Metanor Resources Inc.

Metanor Resources Inc.

October 08, 2014 10:20 ET

METANOR intersected 25.80 g/t Au over 5.6 m at Barry

VAL-D'OR, QUEBEC--(Marketwired - Oct. 8, 2014) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce the results of the drilling campaign carried out in 2013-2014 on the Barry property which discovered several new gold zones. An exploration campaign of 38 diamond drill holes totalling 12,197 meters has been conducted on the Barry property for the purpose of investigating some of the 153 new induced polarization (IP) anomalies detected on the entire property during surveys conducted between 2009 and 2013. All of these holes have been drilled at a distance of more than 1km and up to 7km from the Barry deposit. This drilling campaign has enabled us to investigate laterally and at depth, two (2) known gold areas (Goldhawk and Moss) in order to confirm their gold potential. It has also enabled us to discover five (5) new sectors with gold mineralized zones over large widths which require additional exploration work that could lead to the defining of new resources. The best gold intersections obtained during this drilling campaign have been:

Claim Block DDH'S From (m) To (m) Width (m) Au g/t
Barry NW extension BE-13-03 5.0 21.6 16.60 0.15
And 118.0 122.0 4.0 0.21
BE-13-04 447.0 447.4 0.4 3.16
BE-13-06 109.5 114.1 4.6 0.21
And 157.1 163.4 6.3 0.21
And 414.0 422.1 8.1 0.20
Goldhawk-Oracle M-13-10 198.9 199.4 0.5 1.45
M-13-13 336.5 339.6 3.0 1.34
Including 337.6 338.6 1.0 3.28
MB-13-01 188.0 193.6 5.6 25.80
Coupé à 60g/t 188.0 193.6 5.6 6.84
Barry United MB-13-14 528.0 530.6 2.6 2.86
MB-13-16 177.3 177.7 0.4 2.94
MB-13-19 355.4 357.2 1.8 5.97
Including 355.4 356.3 0.9 1.,75
Barry SE extension MB-13-04 5.5 15.4 9.9 0.12
MB-13-10 255.5 258.5 3.0 2.38
Moss M-13-02 189.3 192.4 3.1 1.03
M-13-02 197.6 198.5 0.9 3.77
M-13-03 150.9 151.9 1.0 1.46
And 178.3 186.9 8.6 0.39
M-13-04 276.4 278.9 2.5 2.65
M-13-05 215.3 219.8 4.5 0.79
MB-14-21 12.0 21.4 9.4 0.12
And 58.8 59.3 0.5 2.82
And 174.4 300.7 126.3 0.20
Including 192.4 206.6 14.2 0.93
Including 197.3 204.5 7.2 1.69
Including 202.6 204.5 1.9 5.73
Including 226.3 242.9 16.6 0.38
MB-14-22 30.5 34.9 4.4 0.37
And 43.4 62.8 19.4 2.14
Including 55.0 62.8 7.8 5.18
And 109.6 114.0 4.4 0.16
And 153.5 161.5 8.0 0.20
And 174.6 179.3 4.7 0.21

The lengths mentioned correspond to the lengths obtained in diamond drill core.

NW Extension block

A series of subparalleles IP anomalies with often a strong intensity and oriented to the northeast have been detected in a large deformation corridor of approximately 1.5 km in width. These IP anomalies extend over large distance and coincide with deformation zones containing disseminated to massive sulphide in volcanic units and associated intrusive sills. Five (5) diamond drill holes totaling 1,967 m have intersected many fractured zones containing variable amounts of pyrrhotite and chalcopyrite. A mineralized fault zone had returned anomalous gold values over 16.6m, including an intersection of 0.5 g/t Au over 3.0m (BE-13-03). This mineralized zone has returned several anomalous gold values including an intersection of 3.16 g/t Au over 0.4m (BE-13-04) approximately 750m toward the south-west and an anomalous gold intersection of 0.20 g/t over 8.10m (BE-13-06) approximately 1km more to the south-west. These results are encouraging and guarantee the continuation of exploration work in this area with strong potential for gold and base metals.

