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.
Highlight drill assays included 14.76 grams per ton (g/t) gold over 2m, which included 60.5 g/t gold over 0.5m.
READ: Melkior Resources completes 1,449 metres in maiden drill program at Val D’Or
"I am excited to announce receiving our new drill permit and final results from Carscallen. I greatly appreciate the ongoing support and partnership with the Mattagami First Nation and the MNDM," said Jonathon Deluce, CEO of Melkior in a statement.
"The now permitted drill holes are aligned with Melkior’s goal of moving towards a maiden resource and exploring the overall 2.6km targeted trend. The full results from our 5,618-meter program continue to demonstrate the continuity and potential size of our high-grade gold system," he added.
Carscallen spans 295 claim units over 47 square kilometres (sq km) and lies in the Abitibi Greenstone belt, 25 km west of the mining city of Timmins. It has good access and infrastructure.
In September 2020, Melkior unveiled a landmark deal with Kirkland Lake Gold Ltd, which sees the major miner advance the project as operator, with the right to earn up to a 75% stake by committing a minimum of C$3 million in the first two years, with the potential of C$110 million in work commitments over the next five to ten years.
Melkior said the next steps for Carscallen are:
- Drilling estimated to resume during Q2 2021, with a minimum 3,500m currently budgeted for the remainder of the year.
- Historical geophysics review underway to assist with exploration targeting.
- A field program will be conducted this summer to review the historical trenches in the Zam Zam Zone for structural trends to complement and augment future drilling strategies.
Contact the author at giles@proactiveinvestors.com