(via TheNewswire)
Highlights:
Final results from the successful maiden (Melkior operated) 4,194-meter drill program at the
Genex Project GEN-22-24 and GEN-22-25 highlight the expansion potential 200 metres northwest of the historical Genex mine
GEN-22-24 intercepted0.75% Cu, 12.08 g/t Ag over 8.45 metres, including 1.48% Cu and 22.03 g/t Ag over 2.4 metres
GEN-22-25 intercepted1.24% Zn over 13.85 metreswithin 0.76% Zn over 30.25 metres
These results, combined with our first batches previously announced (GEN-22-01:0.96% Cu 0.22g/t Au over 27.0 metres, GEM-22-12:3.35% Cu, 0.46g/t Au 9.6 g/t Ag over 6.0 metres) demonstrate the expansion and near-surface bulk tonnage potential of the historical Genex Deposit
Program highlights include GEN-22-24 intersecting0.75% Cu, 12.08 g/t silver over 8.45 metres, including 1.48% Cu and 22.03 g/t silver over 2.4 metres. GEN-22-25 intersecting1.24% Zn over 13.85 metres, within 0.76% Zn over 30.25 metres. These intercepts extend the Genex System up to 200 metres north of the historical mine.
Program Details:
These 14 holes total 2,220 metres, with lengths between 75 and 246 metres, located at the margin of the composite grade shell modelled using Leapfrog software (see news release dated
Genex Northwest Extension:
A series of five holes (GEN-22-17, 18, 23, 24, 25) were drilled on a staggered section following a north-northwest (N330°) section, up to 200 metres away from the
Holes GEN-22-24 and GEN-22-25 encountered substantial mineralized intervals within trends situated approximately 200 meters northwest of the Genex infrastructure. These intervals may be associated with a succession of sulfide stringers occurring at intervals of 10 to 30 metres.
Hole GEN-22-24 yielded the most significant result, with values of 0.75% Cu and 12.08 g/t Ag over 8.45 meters. This includes a higher-grade section measuring 2.4 meters, returning values of 1.48% Cu, 22.03 g/t Ag, and 0.014% Co. Additionally, further down the hole, there is a zinc-enriched interval measuring 11.3 meters, with a grade of 0.93% Zn (refer to the table below for detailed results). The copper mineralization, resembling the Genex system, is hosted in a strong chlorite alteration. The zinc mineralization is associated with pyrite in stringers, occurring alongside a dominant sericite alteration that surrounds the chlorite zone. The entire zoning is constrained in the same vesicular andesitic flow.
Hole GEN-22-25 intersected a significant mineralized interval of 1.24% Zn over 13.85 meters, which is part of a broader mineralized envelope characterized by lower grades. The mineralization is observed as a cluster of replacements, with pyrite occurring within the porosity of the andesite flow. In addition, there are stringer veins hosting the zinc mineralization, situated within layers exhibiting strong interlayered sericite and chlorite alteration.
Genex Trend:
Hole GEN-22-14 was drilled longitudinally inside the Genex historical trend following a 330° azimuth to test the potential intersection of northeast-oriented mineralized structures between Genex Zones C and A. Notably, a repeated occurrence of stringers and breccia, ranging from 1 to 5 meters in thickness, was observed down to a vertical depth of 80 meters. The highlight intercept was 0.46 g/t gold, 0.93% Zn over 5 meters. GEN-22-14 helped fill the gap between historical zones “A”, “H”, “C” by highlighting wide low-grade disseminated mineralization around the historical high-grade lenses.
Holes GEN-22-17 and GEN-22-18 were drilled perpendicular to the southwest extension of the shaft area, using a N330° azimuth, positioned between 50 and 100 metres from historical underground workings. GEN-22-17 intersected the direct up-dip continuity of the southwest extension with a chlorite-hosted sulfide stringer yielding 0.56% Cu over 5.7 metresbetween 15 to 21.4 metres. Additionally, minor silver content was observed, along with sporadic presence of gold and cobalt values, reaching up to 0.3 g/t Au and 0.03% Co, respectively.
At the end of GEN-22-18 a new mineralized structure was identified following the down dip extension to the west of the Genex system. The result of 0.58% Cu, 0.4 g/t Au over 4.1m takes the form of chalcopyrite rich stringer veins hosted in a chlorite-silica pervasive alteration.
Located approximately 200 meters northward, shallow holes GEN-22-19, GEN-22-20, and GEN-22-22 were drilled to explore targets near the historical
Each hole successfully intercepted the crucial contact before encountering mafic intrusive formations. Notably, in hole GEN-22-20, a chalcopyrite-bearing stringer with a grade of 0.2% Cu over 1.2 meters was identified. On the other hand, hole GEN-22-22 revealed an intriguing discovery, passing through a prominent pyrite stringer spanning 15 meters. This pyrite stringer was hosted within a carbonatized andesite, although no significant metal enrichment was observed. The results and observations from both holes will be utilized to refine the targeting of the fertile structure.
Gossan Target
Four holes were drilled to test strong and wide chargeability anomalies correlated from line to line going northeastward, about 100 metres south of the Gossan Target. The program is a first attempt to understand the alteration signature and geometry.
None of the four holes intercepted significant copper or gold anomalies. However, the series of holes, spanning over 400 meters along strike, revealed the presence of strong pervasive alteration, locally hosting sulfides, and a volcanic flow top represented by a sulfide bearing graphitic horizon. The eastern section of the area exhibited a transition to a thick sequence of tuffaceous and sedimentary rocks, where strong sericitization and pyritization were also observed.
