Melkior Resources Inc (CVE:MKR) (OTCMKTS:MKRIF) (FRA:MEK1) updated on drilling at its Carscallen gold project in Ontario, which is being advanced by partner and operator Kirkland Lake Gold (TSE:KL) (NYSE:KL) (FRA:NGDA).
High grades were received in the latest assays from seven holes from 4,440 meters (m) of drilling, now completed, which was less than a previously announced 6,660m extension due to a drill permit limitation.
Highlights included 14.76 grams per ton (g/t) gold over 2m from 480.9m depth, which included an intercept of 60.5 g/t of the yellow metal over 0.5m.
“We are excited to announce our first results from the Kirkland Lake Gold Partnership at Carscallen. We continue to extend the Shenkman Zone to the south-east and demonstrate continuity to our high-grade gold system. We look forward to the summer field program and remaining drilling planned for 2021,” said Melkior CEO Jonathon Deluce.
There was a 71% hole hit ratio based on intersecting a metal factor interval of 12g/t gold or more, the company noted.
Drilling is expected to resume during the second quarter of 2021, with 4,000m currently budgeted for the remainder of the year, added Melkior.
Carscallen spans 295 claim units over 47 square kilometres (sq km) and lies in the Abitibi Greenstone belt, 25km west of the mining city of Timmins. It has good access and infrastructure.
In September last year, 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 wants to make the next major gold discovery in Canada. It boasts a diverse portfolio of gold and base metal projects in major mining camps in Ontario and Quebec.
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