Melkior Resources Inc. announced results from the first six holes in its maiden Melkior-operated 4,194-metre drill program at the Genex Project. 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 polymetallic exploration target with near-term resource potential based on a high density of historical drilling around the former Genex deposit which is located from surface down to 100 metres in depth. These first results demonstrated the wide development possibility of this type of polymetallic and VMS target with significant near-term resource potential.

Program highlights include GEN-22-01, which intersected 0.96% Cu and 0.22g/t Au over 27.0 metres, including 2.29% Cu and 0.32g/t Au over 7.78 metres, successfully extending the Genex Shaft Zone 50 metres to the north. GEN-22-04 intersected 1.14 g/t Au, 0.52% Cu, 0.36% Zn and 14.17 g/t Ag over 15.65 metres, including 5.0 g/t Au, 1.98% Cu, and 61.26 g/t Ag over 2.7 metres. A cobalt interval was obtained inside the mineralized zone with 0.15% Co over 9.45 metres, including 0.415% Co over 2.7 metres.

It is the first time cobalt values have been encountered on the Genex project, identified with systematic sampling. The mineralization is visually correlated with chalcopyrite stringers. The 6 holes total 987 metres with lengths varying between 75 and 220 metres located at the margin of the composite grade shell modelled using Leapfrog software.

The program tested the continuity of base metals and gold mineralization around the historical Genex Mine. GEN-22-01, GEN-22-04 and GEN-22-05 were drilled as step-out holes to test the immediate extension of the Genex north-south trend. Hole GEN-22-01 was drilled to the east and encountered a near-surface zone nearly 50 metres north of the shaft area, while GEN-22-04 was drilled along this trend to chase stringer zones at strong angles.

These drill results support the extension of the mineralized system up to 100 metres north of the shaft area following a north-south trend. In this area, mafic to intermediate volcanic rocks are strongly brecciated and affected by black chlorite alteration overprinting carbonate. In addition to the disseminated and stringer polymetallic mineralization, GEN-22-01 cut a semi-massive chalcopyrite vein which intersected 16.4% Cu and 1.46 g/t Au over 0.46 metres from 33.72 to 34.18 metres.

In addition, a zinc-rich stringer was intersected at the footwall returning 1.8% Zn over 10.5 metres. The interpretation indicates a true width. GEN-22-02 and GEN-22-03 were drilled to the northeast targeting the Genex south-western extension, where historical drilling had identified copper-gold-zinc mineralization between 100 and 150 metres vertical and about 100 meters from underground infrastructure.

Both holes intersected a long series of copper-bearing stringers starting at surface and continuing to a depth of 100 metres with grades varying between 0.5% to 3% Cu over 0.5 to 3.9 metres. The field program was run by SL Exploration, and the drill core was split with half sent to AGAT in Timmins, ON, and fire assayed with an AA, with any samples over 10 g/t being assayed with gravimetric finish. Whole metallic assays are performed on samples if they contain visible gold.

Additionally, for base metals, Metals Package by 4 Acid Digest, ICP-OES Finish was used with over limits tested by 4-Acid dilution testing. Duplicates, standards, and blanks were inserted into the sample stream.