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News Release -  August 23, 2013 4:34 PM ET 

 

 

Metanor Intersects 11.11 g/t Over 13.44 m and 8.04 g/t Over 7.92 m at Bachelor Gold Project and Provides Update on the Development Activities

 

NEW YORK, NY, August 23, 2013 /Sector Newswire/ - Metanor Resources Inc. (TSX-V: MTO) (US Listing: MEAOF) (Frankfurt: M3R) has had two news releases of significance over the last week regarding exploration achievements and ongoing development ramp-up at its newly refurbished Bachelor Gold Mine and Mill in mining friendly Quebec. Bachelor is a very rich underground mine with grades upwards of 26 g/t gold with an average grade of 7.38 g/t gold (fully diluted using long hole). Recent and ongoing development work should result in a series of production growth months over the next year for MTO. The stabilization of production at ~3,000 oz per month sets the stage for a cash flow positive scenario and a push to closer to 4,000 oz per month this Q4, and then a push for 4,000 - 5,000 oz Gold per month target (at 800 TPD) for possibly as early as the end of this year. Forward looking, once commercial production status is attained at Bachelor, it is managements stated plan to increase the mill capacity by ~50% at low capex and target 80,000 - 90,000 oz Gold/year in 2015.
 

Below is excerpt copy of Metanor Resources’ releases this week;

 

August 20, 2013  Metanor Provides an Update on the Development Activities at Its Bachelor Project

 

Ressources Métanor Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide this update on the development activities underway at its Bachelor project.
 

Metanor produced 2,822 ounces of gold during the month of July. The ounces produced in July came from development and stope ores for a total of 17,403 tonnes of ore at a combined grade of 5.21 grams / tonne with a 96.9% recovery. The grade went up to 5.21 in July, from 5.16 in June, after the commencement of the mining of stope 13-0-02 in the last few days of July, according to preliminary estimates. For instance, the mill produced over 166 oz. per day, during six separate days in the beginning of August, indicating a grade of 7.29 g/t for those days. The actual grade contribution of this stope will be established once the reconciliation of the August production in completed in early September. The tonnage in July is lower when compared to the tonnage in June (20 031 tonnes). This can be attributed to the blasting in early July of a stope which generated larger fragments which in turn slowed down hoisting for a few days. However, fragmentation from blasts which occurred in the last 2 weeks of July generated far better results.
 

The development on level 10 began in July. The mining activities continued on level 14, 13, 12 and 11 in July. On level 13, the development continued toward the west zone of the mine where an enlargement of the «Main» vein was identified. The long hole production drilling continued in July in three different stopes to eventually have three active stopes. This increase in active stopes will enable the company to increase the tonnage milled per month.

...click here for full copy of release from source

  

August 22, 2013  Metanor Intersects 11.11 g/t Over 13.44 m and 8.04 g/t Over 7.92 m at Bachelor

 

Ressources Métanor Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide this update on the current drilling program at its Bachelor project.

 
Metanor is continuing with the underground drilling program of the « Main », « A » and « E » (called before A-1) veins, from various levels of the mine. As mentioned in the April 29th and June 6th 2013 press releases, the drilling completed in the western extension of the deposit was used to locate the offset of the «Main» vein west of the «E» vein. Additional drillings and the development of a drift confirmed the mineralization at that location. A new drill station is being developed and will be completed very shortly on level 12. This station will allow Métanor to further explore this western extension between level 13 and 11.

 
On level 14, the first drilling phase validated the presence of the «Main» vein in the eastern section of the mine. In its second phase, the drilling program will be targeting the offset of the «Main» vein west of the «E» vein between level 13 and 15.

 
Presently, the «A» vein is being defined between level 11 and 13. The area being covered by the drilling program is in the east part of the mine and corresponds to the extension at depth of the known corridor of the «A» vein.

 
The table below summarizes the significant intersections obtained in these structures in the last few weeks:

 

Hole From (m) To (m) Width (m)* Au Grade (g/T) Zone
WEST SECTOR
13-072 23.70 26.75 3.05 9.83 E
13-074 54.80 57.61 2.81 4.67 M
  80.01 81.15 1.14 6.23 M-1
13-096 57.73 71.17 13.44 11.11 M & E
13-097 37.43 57.30 19.87 3.63 M & E
Incl. 50.60 57.30 6.70 6.00 M & E
EAST SECTOR
13-077 114.45 117.17 2.72 11.24 A
13-079 140.21 146.46 6.25 6.57 A
13-080 120.73 124.15 3.42 7.60 A
13-081 129.18 130.25 1.07 6.58 A
14-002 67.06 74.98 7.92 8.04 M & E
14-003 84.28 86.39 2.11 11.62 M
14-005 125.78 127.08 1.30 14.90 E
14-007 70.29 75.59 5.30 8.67 M
14-008 83.82 85.03 1.21 24.60 E
14-009 74.9 76.53 1.63 15.56 E
14-019 59.44 61.87 2.43 3.95 M
14-023 78.49 82.96 4.47 7.13 M
14-024 66.83 69.24 2.41 4.82 M
14-026 108.41 111.35 2.94 26.73 M
14-027 90.63 91.44 0.81 23.40 M
14-030 104.34 107.24 2.90 7.00 M

 

* : Core length
The true width is approximately 50 to 70% of the core length obtained in diamond drill holes aiming the western sector, and 70 to 90% in the eastern sector. The samples were assayed by fire-assay at the Metanor assay lab. 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 external assay lab.

...click here for full copy of release 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

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