With %Gold prices hovering near all-time highs, it’s no surprise that investors are excited when a junior miner announces a major gold discovery. In this case, the identification of a new high-grade zone by one such company has the bulls all over this name.
%MelkiorResources Inc. (TSXV: $MKR) (OTC: $MKRIF) is the company in question. Shares of this junior miner are surging on news that the company has discovered a new high-grade zone as the result of its 1,200-meter (5-hole) winter drill program at its 100% owned Carscallen Gold Property located about 25 kilometers west of the City of Timmins, Ontario.
The drilling was focused on expanding the strike and down plunge of the N-S trend, 1010 gold-mineralized structural zone, and is located approximately 1 km southwest of the Shenkman Zone, where the Company previously identified 51.9 grams per ton (g/t) gold over 3.7 metres and 23.5 g/t gold over 8 metres.
Highlights of the winter drill program included a significant new high-grade gold discovery at the 1010 South Zone, with drill hole MKR-24-002 intersecting 77.4 g/t gold over 6.9 meters, including 445 g/t gold over 1.2 meters—marking the highest metal factor (534 g/t) in the project’s history. The company is planning follow-up drilling to explore extensions of this intercept. Additional results include MKR-24-001 intersecting 2.58 g/t gold over 0.50 meters and MKR-24-003 revealing two zones of 2.70 g/t gold over 0.80 meters and 1.26 g/t gold over 1.30 meters.
Jim Deluce, Company Director, commented: “I am thrilled by this discovery and the work completed this past winter at Carscallen Property. These results, the highest ever at the property, not only demonstrate the continuity of the high-grade vein system along strike and down-dip with the best drill intersections attained to date, but also the potential that Carscallen holds when drilling new zones.”
Mr. Deluce continued: “The newly discovered bonanza grade mineralization at the 1010 Gold Zone, together with our high-grade gold prospects at Zamzam, Jowsey and Shenkman gold showings, truly attest to the upside potential of the area for significant mineral discoveries. Our next step is to review the intercept in more detail to determine follow-up holes to expand on this high-grade intercept. We look forward to our next drill campaign as we continue to develop Carscallen.”
Shares of MKR are currently up 109.09% at $0.23 while U.S. listed shares (MKRIF) are rallying even harder, up an eye-popping 143.13% in late-morning trading
