VAL-D’OR, QUEBEC–(Marketwired – Jan. 19, 2018) – Metanor Resources Inc. (“Metanor”) (TSX VENTURE:MTO) is pleased to announce new high-grade intercepts of 14.3g/t Au over 4.6 metres and 10.4 g/t Au over 4.5 metres at the Barry project located in the Urban township, 110 km south of the Bachelor mill. These new exploration drill results continue to expand the size and further confirm the continuity of these structures. The shear zones have now been extended in excess of 1,500 m on strike, to a depth exceeding 440 m remaining open in all directions.
From recent drilling, Metanor has identified multiple tensional veins within the existing shear hosted system. Throughout 2017, the company drilled 49,000 metres into these shear structures. The drill results have demonstrated multiple zones and from this drill campaign, the company is now prepared to initiate an underground bulk sample program in early March to verify the continuity and grade distribution of the multiple shear zones. The bulk sample program will consist of developing a decline from the face of the Main pit wall down to 100 metres below surface. At this elevation, the company will drive drifts into the gold bearing shears zones. The plan is to send 10,000 tonnes of ore to the Bachelor mill later in the year to reconcile mill head grade with the mining grade in a defined sector.
Metanor is also increasing the size of the Barry camp to accommodate a larger exploration program. The work began in November 2017 and is expected to be completed mid Q1 2018. This will give the Barry project the ability to begin the bulk sample program as scheduled on March 1st 2018.
Highlights of drill intercepts in the quartz-pyrite veins associated with the shear zones include:
- MB-17-37 extension from 498.0 m. to 502.6 m. 14.3 g/t Au over 4.6 m.
- Altered sheared basalt with locally stockwork of quartz veinlets (15%) and 4% of fine disseminated pyrite
- MB-17-129 from 334.6 m. to 335.6 m. 20.3 g/t Au over 1.0 m.
- Biotized sheared basalt with stockwork of quartz veinlets (25%) and 10% of disseminated pyrite
- MB-17-137 from 367.5 m. to 372.0 m. 10.4 g/t Au over 4.5 m.
- Altered and sheared breccia basalt with stockwork of quartz veinlets (10%) and 7% of fine disseminated pyrite. 2 segments with many gold grains.
Greg Gibson, CEO stated “With the ability to access the underground from the existing pit we are able to conduct a bulk sample and establish underground drill platforms significantly reducing drill costs, while allowing more precise and detailed data collection. This will allow us to confirm the geological and grade model at an accelerated pace.”
The results of the last 16 drill holes intercepting multiple shears are as follows.
|MB-17-37 Ext||399.7||400.4||0.7||7.5||Shear 900|
|MB-17-59 Ext||544.5||547.5||3.0||3.5||Shear 900|
|MB-17-137||367.5||372.0||4.5||10.4||Shear 950 (VG)|
|Hole Number||Azimuth||Dip||Length (m)||UTM East||UTM North||Elevation|
Plan view of the Barry project is available at http://media3.marketwire.com/docs/776_Fig1.pdf
Section view 800 of the Barry project is available at http://media3.marketwire.com/docs/776_Fig2.pdf
Quality Control and Reporting Protocols
Metanor estimates that the actual thicknesses of the mineralized intersections are between 70% and 95% of the core lengths. No capping grade is used at this stage. The Company uses a rigorous QA-QC analytical program according to industry standards. The analytical results were done by pyroanalysis (A.A.) at the mine laboratory. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. The company QA-QC analytical verification program requires that a minimum of 5% of the samples be audited at an independent laboratory. Theses audit assays were sent to ALS laboratory located in Val-d’Or, Quebec. The results of the audits are consistent with those obtained.
The Barry Project
The Barry project is located in the Urban-Barry mining camp, 110 km east from the city of Lebel-sur-Quévillon, and 110 km south of the Bachelor mill. 624,414 tonnes of ore grading 2.2 g/t for 43,970 ounces were extracted from three small pits between 2008 and 2010. A drill campaign is underway at the Barry property to increase mineral resources below the pits in high grade shear zones, and proceed with an underground bulk sample program.
Pascal Hamelin, P. Eng., President and COO, is the Qualified Person under NI 43-101, responsible for reviewing and approving the technical information contained in this news release.
Cautionary and Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. All statements in this discussion, other than those of historical fact, that address future exploration drilling, exploration activities and projected exploration, including costs and other estimates upon which such projections are based, and events or developments that the company expects, are considered forward-looking statements. Although the Company believes the expectations expressed in these forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
President & COO