Melkior Resources Inc. provided a second visual update from its drill program completed at Genex, which commenced in early October. On April 21st, 2022, the Company announced an option agreement for the Genex Project to earn 100% over 7 years from International Explorers & Prospectors Inc. The Genex Project is a gold-copper polymetallic VMS exploration target with significant near-term resource potential. This update includes 9 holes totalling 1,207 metres ranging in depth between 75 and 220 metres, targeting infill and extension targets around the historical Genex Mine . From logging, 5 holes out of 9 returned at least one mineralized interval over 10 metres hosting disseminated chalcopyrite-pyrite, pyrite-sphalerite and/or pyrite. Three holes drilled in two different areas host massive or semi-massive intervals embedded in the disseminated sulfide envelope. Holes GEN-22-10, and GEN-22-13 were drilled about 30 metres east of the shaft area to test the near surface up-dip extension of the Genex structure. Hole GEN-22-14 was drilled across the underground workings using a north north-west azimuth to test the potential for large near-surface disseminated mineralization. In this hole, repeated sulfide clusters, veins and stringer zones hosting up to 10% chalcopyrite with accessory sphalerite over metric intervals were observed from a depth of 25 to 110 metres along hole. The host rock is a volcanic breccia of intermediate composition affected by zones of strong chloritization, carbonatization and sericitization. GEN-22-08, GEN-22-09, GEN-22-17 and GEN-22-18, tested the geometry of a western extension of the Genex system up to a distance of about 100 metres from the known deposit. The first two holes tested the down dip potential while GEN-22-17 and GEN-22-18 were planned to test a possible updip extension close to surface and lateral continuity.
The most significant observations were made on hole GEN-22-18, where two sulfide occurrences were
identified. A chalcopyrite stringer zone is present from 70.3 to 89.7m, hosted in massive mafic to intermediate
vesicular volcanic flows affected by moderate carbonate-chlorite alteration. The second mineralized interval is
defined from 101.8 to 111.0m. The mineralization is an example of volcanogenic massive pyrite-chalcopyrite
layers with associated stringers located at the contact between the Genex felsic fragmentary unit and massive
andesite. The high level of chloritization and carbonatization tends to obscure primary contacts. GEN-22-11 and GEN-22-12 were drilled to cover a potential southward continuity of the Genex system. The
most encouraging observations were obtained from hole GEN-22-12, where a true VMS (volcanogenic
massive sulfide lens) occurs at about 50 metres from the historical Genex mineralization and is hosted in a
distinct volcanic sequence. The new mineralization takes the form of massive chalcopyrite-pyrite lenses hosted
by volcanic tuffs from 106 to 117.5 metres along hole. A volcanic contact at 33 metres marks a clear change
from sericite to chlorite contact alteration.