TIMMINS, ONTARIO – TheNewswire - October 20, 2026 – Melkior Resources Inc. ("Melkior" or the "Company") (TSXV: MKR) (OTCQB: MKRIF) reports preliminary results from a geological mapping, prospecting, and surface sampling program completed at its wholly owned Carscallen Gold Project, located approximately 25 kilometres west of Timmins, Ontario.

Assay results have been received for 133 of 178 surface rock samples collected during the program. Results confirmed the presence of widespread gold mineralization associated with quartz-sulphide veining and structurally controlled deformation zones, with assays returning up to 661.0 g/t Au. Of the samples reported, 40 returned greater than 1.0 g/t Au, including 23 samples grading over 10.0 g/t Au from the 1010 North, 1010 South, and ZamZam Zones.

Highlights

• 661.0 g/t Au from an oxidized sulphide-rich quartz vein (Sample H245028) 

• 268.0 g/t Au from a pyrite-bearing quartz vein hosted in sheared tonalite (Sample H245055) 

• 261.0 g/t Au from an oxidized quartz vein (Sample H245039) 

• 248.0 g/t Au from a sulphide-rich quartz vein at ZamZam (Sample H245099) 

• 148.0 g/t Au from a pyritic quartz vein exhibiting boxwork textures (Sample H245034) 

• 142.0 g/t Au from a pyrite-rich quartz vein at ZamZam (Sample H245098) 

• Multiple additional samples returned values exceeding 10.0 g/t Au 

The eight-week field program included geological and structural mapping, prospecting, rock and channel sampling, and a selective drone survey. Results indicate that gold mineralization is closely associated with quartz-sulphide veining, silica alteration, sulphide enrichment, and oxidized structural zones. Mineralized outcrops commonly exhibit shearing, brecciation, stockwork veining, boudinage, and locally anastomosing structures.

The highest-grade results including 661.0 g/t Au, 268.0 g/t Au and 261.0 g/t Au were returned from the 1010 North and 1010 South zones, where gold mineralization occurs within quartz-sulphide veins hosted by strongly deformed and gray silica-altered tonalite. At the ZamZam Area, high-grade values including 248.0 g/t Au, 142.0 g/t Au, 58.2 g/t Au, and 51.2 g/t Au were returned from quartz vein systems hosted within silica and sulphide-altered tonalite.

Geological Interpretation

Geological mapping indicates that mineralization is spatially associated with a network of north-south, northeast-southwest, and northwest-southeast trending shear zones. Gold mineralization occurs within quartz-sulphide veins, silicified and sheared tonalite, quartz-feldspar porphyry intrusions, and locally mafic volcanic units.

Higher-grade gold values are commonly associated with pyrite-rich quartz veins, strong oxidation, boxwork textures, localized brecciation, and stockwork veining. Mineralization has been identified across multiple target areas and host lithologies within both the 1010 and ZamZam zones.

The distribution of gold-bearing samples supports the interpretation of multiple structurally controlled mineralized shoots developed within a broader shear-hosted gold system.

Next Steps

Data from the mapping, prospecting, and surface sampling program will be integrated with results from the 2026 winter drill campaign to refine the Company's geological model and prioritize follow-up drill targets.

Planned work includes detailed geological mapping, channel sampling, trenching, and stripping to further define the continuity and orientation of mineralized structures identified at surface. Assays remain pending for the balance of the surface sampling program and eight drill holes completed during the most recent drilling campaign.

   

Management Commentary

"These results confirm the presence of significant high-grade gold mineralization across multiple target areas at Carscallen and continue to improve our understanding of the structural controls on the system," said Bernard Deluce, CEO and Director of Melkior Resources. "The combination of mapping, surface sampling and drilling is helping define several mineralized corridors that warrant further follow-up and drill testing. With additional assays pending, we look forward to advancing priority targets across the project."

 

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Figure 1. Map showing location of recent field mapping / sampling program at Carscallen Property.

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Figure 2. Samples from the field program highlighting locations of high-grade gold assay at ZamZam.

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Figure 3. Samples from the field program highlighting locations of high-grade gold assay at 1010 North and 1010 South.

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Photo 1. Photo showing strongly altered tonalite with NNW-SSE trending, steep-dipping shear veins at Zamzam zone.

 

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Photo 2. Photo showing strongly altered tonalite with North South trending, steep-dipping shear veins at 1010 South.

 

