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Melkior hits 3.55% copper over 1.35 metres at Carscallen

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Junior explorer Melkior Resources (CVE:MKR) Monday announced results from its winter drill program on its 100 percent-owned
Carscallen gold project, 25 km west of Timmins.

In early February 2012, Melkior drilled two deep holes on the Carscallen property for a total of 1,270 metres. More than 200 samples were assayed for gold and scanned for trace elements.

Partial results from the first hole (CAR-79-2012) revealed several mineralized zones and new insights on geology. The second hole (CAR-80-2012) was drilled approximately 100 metres north of CAR-79.

The holes expand the Shenkman gold system with at least three gold zones intersected, extending the gold occurrences to
approximately 80 metres under previous intersected zones and coincident with one gold zone and a stringer zone of a copper-rich volcanogenic massive sulphide (VMS) system.

Melkior said that CAR-79-2012 was drilled at an azimuth of 265 degrees and a dip of -65 degrees with a final depth of 602 metres which corresponds to a vertical depth of 545 metres.

The hole was drilled about 80 metres under hole CAR-61-2010 which returned 13.30 metres at 4.84 g/t (grams per tonne) gold and about 120 metres under hole CAR-51-2010, which returned 1.87 g/t gold over 12 metres.

Hole CAR-79-2012 confirms the extension at depth of gold mineralization on Shenkman. Mineralization was encountered up to about 500 metres vertical and still open at depth.

The junior explorer said that chalcopyrite mineralization was encountered between 528 metres and 529.35 metres grading 3.55% copper. The mineralization consists of stringers of copper sulphide mineralization within a chlorite-rich alteration zone.

This intersection is considered significant and may represent indications for a VMS deposit underneath the granite body. This is a new discovery on the Carscallen property.

Significant massive sulphide deposits occur in the Timmins District with the most important being Kidd Creek.

The chalcopyrite occurrence is the first of this kind to be encountered on the Carscallen property and represents a whole new
potential for the occurrence of primary VMS deposit. A Down Hole Electromagnetic survey has been completed on hole CAR-79-2012 and hole CAR-80-2012 by Abitibi Geophysics; a report is expected by April.

Preliminary results have identified conductive zones which are strong, positive indicators for massive sulphides.

Melkior said exploration will focus on a new, primary VMS deposit. Gold is most likely a later phase hosted in the chalcopyrite
zone and could be expected in area or rocks which haven't been considered based on previous models.

Gold also occurs as wide zones under the granite cap and these intersections offer the potential for significant enlargement of the gold zones on the Carscallen property.

The Carscallen property is within the prolific Timmins gold camp, within excellent infrastructure and 5 km west of the closest
operating mine.

The company has diversified properties with exposure to gold, base metals, and uranium, all located in the provinces of Ontario and Quebec.

Quick facts: Melkior Resources Inc.

Price: 0.89 CAD

TSX-V:MKR
Market: TSX-V
Market Cap: $18.96 m
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