Melkior Resources targeting next major gold discovery in Canada
- Melkior Resources says detailed review of historical Carscallen data will unlock “further drill success”
- Melkior Resources sells investment in IR Battery Resources for healthy gain
Quick facts: Melkior Resources Inc.
Price: 0.32 CAD
Market Cap: $6.99 m
About the company
Melkior Resources Inc. is an exploration stage resource company with strong partners in world-class mining jurisdictions. The company's flagship Carscallen Project is being advanced by Kirkland Lake Gold through a $110 million option/joint venture agreement. Barrick Gold is advancing Melkior’s White Lake Project through a $4 million option/joint venture agreement. Melkior under 100% ownership is focused on advancing its Val D’Or and Maseres Projects in Quebec. Kirkland Lake Gold currently owns approximately 6% of the company.
How it is doing
Melkior Resources Inc has provided an update on the summer exploration and future drill plans for its Carscallen joint venture project with Kirkland Lake Gold Ltd.
Located 25 kilometers from Timmins, Ontario, the Carscallen project is currently being operated by Kirkland Lake Gold as part of the 2020 option/joint venture agreement between the two companies.
The summer field program will include a two-phase closely spaced soil sampling. Melkior noted the sampling will be spaced at 12.5-meter (m) intervals, a significant decrease from the 50m that was used previously at the property.
The soil sampling program is designed to expand on prior exploration programs and target additional anomalies in proximity to the current mineralization.
Melkior Resources Inc (CVE:MKR) (OTCMKTS:MKRIF) said a summer surface exploration program is now underway at its Val D’Or property in Quebec.
The current efforts are designed to collect soil samples and prospect, a follow-up to a 2020 survey of the same area.
Melkior Resources Inc (CVE:MKR) (OTCMKTS:MKRIF) (FRA:MEK1) has reported final results from Kirkland Lake Gold's drilling at the Carscallen gold project in Ontario and said it is expected to resume drilling during the second quarter of this year.
The company also announced that a new drill permit has been awarded for Carscallen which significantly expands the prior permit that required the 6,600 metres (m) drill program to be cut short.
What management says
Melkior Resources (CVE: MKR – OTC: MKRIF) CEO Jonathon Deluce joined Steve Darling from Proactive to bring news the company has announced the sale of their investment in IR Battery Resource and Processing.
Deluce telling Proactive the company sold their 600,000 shares for 1 million dollars after making an initial investment of 300,000 dollars. That now moves their treasury to 2.4 million dollars.
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