Melkior Increases the Launay Gold Property
April 25, 2014 (Source: Marketwired) — Melkior Resources Inc. (“Melkior”) (TSX VENTURE:MKR)(PINKSHEETS:MKRIF)(FRANKFURT:MEK) has acquired 53 new claims by map designation covering 23.64 square kilometres in Launay Township located 40 km west of Amos, Quebec. Launay project now totals 136 claims and 56.31 square kilometres.
Under the terms of an option and joint-venture agreement signed with Beaufield Resources Inc. (“Beaufield”) in November 2013, Beaufield has the option to earn an interest of up to 50% in the Launay project by incurring exploration expenditures aggregating $1,250,000 over five years, Beaufield will earn 10% interest for each $250,000 of exploration expenses. To date Beaufield has earned a 10% interest in the Launay Gold Project. Melkior is the operator on the Project.
The Launay gold project covers the Launay granitic intrusion which hosts a gold mineralized trend approximately 3 kilometres long. The new claims cover volcanic rocks which surround the Launay altered granite and are adjacent to Melkior’s Launay Gold project and Royal Nickel’s Dumont Nickel property. This prospective area has received little exploration activity in the past and will form part of the Melkior-Beaufield joint venture.
Melkior considers the Launay property to have significant potential for a large tonnage gold deposit in an area with excellent infrastructure. Recent drilling by Melkior on Zone 75 has indicated wide intersections of gold mineralization:
- 3.92 g/t gold over 13.40 metres in hole LAY-15-2013 (January 13th, 2014 news release)
- 6.20 g/t Gold over 10.5 metres in hole LAY-20-2013 (February 18th, 2014 news release)
- 4.04 g/t gold over 15.52 metres in hole LAY-21-2013 (March 18th, 2014 news release)
Please refer to the Melkior website for the location of the expanded Launay property.
About the Launay Gold Project:
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The Project is located in the active Abitibi Greenstone belt approximately 70 kilometres northeast of Rouyn-Noranda and 80 kilometres northwest of Val d’Or. It is accessible via highway 111, 30 kilometres west of Amos where all accommodations, supplies and services are available. Power and rail lines cross the property. The property consists of 136 claims or 56 square kilometres. The gold occurs in altered, mineralized granite which has been traced for at least 3 kilometres. Two zones have seen limited near surface drilling namely Zone 75 and the Principal Zone. The area remains to be fully explored along strike and at depth. There is potential for a significant open pit gold resource.
Melkior is an exploration company with active gold exploration projects in West Timmins, Ontario and Launay, Quebec.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Melkior’s periodic reports including the annual report or in the filings made by Melkior from time to time with securities regulatory authorities.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>