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
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:
(*) 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 |
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forward-looking statements are only predictions and may differ
materially from actual events or results. Articles, excerpts,
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not solicitations to buy or sell any of the securities mentioned.
SOURCE: Sector Newswire editorial
editorial@SectorNewswire.com
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