Sector NewswireTM

Sector: Mining - Metals and Minerals   :

 

News Release -  July 1, 2016 2:31 PM ET 

 

 

Gold producer Metanor Intersects 10.4 g/t Au Over 8.8 m at Bachelor Mine, and Analyst provides insight on Metanor

 

click to view advisory on Metanor

"Catalyst-Rich Gold Producer"

- Secutor Capital Management, June 30, 2016

NEW YORK, NY, July 1, 2016 /Sector Newswire/ - Metanor Resources Inc. (TSX-V: MTO) (US Listing: MEAOF) (Frankfurt: M3R) this week announced additional high-grade intercepts, including 10.4 g/t Au over 8.8 m, at its Bachelor Mine, located beneath the Company's 100%-owned Bachelor Gold Mill in Quebec (excerpt copy of this news may be viewed further below). Additionally, Metanor is identified in a newly issued analysts report by Secutor Capital Management with compelling insight.

 

The Analyst report may be found at http://sectornewswire.com/secutorcapital-mto-june30-2016.pdf online.

 

The Analyst, Craig Stanley, M.Sc. has identified Metanor Resources Inc. as a significant opportunity for investors seeking exposure to precious metals; a quality junior gold producer ripe with near-term catalysts in a stable mining-friendly jurisdiction.

 

Excerpt copy of Analyst report:

 

Metanor is a Val-d'Or, Quebec-based mining company focused on the Bachelor Lake underground mine and Barry open pit project in the prolific Abitibi Subprovince of central Quebec.
 

Bachelor Lake has produced over 100,000 ounces since commercial production was declared in the fall of 2013. The mill feed rate increased 12%, and the grade increased 7%, during the most previous quarter as ore from the wider, higher-grade Hewfran zone began feeding the mill. Tonnes mined and the head grade should gradually increase in the following months as more production is mined from this zone. Management expects Bachelor Lake to produce over 34,000 ounces of gold in 2016. In the latest quarter, all-in sustaining costs (AISC) were C$1,360 per ounce, well below the current Canadian dollar gold price of C$1,717 per ounce.

 
The fully-permitted Barry deposit is located 116 kilometres by road from the Bachelor Lake mill. In June 2016, management announced an updated resource estimate that included an in-pit resource of 5.24 million tonnes at 2.07 g/t Au for 347,350 ounces at a strip ratio of 2.29 to 1. A preliminary economic assessment on Barry may be published later this year that could outline material being trucked to Bachelor Lake mill at a rate of 30,000 to 35,000 ounces of gold per year.

 

Mining could commence at Barry as early as spring 2017. With material from Barry being softer than Bachelor Lake, the mill could run at 1,200 tpd. Not only would this reduce overall company risk by having a second source of ore feeding the mill and allowing for better head grade control, but material from Barry is not subject to a gold stream that requires selling 20% of production from Bachelor Lake at US$500/oz to Sandstorm Gold, hence Metanor could sell all gold produced from Barry at the market price.
 

With a market cap of just $34 million and an enterprise value of $43 million, Metanor offers investors a 100%-owned gold mine, a fully-permitted gold project, the only fully permitted mill within a 100 kilometer radius in central Quebec, resources of more than 1.5 million gold ounces, potential resumption of mining at the Barry deposit, ongoing exploration drilling at the Moroy zone at Bachelor Lake, and tax-loss carry-forwards that management estimates could generate $15 million to $17 million in tax credits.
 

Well-known gold investor Eric Sprott increased his stake in Metanor to 9.2% in market through buying in the market at prices higher than the current share price.

 

 The full Analyst report may be viewed at http://sectornewswire.com/secutorcapital-mto-june30-2016.pdf online.

 

 

------ ------ ------      ------ ------ ------      ------ ------ ------

 

   

Recent (July 30, 2016) news release from Metanor:

 

Metanor Intersects 10.4 g/t Au Over 8.8 m at Bachelor Mine

 

VAL-D'OR, QUEBEC--(Marketwired - July 30, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide this update on its underground exploration drilling program at Bachelor Mine. The development of a ramp below level 14 toward level 15 in the Main vein allowed the construction of a drill station well positioned to define additional resources below level 14. The drilling began in early June.

The details of the intersections obtained from the drill holes are described in the table below:

Hole No from (m) to (m) length (m)* grade Au (g/t) Zone
14-117 16.3 21.1 4.8 4.1 Main
And 31.0 34.9 3.9 4.9 Main
14-118 21.5 30.3 8.8 10.4 Main
14-119 24.1 25.0 0.9 2.1 Main
14-130 101.6 107.2 5.7 5.5 Main

(*) Core length

The mining development continues toward the recently drilled sectors, and mining will commence in the coming month.

Metanor estimates that the mineralized intercepts' true thicknesses reach 60 to 65% of the drill cores. A capping of 31 g/t was used or 1 Au ounce. The Company uses a rigorous, industry-standard, QA/QC program. The samples were assayed by fire-assay at the Metanor assay lab. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. The quality control program of the assay results (QA/QC) adopted by Metanor includes a minimum of 10% of controlled assays being conducted as well as verification by an independent ALS-certified assay laboratory in Val-d'Or, Québec. Results of the spot checks were consistent with those reported.

...click here for full copy from source

 

  

This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned.

 

 

SOURCE: Sector Newswire editorial

editorial@SectorNewswire.com

 

 

 

  

Additional Disclaimer and Disclosure I Contact I Terms and Conditions I Copyright I Privacy Policy