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Sector: Mining - Metals and Minerals   :

 

News Release -  November 1, 2016 4:32 PM ET 

 

 

Metanor Intersects 70.9 g/t Au Over 2.6 m on the Barry Property Adjacent to Osisko Mining's Windfall Property

  • This new high-grade discovery dramatically enhances the attractiveness of Metanor to prospective suitors in an area under consolidation. The Company is highly prospective for additional major high-grade discovery proximal Osisko's Windfall Project.

  • Company plans to publish a resource and reserve update for Bachelor Mine before December 31, 2016.

  • Company will publish an independent PEA (all-in costs of US$891/oz) on Barry open pit before November 4, 2016, and continue to increase the value following the recommendations from the PEA -- targeting reopening Mid-2017.

  • The Company's total infrastructure is valued (estimated replacement value) at between CDN$150M to $200M. The Company's primary asset, the 100%-owned Bachelor Mill, has a replacement value of several times the Company's current market cap and is increasingly being viewed as a coveted strategic asset being the only mill within 200km in a gold-rich district. The Company has met its cash flow guarantee to Sandstorm and is now free to mill ore sourced from outside Bachelor without penalty.

NEW YORK, NY, November 1, 2016 /Sector Newswire/ - Metanor Resources Inc. (TSX-V: MTO) (US Listing: MEAOF) (Frankfurt: M3R) this week announced that it intersected 70.9 g/t Au over 2.6 meters in the Moss Sector located north-east of the Barry property and south-west of the Windfall property belonging to Osisko Mining. This drill hole intersects two gold bearing zones associated with sulphide (15%) in proximity to a regional fault. As per the drill holes, this dominant geological structure has a minimal length of 6 km, toward the Windfall property belonging to Osisko Mining. A segment of 3 km of this structure extends on the Barry property belonging entirely to Metanor Resources. See attached figure. A segment of 3 km of this structure extends on the Barry property belonging entirely to Metanor Resources. This new high-grade discovery dramatically enhances the attractiveness of Metanor to prospective suitors in an area under consolidation, as Metanor has quality grades adjacent Osisko and the only mill around.

 
 

Fig. 1 (above) Primary asset: 100%-owned Bachelor Gold Mill

   

Figure 2. (above) Location of new discovery adjacent Osisko

 

The drill results obtained thus far show high gold values and more assay results are pending. In addition, the drill campaign continues in the Moss Sector.

Hole No from (m) to (m) length (m)* grade Au (g/t) Zone
BE-16-09 248.4 250.6 2.2 9.2 Moss
BE-16-09 328.9 331.5 2.6 70.9

..source Company release, available here

 

The following additional research links have been identified for further DD on Metanor Resources Inc.

 

This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Estimates of potential made by the mining analyst are non 43-101 and not from the Company. 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, content courtesy Market Equities Research Group

editorial@SectorNewswire.com

 

 

 

  

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