Consequently, the program successfully identified amygdaloid carbonatized andesite, similar to the main host rock in the Genex deposit, located more than 500 meters east-northeast from the
Gossan drill tested | Lithologies | Alteration | Mineralization |
GEN-22-26 | Amygdaloid andesite Brecciated andesite | Strong carbonatization, variable chloritization from surface down to 90m. | 52.3 – 66m Semi-massive to massive pyrite-pyrrhotite |
GEN-22-27 | Massie to pillowed andesite | Strong diffuse silicification Carbonatization from 133.2m | 147-157m Sericite-pyrite shear with quartz veining |
GEN-22-28 | Massive to pillowed andesite Graphitic mudstone | Variable diffuse carbonatization | Disseminated pyrite |
GEN-22-29 | Tuff Sediments | Strong diffuse carbonatization with sericite | Disseminated pyrite. |
Table 1: Summary of Drill Results
Hole ID | From (m) | To (m) | Length (m) | Cu (%) | Gold (g/t) | Ag (g/t) | Zn (%) | Co (%) |
GEN-22-14 | 6 | 11 | 5 | 0.46 | - | - | - | |
incl | 6 | 7 | 1 | - | 1.7 | - | - | |
24 | 26 | 2 | 1.19 | 0.7 | - | - | ||
44.1 | 46.4 | 2.3 | - | 0.45 | - | 0.69 | ||
81 | 86,2 | 5.2 | - | - | - | 0.96 | ||
GEN-22-17 | 15.7 | 21.4 | 5.7 | 0.56 | - | 4.3 | 0.012 | |
incl | 16.6 | 19.4 | 2.8 | - | 0.22 | - | - | |
110.8 | 112 | 1.2 | - | 0.8 | - | - | ||
GEN-22-18 | 86.6 | 88 | 1.4 | - | 1.76 | - | - | - |
101.5 | 105.6 | 4.1 | 0.58 | 0.4 | - | - | - | |
incl | 104 | 105.6 | 1.6 | 1.07 | 0.6 | - | - | - |
GEN-22-19 | 43.1 | 43.6 | 0.5 | 0.23 | - | - | - | - |
GEN-22-20 | 52.0 | 53.2 | 1.2 | 0.2 | - | 4.1 | - | - |
GEN-22-23 | 99.4 | 100 | 0.6 | 0.25 | - | - | 1.07 | - |
106.9 | 108 | 1.1 | 0.14 | - | - | 1.06 | - | |
GEN-22-24 | 54 | 68,4 | 14.4 | 0.27 | - | - | - | - |
76,7 | 85 | 8.3 | 0.58 | - | - | - | - | |
109 | 117,45 | 8.45 | 0.75 | - | 12.08 | - | - | |
110 | 112,4 | 2.4 | 1.48 | - | 22.03 | - | 0.010 | |
130.5 | 141.8 | 11.3 | - | - | - | 0.93 | - | |
GEN-22-25 | 87.5 | 89.2 | 1.7 | - | - | - | 1.56 | - |
150.15 | 180.4 | 30.25 | - | - | - | 0.76 | - | |
incl | 150.15 | 164 | 13.85 | - | - | - | 1.24 | - |
Note 1:
Stated lengths are core lengths as drilled. True width for holes is unknown at this stage of work.
Note 2: Compared to previous releases, the reporting of individual metal grades is utilized to better represent local high-grade portions of the mineralization and to better model the geometry for follow-up drilling.
Note 3:Holes GEN-22-21, GEN-22-22, GEN-22-26, GEN-22-27, GEN-22-28, GEN-22-29 did not intercept any intervals above 0.2% copper over more than 0.5m
Drill Hole Coordinates
DDH_No | UTMnad83_East | UTMnad83_North | Azimuth | Dip | Length |
GEN-22-14 | 458793 | 5370200 | 330 | -50 | 126 |
GEN-22-17 | 458671 | 5370117 | 330 | -60 | 149 |
GEN-22-18 | 458731 | 5370119 | 330 | -60 | 111 |
GEN-22-19 | 458781 | 5370312 | 60 | -72 | 120 |
GEN-22-20 | 458727 | 5370338 | 360 | -50 | 75 |
GEN-22-21 | 458724 | 5370335 | 360 | -70 | 120 |
GEN-22-22 | 458724 | 5370335 | 60 | -70 | 111 |
GEN-22-23 | 458680 | 5370400 | 330 | -48 | 119 |
GEN-22-24 | 458628 | 5370293 | 330 | -50 | 246 |
GEN-22-25 | 458674 | 5370213 | 330 | -50 | 210 |
GEN-22-26 | 459377 | 5370354 | 330 | -50 | 201 |
GEN-22-27 | 459556 | 5370541 | 150 | -50 | 209,1 |
GEN-22-28 | 459612 | 5370788 | 150 | -75 | 219 |
GEN-22-29 | 459693 | 5370672 | 150 | -50 | 204 |
The field program was run by SL Exploration, and the drill core was split with half sent to AGAT in
Genex Option Update:
The Company announces that it has completed all its’ first-year option obligations, including:
Paid
$50,000 toInternational Explorers & Prospectors Inc (“IEP”)Issued 500,000 common shares to IEP subject to a statutory hold period of four months and one day from the date of issuance.
Completed first-year work commitment by incurring over
$750,000 in work expenditures.Delivered an annual report which summarized the work done on the property along with supporting documentation.
The Company is funded and on track to complete its’ second-year obligations.
Qualified Person
All technical information in this press release has been reviewed and approved by
About
ON BEHALF OF THE BOARD
For more information, please contact:
E-mail:info@melkior.com
Tel:226-271-5170
The reader is invited to visit Melkior's web sitewww.melkior.com.
Neither
Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, and include statements with respect to the anticipated timing of the Agreement and payments thereunder and statements with respect to the non-43-101 compliant resource estimates on the property to be acquired by the Company. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the
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