Melkior Surveys for Copper-Molybdenum in the Otishadmin
Tuesday, August 26th 2008
Melkior Resources Inc.,, has completed an airborne helicopter magnetometer-spectrometer survey totalling 2464 line kilometres over its 100% owned Otish copper-molybdenum properties. The properties, totalling approximately 330 claims or 16,000 hectares, are located 270 kilometres north of Chibougamau, Quebec. They are approximately 40 kilometres west of the uranium exploration properties which Melkior sold to Otish Energy (NR December 19, 2007). Melkior retains an interest in the uranium prospects via a 1% Net Smelter Return Royalty (NSR).
The surveyed claims adjoin the MacLeod Lake copper-molybdenum property of Western Troy Capital Resources Inc. (WRY) on which WRY is undertaking a feasibility study. The objective of Melkior’s airborne survey is to map the contact of gneissic rocks with granodiorite as it extends onto the Melkior claims. This contact controls the WRY deposits. WRY has given Melkior permission to overfly the MacLeod Lake deposits and to integrate this data with the current survey which will permit both companies to establish the geophysical signature of the deposits and will facilitate the search for similar signatures and new deposits.
The preliminary airborne geophysical data has been received. Targets for ground examination have been selected and an initial ground geological and sampling program is underway.
The potential for a new mine by Western Troy will bring access and infrastructure to an area previously remote and under explored. Development of diamond, uranium and gold prospects in the region is also anticipated.
As a policy, Melkior acquires and explores land positions in developing exploration areas of Ontario and Quebec. This policy is demonstrated by Melkior’s active projects at MacLeod Lake, Timmins, Geraldton and Mc Faulds Lake.