Melkior Resources Inc. — Capital/Financing Update 2021

Mar 17, 2021

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

Melkior Commences 1,500M Drill Program at Val D’Or

March 17, 2021 Trading Symbol:MKR TSX Venture Exchange

Highlights:

• Maiden 1,500M drill program at Val D’Or has commenced nearby recent M&A in the district

• Drilling the western extension of the "Vein Zone" area being explored by Eldorado Gold Corporation

Timmins, Ontario. Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) is pleased to announce that drilling on selected targets of the Val-d'Or Property has commenced. Following the completion of an IP survey on the western strike extension of the Bruell showing (located 240m east of the Property) and an airborne high resolution MAG survey, the Company has defined multiple targets for its maiden drill program that target a source of the previously defined till anomalies.

The drill cross-section is over the Bruell’s western extension, where historical drill holes returned anomalous gold values up to 3.6g/t Au over 0.30m, 0.6g/t Au over 0.50m, 0.6g/t Au over 0.70m and 1.0g/t Au over 1.00m. Part of the current program will target IP and/or MAG anomalies (see news release dated January 20th, 2021) located around those anomalous intersections, which were drilled between 1946 and 1988. The Company believes that technological advancement allows us to target rich mineralization close to the historical intersects that have previously gone undetected.

Fourteen (14) diamond drill holes (DDH) have been planned over the IP grid. They are positioned to intersect magnetic highs and lows, strong gradients, historical anomalies, and chargeable or conductive anomalies. The Company expects to drill approximately up to 1,500m and will modify its planning depending on the field observations. Table 1 presents the geophysical targets.

Table 1: Targets

1: Targets
Hole	Azimut (˚) Dip (˚) Length (m)	Coordinate (NAD83 Z18)	Target
		Easting (m) Northing (m)
VDE-21-01	10 45 100	328153 5333560	Magnetic High, Low Conductor, Historical Target
VDE-21-02	10 45 100	328200 5333440	Magnetic High, High Conductor and Chargeable
VDE-21-03	10 45 100	327865 5333390	Magnetic High, Medium Conductor
VDE-21-04	10 45 100	327792 5333310	Magnetic High, High Chargeable
VDE-21-05	10 45 100	327968 5333160	Magnetic Low, Lithological Target
VDE-21-06	10 45 100	328060 5333060	Magnetic High, Low Conductor
VDE-21-07	10 45 150	327988 5332880	High Conductor and Chargeable
VDE-21-08	10 45 100	328206 5333350	Magnetic Gradient, High Conductor and Chargeable, Historical Target

VDE-21-09	10 45 100	327992 5332770	Magnetic Gradient, Lithological Target
VDE-21-10	190 45 100	327992 5332770	Magnetic Gradient, Lithological Target
VDE-21-11	10 45 100	328147 5332950	Magnetic Gradient, Lithological Target
VDE-21-12	10 45 100	327993 5332640	Magnetic High, Lithological Target
VDE-21-13	10 45 100	327849 5332950	High Conductor and Chargeable
VDE-21-14	190 45 100	328120 5333440	Magnetic High, Historical Target

Figure 1: Planned Drill holes and Historical Results

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A review of historical drilling on the Property identified at least seven anomalous drill hole sections. To the north of the IP grid, three historical sections reported 210ppb Au over 0.70m, 230ppb Au over 0.40m, and 3,900ppb Au over 0.30m (Perron & Guay, 1988). They are all located at the edge of magnetic highs. Their lateral extensions will be surveyed by holes VDE-21-01, VDE-21-02, VDE-21-08, and VDE-21-14.

In the central part of the IP grid are three intersections grading 600ppb Au over 0.50m, 600 ppb over 0.70m (Paterson et al, 1946), and 1000ppb Au over 1.00m (Perron & Guay, 1988). Their lateral extensions are tested by holes VDE-21-06, VDE-21-07, and VDE-21-09, respectively located 65m, 130m, and 115m from the historical showing.

On the southern part of the IP grid are two anomalies grading 450ppb Au over 0.65m and 940ppb Au over 0.56m (Perron & Guay, 1988). Those two won't be subject to drilling during this maiden drill program.

Qualified Person

This press release was prepared by Steven Lauzier, VP Exploration for Quebec, P.Geo,OGQ and by PierreAlexandre Pelletier, P.Geo OGQ, who are qualified persons as defined under National Instrument 43-101, and who reviewed and approved the geological information provided in this news release.

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. Barrick Gold is advancing Melkior’s White Lake Project through a $4M option/joint venture agreement. Melkior under 100% ownership is focused on advancing its 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.

References

Kivi, K., D'Silva, B.V. Parker, D., 1987: Journal de Sondage. Mines Messeguey inc, GM 45792. Larouche, C., 1985: Journal de sondage du trou MV-85-1.

Larouche, C., Kivi, K., Simoneau, M., Whitfield, T., Parker, D., 1987: Résultats des travaux d'exploration. Mines Messeguey inc, GM 45862.

Paterson, J.D., Fillingham, B.C., MacDonald, H.N., 1946: Diamond Drill Record. Bruell Consolided Mines Ltd, GM 38598. Perron, L., Guay, P., 1988: Rapport de travaux d'exploration 1987-1988, Projet Vauquelin #466. Mines Messeguey inc, GM 47581. Rennick, M.W., 1963: Diamond Drill Record. Claims Ferferber & Noranda Exploration Co Ltd, GM 12997.