Goldhawk-Oracle Block:

The Bart zone has been investigated to the west and to a vertical depth of 160m with diamond drill hole MB-13-01 which has intersected an heavily mineralized pyrite zone with a gold-bearing intersection of 25.80 g/t Au over 5.6m. The future exploration work should allow extending even further toward the west and at depth this mineralized gold zone located approximately 3.5 km to the west of the Barry mine. A series of strong IP anomalies have been investigated to the east end of the property and coincides with several subparalleles mineralized zones containing pyrite-pyrrhotite and having returned anomalous gold values over width reaching 10.7m. A strong IP anomaly oriented east-west located at the south end of the property has been investigated and corresponds to a pyrite rich zone that returned a gold-bearing intersection of 1.96 g/t in over 2m, including 3.39 g/t Au on 1.0m.

Bloc Moss:

A series of IP anomalies crossing the whole claim block over a width of 500m and located immediately to the west of the Eagle Hill Exploration property have been investigated on a lateral distance of 2km. In this deformation corridor several mineralized zones associated with felsic units are altered fractured and injected of pyrite-quartz veins which have returned anomalous gold intersections over widths up to 9.5 m at the north-eastern end and up to 300m along the south-west extensions. The best gold intersection has been obtained in diamond drill hole MB-14-22 which intersected to a vertical depth of 30m a mineralized zone returning 2.14 g/t Au over 19.4m, including 5.28 g/t Au over 7.8m. Approximately 500m further to the south-west along the deformation corridor, diamond drill hole MB-14-21 has also intersected significant gold mineralization returning anomalous values over a width of 300m including gold intersections of 18.20 g/t Au on 0.5m and 3.39 g/t Au on 1.2m.

Barry SE Extension:

At the east end of this claims block in contact with the Bonterra property, a section of several diamond drill holes was designed to investigate a series of very strong IP anomalies which extend toward the north-east in a large deformation corridor of nearly 1km in width. These anomalies coincide with sericite-carbonate-quartz mineralized zones containing variable amounts of pyrite-pyrrhotite and chalcopyrite. These diamond drill holes have all returned at least one gold intersection with anomalous values over widths up to 9.9m (MB-13-04) and the best intersection was obtained in the diamond drill hole MB-13-10 which returned 2.38 g/t Au over 3.0m. The type of alteration observed in this fractured and mineralized belt is similar to that found at the Barry mine and this mineralized zone may represent the north-east extension of the mine displaced towards the south by a north-west striking fault.

Barry United SW Block:

A series of IP anomalies extends in a northeast direction over a width of approximately 500m up to the south-west limit of the property situated approximately 6km from the Barry deposit. In this area diamond drill hole have all intersected fractured locally sheared and mineralized pyrite rich zones. The best gold intersections have been obtained in hole MB-13-14 which returned 14.8 g/t In over 0.5m 1km to the south-west of the Barry deposit in the hole MB-13-16 which returned an intersection of 2.94 g/t In over 0.5m 1.5 km to the south-west of the Barry mine and in the hole MB-13-19 which has returned an intersection of 11.75 g/t Au over 0.9m approximately 5km south-west of the Barry mine. These really spaced gold intersections were obtained along the south-west extension of the Barry deposit and indicate the possibility of finding significant gold mineralization in those areas which certainly require additional exploration work.

This drilling campaign which was directed toward the search for new gold zones that can generate additional resources close to the surface has been a great success because five (5) new areas with mineralized gold zones have been located on the property and guarantee further exploration work in these sectors.

The true thickness of the mineralized zones represents approximately 80 to 90% of the core length obtained in diamond drill holes. All of the samples were analyzed with the method of fire assay (A. A) at the ALS-Global laboratory of Val d'Or (an independent lab), with eventual verification of several samples at the bachelor mine laboratory of Desmaraisville. 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."

About Metanor

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.

Qualified Person

Mr. André Tremblay, VP Exploration, is the qualified person pursuant to National Instrument 43-101 and supervised the technical information presented in the 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.

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