Melkior Resources Inc.: Drilling Starts at Troilus Properties
posted on
Dec 08, 2008 08:17AM
Melkior Resources Inc.: Drilling Starts at Troilus Properties
OTTAWA, ONTARIO, Dec 08, 2008 (MARKET WIRE via COMTEX News Network) --
Melkior Resources Inc. ("Melkior") (TSX VENTURE: MKR) is pleased to announce that drilling started on December 4 on the Troilus properties where Melkior is earning a 50% interest from Beaufield Resources Inc. ("Beaufield")(TSX VENTURE: BFD). Details of the agreement were described in a news release issued on October 24, 2008.
The claims are located in the Troilus mineral belt which hosts the Inmet Mining Corp Troilus gold mine. In addition to the Troilus gold mine the Troilus area also hosts several base metal and gold occurrences some of which have reported tonnages. These include Tortigny and Moleon base metal deposits (100% Beaufield).
The current grassroots program operated by Beaufield, consists of drilling at least 7 holes for approximately 1000 metres. The holes are targeting specific airborne geophysical anomalies with coincident electromagnetics and magnetics. Prior to drilling, these targets they have been confirmed by ground geophysics. The geophysical anomalies being drilled are indicative of those typically caused by massive sulphides which in this environment can host copper-zinc sulphides with accompanying gold and silver.
In addition to the Troilus drilling program, Melkior has started cutting 20 kilometres of line on its Big Marsh claim group located in Carscallen Township approximately 20 kilometres west of Timmins Ontario. These claims form part of the Timmins West gold project and are 2000 metres north of the gold property recently drilled (news release November 12, 2008). The Big Marsh property adjoins claims being explored by San Gold Corp. A location map is available at the following address: http://media3.marketwire.com/docs/Me...
Melkior recognizes that current metal prices present a discouraging environment for junior exploration companies. Management is of the opinion the current environment presents an excellent opportunity to undertake cost effective mineral exploration. The lead time on developing a mineral discovery is several years hence any new discovery made at the current time could be available for an improved environment. Melkior is concentrating its exploration on properties in known mineral camps.
The budget for the current Troilus program is $300,000. Melkior has cash reserves of approximately $3,700,000.
This news release has been prepared by Jens E. Hansen, P. Eng, a Qualified Person under NI 43-101, a director and President of Beaufield Resources and a director and President of Melkior Resources.
The TSX Venture Exchange (TSX-V) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news 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 regulations. Melkior undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
Contacts: Melkior Resources Inc. Jens E. Hansen, P. Eng. President 613-721-2919 613-680-1091 (FAX) melkior@rogers.com www.melkior.com
SOURCE: Melkior Resources Inc.
mailto:melkior@rogers.com http://www.melkior.com
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