Metanor is working to expand and define mineralization at the Bachelor Lake Mine, with the hope of extending it’s life beyond 2016.
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VAL-D’OR, QUÉBEC–(Marketwired – Aug. 15, 2014) – Metanor Resources Inc. (“Metanor”) (TSX VENTURE:MTO) is pleased to provide this update on the ongoing underground drilling program at the Bachelor Mine.
Four drills are currently active underground which has resulted in over 5,500 meters of drilling per month in the last 4 months, of which an average of 1,600 meters per month was exploration drilling. Since the last drilling update released March 31st 2014, Metanor has drilled the «A» vein, Hewfran East, and the «B» vein and the results are summarized in the table below. Results from the forth drill, on level 14, are now being compiled.
[box type=”note” align=”aligncenter” ]Metanor’s Bachelor Lake Mine is a moderate grade underground gold mine located within the prolific Abitibi Greenstone Belt in northwestern Quebec, Canada.
Though the Bachelor Lake deposit was first discovered in the 1940s, the main shaft wasn’t completed until the 1960s. The mine finally opened in 1982 after years of extensive underground drilling to define a resource. The mine operated for 5 years before being put on “care and maintenance” due to high production costs and falling gold prices. Metanor Resources acquired the property in 2004 and moved the mine back into production in 2012. A pre-feasibility study completed in 2011 identified the total mineral reserves to be 843,772 tonnes @ 7.38 g/t gold (200,177 ounces of gold).
The Bachelor Lake deposit has been characterized as a “orogenic lode gold” deposit: The gold is thought to be related to mountain building events along ancient collision boundaries.
There is an ongoing definition drilling program to define the full extent of the deposit. The data collected from these drill programs will be used to update the mineral resource and can be used to update the 3D model of the ore body. Metanor is working to expand and define mineralization at the Bachelor Lake Mine, with the hope of extending it’s life beyond 2016. [/box]
The drill results in the «B» vein on level 10 confirm the expansion of the vein above level 10 up to level 8. The drilling in the «A» vein also confirmed the expansion of that vein between level 6 and 10. The drilling in the Hewfran zone allowed the discovery of a parallel vein south of the Hewfran East vein on level 8. Some results identified by a question mark cannot be linked to an existing vein, and are being interpreted by the geologists. All these new zones are being added to the original resource published in 2011. Because of the proximity of the «A» vein to our current infrastructure, the mining of this vein will start in the coming months.
The table below summarizes the significant intersections obtained for these sectors:
|Hole No||From (m)||To (m)||Length (m)||Grade Au (g/T)||Zone|
True core length.
The true width is between 60 and 80% of the core length obtained in diamond drill holes. The cap-off grade used in the analysis is 51.5 g/T or 1.5 oz Au. 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.
[box type=”note” align=”aligncenter” ]The grades reported here only represent the apparent thickness as the company estimates that these results are within 60 to 80% of the true width. A QA QC program helps ensure the accuracy and precision of these assay results.[/box]
[box type=”note” align=”aligncenter” ]Metanor is currently trading at $0.14. This is down from the 52-week high of $0.25 that the stock reached in March. Like many junior miners, their stock has been roughly tracking the price of gold. [/box]
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient production, exploration, and development of it properties.
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