --
Melkior Resources Inc. ("Melkior") (TSX VENTURE: MKR) is finalizing plans for at least 5,000 m of diamond drilling on its Carscallen Project west of Timmins. Melkior has approximately $5,000,000 in cash, which permits the company to continue and expand the exploration program in West Timmins. The Carscallen Project shares approximately nine kilometres of common boundary with Lake Shore Gold Corp. Drilling will be focused on the Zam Zam and Shenkman zones, where recent drill intercepts indicate the presence of multiple high-grade, subparallel structures at depth and a possible broadening of the gold mineralized package. The Zam Zam/Shenkman structures have been traced from surface to a depth of approximately 500 metres over a distance of approximately 1200 metres. These zones are six kilometres due west of the Lake Shore Gold Corp. Mine and Thunder Creek gold deposit. Drilling is scheduled to commence on November 9, 2010, and follows the interpretation of a down-hole induced polarization survey and careful compilation and geological interpretation of all drilling results to date.
The down-hole induced polarization survey was conducted by Abitibi Geophysique, and involved surveying a total of 25 drill holes and the generation of a three dimensional chargeability model from surface to a depth of 680 m. A prominent anomaly occurs below a vertical depth of 500 m, and below the limit of drilling to date. Three recent holes (CAR33-2010, CAR38-2010 and CAR42-2010) will be deepened by approximately 200 m each in order to initiate testing of this strong anomaly. Further down-hole induced polarization surveying of the new drilling will be undertaken to refine the location of this deep target. Depending on results, a long (up to 1,000 m) hole from surface may be necessary to fully test the target.
Recent geological compilation of all drilling results has enabled the demarcation of several mineralized zones along the strike of the structures, as well as the inference of the location of the critical contact between the granite and mafic volcanics. Twelve holes (3500 m of drilling) are planned to test the intersections of mineralized zones with this geological contact along the length of the Zam Zam/Shenkman trend.
This Press Release was prepared by Tom Setterfield, P.Geo, of Geovector Management Inc, Qualified Person under National Instrument 43-101 with assistance from geologist Eric Hebert.
About Melkior:
Melkior is a junior exploration company with active exploration projects in West Timmins and the Mc Faulds "Ring of Fire" areas of Ontario. Melkior also holds a 49% interest in the Delta Kenty nickel-copper-platinum-palladium deposit in Ungava and has several other gold properties in Ontario and 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.
Contacts: Melkior Resources Inc. Jens E. Hansen, P. Eng. President 613-721-2919 613-680-1091 (FAX) melkior@rogers.com www.melkior.com
SOURCE: Melkior Resources Inc
mailto:melkior@rogers.com https://www.melkior.com
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