Melkior Resources Inc. ("Melkior") (TSX VENTURE: MKR)(OTC PINK: MKRIF)(FSE: MEK) has acquired one mining claim, totaling 64 hectares, from an arm's length party. The claim adjoins Melkior's Carscallen property located in Carscallen Township in Timmins, Ontario.
Subject to acceptance from the TSX Venture Exchange, Melkior will issue the vendor 210,000 common shares with respect to the acquisition of the claim. The vendor will retain a 2 per-cent net smelter which Melkior has the option to purchase 0.5 per-cent for $500,000 and the right of first refusal for the remaining 1.5 per-cent.
Acquisition of this mining claim adds to the expanding claim holdings of Melkior Resources in the Timmins West Camp. Melkior has accumulating ground with good exploration potential in the vicinity of their Carscallen gold property and the Timmins West property of Lake Shore Gold Corp/Tahoe Resources Inc.
Carscallen Timmins drilling Update
Further to the news release issued on February 20, 2016, Melkior has had to delay its winter drill program. The unusually warm winter and early breakup means drilling will now start May 4, 2016, when the snow has melted and the ground is clear. The objective, however, remains the same, with the focus to drill the interesting new gold zone in volcanics. It will involve entering several existing holes and extending them deeper and redirecting new holes under the wet areas. For more details on the drill program please refer to the news release issued on February 20, 2016
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