VAL-D'OR, QUEBEC, CANADA--(Marketwire - Sept. 5, 2012) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to publish an update on its diamond drilling program at the Bachelor project.
Metanor continues the underground drilling of the "Main" and "B" veins, from the levels 13 and 15 of the Bachelor Project. Since the publication of the last press release concerning the status of the current drilling campaign (REF: press release on June 5, 2012), 12 new drill holes totaling 2,723 meters have been completed.
To date, 31 drill holes have been completed on level 15 representing 9,769 meters of drilling. These drill holes are intended to increase resources by targeting extensions known to the "Main" and "B" veins between levels 14 and 15.
On level 13, the drilling program is focused on the lateral extensions of the "Main" and "B" veins between 12 and 14 levels. The objective is to provide supporting information for the continued mine development on these levels. During the months of June and July, 6 new drill holes totaling 784 meters have been completed. In total, 16 drill holes have been completed so far on level 13 and they represent a total of 2,319 meters of drilling.
The results tend to confirm the presence of high grade gold in the two (2) main structures at the Bachelor gold project ("Main" and "B" veins) and corroborate the results achieved to date in the development work carried out on levels 12 and 13.
The following table summarizes the most significant intersections obtained since the publication of the last press release (-ref: June 5, 2012):
|Drill Hole||From(M)||To(M)||Width (m)*||Grade g/T||Zone|
|* All intercepts represent the core length|
Metanor is greatly encouraged by the results achieved to date, first from the positive results obtained from the drilling campaign and the conclusive positive results obtained from the bulk sample made in the course of the previous month (REF press release on July 12, 2012) and the results arising from the development of the Main and B veins on levels 12 and 13 of the Bachelor mine. It is now planned to maintain permanently the presence of at least two drill rigs underground in order to continue to achieve the following objectives: further increase the resource and continue the development of the mining project into production.
The true width is approximately 80-90% of the core length obtained in diamond drill holes. 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.
In the coming weeks, Metanor will publish an update on the mining operations since it received its commercial permit in July.
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. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Pascal Hamelin, P.Eng, Vice-president and General Manager of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such 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 in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
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