Melkior Has the Options to Earn 50% of Some Troilus Properties From Beaufieldadmin
Melkior Resources Inc. has the option to earn a 50% interest in some Troilus properties in Quebec. Beaufield Resources Inc. has staked additional claims on its 100% owned Troilus base metal and gold properties to cover MEGATEM electromagnetic conductors and regional geochemical anomalies. Beaufield now holds 837 claims or 28740 hectares in the Troilus area which include the Moleon and Tortigny base metal deposits. A winter 2008 drill program intersected 12.55 metres 15.0% zinc, 6.02% copper and 145.5 g/t silver (NR April 8, 2008) in a previously undrilled portion of Tortigny. A down hole geophysical program has been completed and followup drilling is scheduled for Winter/Spring 2009.
Beaufield has decided to divide the Troilus area claim blocks into two main groups. The one which is 100% owned by Beaufield contains the Tortigny, Moleon, Crab Lake and Inco Boulder areas and consists of 534 claims or 16,432 hectares. The other group consists mostly of newly staked claims and totals 303 claims or 12,308 hectares. These are referred to as the New groups. A map showing the location of the Troilus properties is available at the following address: http://media3.marketwire.com/docs/MelkiorMap.pdf.
To advance exploration of the New groups Beaufield has agreed to permit Melkior Resources Inc. (MKR-TSXV) to earn a 50% interest by spending $500,000 on exploration over a three year period. Of the above amount $250,000 must be spent before June 30, 2009. Beaufield will be the operator. Melkior has advised Beaufield that exploration will begin immediately using Melkior’s Quebec flow-thru funds and that the current program will include drilling a total of approximately 1,000 metres on up to 10 geophysical targets on the New groups.