Melkior Resources Inc. Intersects Massive and Semi-Massive Polymetallic Mineralization at Genex

Figure 1: GEN-22-01,03,04&07

Click Image To View Full Size

*The photos are of selected intervals and are not necessarily indicative of the mineralization hosted within the entirety of the drill holes

From these first visuals released, 6 holes returned at least one interval over 10 metres hosting disseminated chalcopyrite, pyrite-sphalerite and/or pyrite. From that, 2 holes host massive or semi-massive metric intervals embedded in the disseminated sulfide envelope. Hole GEN-22-01 delivered two semi-massive to massive chalcopyrite stringers crosscut over metric intervals. Disseminated polymetallic sulfides were observed over two intervals with lengths of 17 and 28 metres starting from surface.

In the series of holes described, the base metal mineralization identified so far exhibits varying shapes and textures: sulfide-rich stringers, replacement zones, infiltration and dissemination in the porosity of volcanic breccia. Different generations of sulfide-bearing quartz and carbonate veins are locally included in mineralized envelopes. The polymetallic mineralization is generally hosted in brecciated carbonatized mafic to intermediate volcanic flows altered by chloritization and silicification.

Drilling

The 7 holes total 1,104 metres with lengths varying between 75 and 220 metres located at the margin of the composite grade shell modelled using Leapfrog software (see news release dated October 27, 2022 for technical information). The program aims at testing the continuity of base metals and gold mineralization around the historical Genex Mine. As shown in Figure 2, holes GEN-22-01, GEN-22-04 and GEN-22-05 were planned to test the immediate extension to the east of the mineralization following trends indicated by historical underground workings. Drilling was located between 20 and 50 metres from historical drilling. Holes GEN-22-02 and GEN-22-03 targeted the Genex south-western extension, where historical drilling had identified copper-gold mineralization between 100 and 150 meters vertically and about 100 meters from underground infrastructures. In addition, holes GEN-22-06 and GEN-22-07 were designed to target the southward extension of the Genex system within a 50-meter range.

Visual Intercept Highlights:

*The following observations were made as indications of the Genex Au-Cu Zone, but they are by no means correlated with gold, copper, zinc or silver grades at this stage.

Click Image To View Full Size

*For a full list of figures please refer to this link.

Figure 2: Phase 1 drilling angled long view looking NW

Figure 3: 3D Plan view of the Genex Gold-Copper system. Leapfrog software grade shells using inverse distance interpolation of a gold equivalent grade for gold + copper + zinc + silver

Click Image To View Full Size

Drill Hole Coordinates

Qualified Person

All technical information in this press release has been reviewed and approved by Peter Caldbick, P.Geo. Mr. Caldbick is a consultant for Melkior and a Qualified Person for the purposes of National Instrument 43-101.

About Melkior Resources

Melkior Resources is an exploration stage resource company in world-class mining jurisdictions with a strong partner. Melkior's flagship Carscallen Project is being advanced by Kirkland Lake Gold (Now Agnico Eagle Mines) through a $110M option/joint venture agreement. Melkior under 100% ownership, is focused on advancing it's Genex, Val D'Or, White Lake and Maseres Projects. Agnico Eagle Mines currently owns approximately 6% of the Company.

ON BEHALF OF THE BOARD

Jonathon Deluce, CEO

For more information, please contact:

Melkior Resources Inc.

E-mail: info@melkior.com

Tel: 226-271-5170

The reader is invited to visit Melkior's 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.

Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, and include statements with respect to the anticipated timing of the Agreement and payments thereunder and statements with respect to the non-43-101 compliant resource estimates on the property to be acquired by the Company. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the failure to complete the terms of the Agreement, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects.; the business and operations of the Company; unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the Company's public filings under its SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions or changes in factors affecting such forward-looking statements.