Melkior Resources Inc. — Capital/Financing Update 2021

Feb 24, 2021

==> picture [339 x 59] intentionally omitted <==

Head Office: 66 Brousseau Ave., Suite 207, Timmins, ON P4N 5Y2 Canada

Melkior Announces Further Drill Program Extension to 6,600M at Carscallen

February 24, 2021 Trading Symbol:MKR TSX Venture Exchange

Timmins, Ontario. Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce through the strategic partnership with Kirkland Lake Gold (operator) the expansion of the current drill program to 6,600 meters on its Carscallen Project located approximately 25 kilometers west of Timmins Ontario and approximately 6 kilometers west of Pan American Silver’s West Timmins Mine.

As at the end of January, 4,611 meters of drilling have been completed, with drilling still underway. Due to increased drilling activity in the region, assay turnaround times have seen significant delays compared to previous programs in the year. We look forward to providing our complete results and next steps for the project in March.

==> picture [449 x 286] intentionally omitted <==

Program Summary:

The program will focus on the 800 m long northwesterly trending Zam Zam - Shenkman Trend, which has already been partially defined by past drilling and produced multiple high-grade intercepts of gold. A key part of the program will involve a series of holes to follow up on the gold intercepts encountered in the preceding fall, winter, and spring drill programs. Intersection highlights from these programs include CAR-19-03A with 23.5 g/t Au over 8.0 meters 430 meters vertically below surface (November 28, 2019 press release) and CAR20-05 with 25.7 g/t Au over 6.0 meters 350 meters below surface (May 7, 2020 press release) from the south edge of the Shenkman zone as well as CAR-20-06 which includes 5.68 g/t Au and 6.4 g/t Ag over 9.5m ,

2

including 67.9 g/t Au, 79.8 g/t Ag and 0.62 % Cu over 0.5m from an area 260m to the south of the Shenkman Zone.

The key objectives for the drilling are to test the gold system both for sustained grades at depth and for continuity up-dip and northwest-southeast along strike of previous encouraging drill results. Work has also been planned to evaluate possible new targets for future drilling, including areas to the north, south, and to depth in the Zam Zam - Shenkman Trend, where little to no drilling has been completed for more than 1 kilometer in each direction.

About Melkior Resources

Melkior Resources is an exploration stage resource company with strong partners in world-class mining jurisdictions. Melkior’s flagship Carscallen Project is being advanced by Kirkland Lake Gold through a $110M option/joint venture agreement. Melkior’s White Lake Project is being advanced by Barrick Gold through a $4M option/joint venture agreement. Melkior under 100% ownership is focused on advancing it’s Val D’Or and Maseres Projects in Quebec. Kirkland Lake Gold currently owns approximately 6% of the Company.

ON BEHALF OF THE BOARD Jonathon Deluce, CEO

For more information, please contact: Melkior Resources Inc. E-mail: info@melkior.com Tel: 226-271-5170

The reader is invited to visit Melkior's web site www.melkior.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.