Table 1. Significant Surface Sampling Results – Carscallen Gold Project
Target Area	Sample ID	Easting (m)	Northing (m)	Au (g/t)	Sample Description
1010_S2	H245001	450961	5357554	36.5	Laminated quartz vein with pyrite boxwork textures and strong oxidation
1010_S4	H245024	450959	5357602	72.6	Quartz-pyrite vein
1010_S4	H245025	450959	5357602	17.2	Altered and deformed granite with quartz vein and pyrite stringers
1010_S4	H245027	450959	5357602	22	Quartz vein with pyrite-rich interval and boxwork textures
1010_S4	H245028	450959	5357602	661	Strongly oxidized sulphide-rich zone with quartz veining and abundant boxworks
1010_S4	H245033	450959	5357604	48.1	Altered granite with quartz vein and pyrite
1010_S4	H245034	450959	5357604	148	Quartz vein with pyrite-rich interval and boxwork textures
1010_S4	H245035	450959	5357604	111	Strongly oxidized sulphide-rich interval with quartz veining
1010_S4	H245038	450960	5357598	25.8	Quartz vein with disseminated pyrite along altered granite contact
1010_S4	H245039	450960	5357598	261	Quartz vein with disseminated pyrite adjacent to oxidized host rock
1010_N	H245053	451018	5357754	36.4	Quartz vein with 15-20% semi-massive pyrite
1010_N	H245055	451015	5357744	268	Quartz vein with 5% pyrite and strong boxwork texture
1010_N	H245061	451016	5357749	15	Quartz vein with 35% semi-massive pyrite
1010_N	H245064	451015	5357765	20.1	Quartz vein with 15% disseminated pyrite
1010_N	H245065	451015	5357766	43.4	Quartz vein with 12% disseminated pyrite
Zamzam2	H245071	451453	5358379	22.3	Quartz vein with 65% massive pyrite
Zamzam1	H245078	451484	5358316	39.2	Granite hosting quartz vein with disseminated pyrite
Zamzam1	H245081	451482	5358320	51.2	Quartz vein with pyrite and boxwork texture
Zamzam1	H245089	451481	5358328	10	Quartz vein with disseminated pyrite
Zamzam1	H245093	451479	5358330	15.2	Silicified granite with disseminated pyrite
Zamzam1	H245094	451479	5358330	58.2	Silicified granite containing quartz vein with pyrite
Zamzam1	H245098	451477	5358334	142	Quartz vein with 15% disseminated pyrite
Zamzam1	H245099	451476	5358334	248	Altered granite containing quartz vein with disseminated pyrite

 

Note: Grab samples are selective by nature and may not be representative of the average grade or extent of mineralization on the Carscallen Gold Project. Results are reported in grams per tonne gold (g/t Au). This table includes significant assay results greater than or equal to 10.0 g/t Au.

  

Table 2. Summary by Location
Target	Number of Samples >10 g/t Au	Highest Grade (g/t Au)
1010 South	10	661
1010 North	5	268
ZamZam	8	248
Total	23	661

 

Sampling and Analytical Procedures

The reported assays are derived from selective grab samples collected during surface prospecting and geological mapping. Samples were submitted to an independent accredited analytical laboratory for gold analysis. Grab samples are selective in nature and may not be representative of the average grade or extent of mineralization present on the property.

Quality Assurance and Quality Control

The surface sampling program was conducted under the supervision of qualified geological personnel following industry-standard exploration procedures. Grab samples were collected from mineralized outcrop exposures and placed in sealed sample bags. Samples were delivered under chain-of-custody protocols to AGAT Laboratories Ltd. of Rouyn-Noranda, Québec, an independent commercial laboratory.

Sample preparation and gold analyses were completed by AGAT using industry-standard analytical procedures. Samples returning elevated gold values were re-analyzed using appropriate over-limit methods where required.

The Company implemented a quality assurance and quality control ("QA/QC") program that included the systematic insertion of certified reference materials, blank samples and duplicate samples into the sample stream. QA/QC samples were monitored by the Company's technical staff to evaluate analytical accuracy, contamination and precision.

A review of the QA/QC data indicated that all control samples returned results within acceptable limits. The Company believes that the sampling procedures, security protocols and analytical results are consistent with industry standards and support the reliability of the assay results reported herein.

Sampling Disclosure

The reported results are derived from 133 of the 178 surface grab/channel samples collected from the Carscallen Gold Project. Grab samples are selective by nature and may not be representative of the average grade, width or continuity of mineralization on the property. The purpose of the sampling program was to identify, confirm and evaluate gold-bearing mineralized structures and prioritize targets for additional exploration.

Additional NI 43-101 Caution Regarding Grab Samples

The results reported in this news release are derived from selective grab samples collected from outcrop and mineralized float. Grab samples are inherently selective in nature and are unlikely to represent average grades of mineralized zones. The reported assays are intended to confirm the presence of gold mineralization and assist in evaluating exploration targets and should not be considered representative of the overall grade or extent of mineralization on the property.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Martin Ethier, P.Geo., a consultant to Melkior Resources Inc. and a Qualified Person as defined by **National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Melkior Resources

Melkior Resources Inc. is a Canadian mineral exploration company focused on the discovery and advancement of gold projects in the prolific mining jurisdictions of Ontario and Québec. The Company is committed to creating shareholder value through disciplined, technically driven exploration and the systematic evaluation of high-potential mineral assets.

Melkior's core portfolio is anchored by the Carscallen Gold Project, located in the heart of the Timmins Gold Camp, one of Canada's most productive gold districts. The Company also holds the Beschefer East, Genex, and Val-d'Or projects, all strategically positioned within the highly prospective Abitibi Greenstone Belt, a world-renowned mining region that hosts numerous significant gold and base metal deposits.

Leveraging a combination of modern exploration techniques, geological expertise, and a strong treasury, Melkior continues to advance its projects with the objective of making new discoveries and unlocking value across its portfolio.

ON BEHALF OF THE BOARD

 

Bernard Deluce, CEO and Director

For more information, please contact:

Melkior Resources Inc.

E-mail: info@melkior.com

Tel: 705-805-0390

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.