Melkior Resources Inc (CVE:MKR) (OTCMKTS:MKRIF) announced Wednesday that it has received preliminary data from its induced polarization (IP) survey and high-resolution magnetic survey on its Val-d’Or property.
The surveys, completed in December 2020, consisted of around 13.9 line-kilometres along the western extension of the Brunell showing, which is around 250 metres from the property.
The showing is on strike with three other gold showings on the same structural trend that are being developed by Eldorado Gold, Melkior told investors. Results from the survey will help Melkior define its targets for an upcoming drill program.
READ: Melkior Resources outlines details of expanded drill program from Kirkland Lake Gold at Carscallen project
Data will help the company narrow in its drill targets for the winter 2020 program on Target 4 and determine follow-up on an additional three targets, CEO Jonathon Deluce told shareholders recently.
Soil anomalies on the western extension of Melkior’s Val-d’Or property indicate a potential source on strike, according to the Ontario-based explorer. The IP results show a total of 44 IP axis, it added.
Melkior also completed a high-resolution magnetic (MAG) survey done at low altitude using tight line spacing across the entire property. The same configuration has led to success at neighbouring properties, Melkior told shareholders.
Exciting targets
The firm is designing a follow-up survey planned for next summer to find the source of till anomalies previously discovered. One particular large, magnetic anomaly is located directly on what could be a source of gold, silver and tungsten on the northern part of the property. According to Melkior, tungsten and silver are always associated with gold and silver at the Brunell showing, leading the company to believe that mineralization similar to Brunell might be the source of the till anomaly.
Melkior CEO Deluce told investors that the company looks forward to drilling on the possible Bruell western extension in March and to follow up on our other soil targets in the coming months.
“The IP and MAG surveys provide us with high-quality data to design our drill program through comparison with the known mineralization located adjacent to the property, which increases this program’s chances of success,” Deluce said in a statement.
Separately, the company said it plans to extend the term of 2 million warrants issued in connection with a June 2018 private placement for another two years until June 2023.
Contact Angela at angela@proactiveinvestors.com
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