VAL-D'OR, QUEBEC--(Marketwired - March 12, 2015) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce that it has identified a new corridor with gold grades, located 860 m south of the Bachelor Mine.
This new structure was followed on a distance of 400 m long based from 4 drill holes from surface. As a reference, the gold structures presently mined at Bachelor are averaging 275 m long. More than 80 cuts grading gold between 0.5 and 10.9 g/T were obtained in these holes (see attached table). The geological context in the 4 holes presents similitude with the gold structures at the mine which are associated with hematized shears containing 1 to 8% of fine pyrite.
This new structure is located directly beside the limit of the high power inversed polarisation (HP IP) geophysical survey completed in the fall 2014. The presence of the tailing pond prevented the full coverage of the area with the geophysical survey. However, a HP IP trend is located 400 m east of the corridor identified by the 4 holes. No hole has been drilled between the new gold corridor and the geophysical conductor.
Metanor plans to concentrate it next surface exploration activities in this sector which present the best discovery potential on the Bachelor Property.
|Hole No||From (m)||To (m)||Length*||Grade (g/t Au)**||Remark|
|Bw-13-13||36.95||37.70||0.75||7.62||Foliated Basalt + 4% Pyrite (Py)|
|186.0||186.5||0.50||2.05||Hematized (hem) Basalt + 6% Py|
|249.00||250.50||1.50||2.35||Hem Tuf + 3% Py|
|352.95||353.25||0.30||2.47||Hem Tuf + 1% Py|
|413.60||414.00||0.4||9.90||Hem O'Brien Intrusion + 3% Py|
|476.85||477.15||0.30||10.90||Hem O'Brien Intrusion + 2% Py|
|Bw-13-19||217.90||220.20||2.30||5.78||Hem sheared (sh) Tuf + 1% Py|
|311.95||312.90||0.95||2.43||Hem O'Brien Intrusion + 5% Py|
|Hw-13-37||57.10||60.00||2.90||4.71||Hem sh Tuf + 1 to 7% Py|
|66.10||66.70||0.60||2.94||Hem Tuf + 8% Py|
|73.00||74.35||1.35||2.66||Hem Tuf + 4% Py|
|189.75||190.15||0.40||6.77||Hem Tuf + 8% Py|
|324.30||324.80||0.50||3.02||Hem Tuf + 1% Py|
|Hw-13-43||184.10||184.50||0.40||2.05||Hem Tuf + 3% Py|
|230.80||231.15||0.35||2.06||Hem Basalt fractured + 8% Py|
|263.20||263.50||0.30||6.38||Hem Basalt + 2% Py|
|* Core length|
|** Grade > 2.0 g/t|
The true width is between 50 and 75% 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.
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.
Pascal Hamelin, P.Eng, Vice-president 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.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.