Melkior Resources Inc. Acquires Kakeeway Claims - Hemlo
Timmins, May 16, 2017 - Melkior Resources Inc. ("Melkior") is pleased to announce that it has entered into an agreement to purchase an additional 76 claim units totaling 3,004 acres in the White Lake Area of Hemlo, Ontario (the "Property"), subject to the acceptance of the TSX Venture Exchange. The Property is located within the Hemlo greenstone belt, 22 km east of the Hemlo Gold Mine currently operated by Barrick Gold Corp. and 3.5 km west of the previously announced claims Melkior acquired through staking (NR, Feb 15, 2017). The Property hosts the high-grade Carroll-MacDougall gold occurrence, a historical gold occurrence named after the prospectors who first located the occurrence in the fall of 1993. The Carroll-MacDougall gold occurrence has reported assays of up to 1,168 g/t gold, taken by resident geologists with the Ontario Geological Survey and reported grab assays of 19.88 g/t gold.
Total consideration for the Property is a cash payment of $5,000 (paid) and the issuance of 1,500,000 common shares upon approval of the transaction by the TSX Venture Exchange. The Property is subject to a 3% net smelter return royalty in favour of the vendor. Melkior has the option to purchase one-third of the royalty at any time for payment of $1,000,000.
Melkior is always searching for new opportunities and is working to enhance its claim inventory in Hemlo, Urban-Barry and in Timmins with the goal of increasing shareholder value.
Melkior's Carscallen Project, Timmins, Ontario, currently has an exploration permit pending with the Ministry of Northern Development and Mines. A drill contract for 2,700 m has already been awarded for the Carscallen Project. On MNDN permit approval, the 2017 Exploration Plan will be implemented. The Exploration Plan is available on Melkior's website at:
http://www.melkior.com/wp-content/uploads/MKR-2017-Exploration-Plan.pdf.
On completion of the Timmins drill program, Melkior is committed to undertaking an airborne geophysical survey, summer 2017, that will cover the entire Maseres Project in Urban-Barry gold camp in Quebec. This data will provide the ground control and data needed to implement a focused follow-up ground truthing and evaluation of the geophysical results. Melkior has the goal of raising the funding required for the airborne survey and a field program on the Maseres Project on the completion of our Carscallen drilling campaign.
Wade Kornik, P.Geo., has approved the technical information contained in this release. Mr. Kornik is the Exploration Manager of Melkior and is Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD
Keith James Deluce, CEO
For more information, please contact:
E-mail: info@melkior.com
Tel: 705-267-4000
The reader is invited to visit Melkior's web site www.melkior.com.
This news release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Melkior's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond Melkior's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of Melkior's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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.
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