Metanor Resources Inc.
TSX VENTURE : MTO

Metanor Resources Inc.

May 11, 2016 12:05 ET

Metanor Intersects 2.1 g/t Au Over 40m and Confirms New Zone to the West of the Existing Pits

VAL-D'OR, QUÉBEC--(Marketwired - May 11, 2016) - Metanor Resources Inc. (« Metanor ») (TSX VENTURE:MTO) is pleased to announce the additional drilling results from the diamond drilling campaign recently completed at the Barry property, located 116 km from the Bachelor mill, for a total of 1,370 meters drilled.

Drill campaign highlights to date:

  • 40m at 2.1 g/t Au in hole MB-16-14, east extension of the main pit;
  • 33m at 1.9 g/t Au in hole MB-16-12, central extension of the main pit;
  • 30m at 1.8 g/t Au in hole MB-16-06, connexion of the west and center pit;
  • 27m at 1.6 g/t Au in hole MB-16-08, south extension of the main pit;
  • 14m at 2.8 g/t Au in hole MB-16-05, connexion of the west and center pit;
  • 10m at 2.5 g/t Au in hole MB-16-04, west extension of the main pit;
  • 14m at 1.5 g/t Au in hole MB-16-01, east extension of the center pit;
  • 8m at 4.1 g/t Au in hole MB-16-13, central extension of the main pit.

Including:

  • 3.0 g/t Au over 6m in hole MB-16-01;
  • 3.6 g/t Au over 13m in hole MB-16-06;
  • 5.4 g/t Au over 5m in hole MB-16-08;
  • 4.4 g/t Au over 8m in hole MB-16-12;
  • 5.4 g/t Au over 9m in hole MB-16-14.

The results from holes MB-16-05 and MB-16-06 confirm the connection of the mineralization between the west and the center pit. Hole MB-16-01 demonstrates the extension at depth of the mineralized trend. Hole MB-16-02 had to be relocated during execution, for safety reason, and was therefore unable to hit the target. Hole MB-16-03 demonstrates the mineralization under the intrusive while MB-16-04 shows the mineralization near surface.

The holes MB-16-08, 09, 12, 13, and 14 demonstrate mineralization to the south in the extensions of the mined areas. Hole MB-16-08 shows the continuity of the mineralization near surface at 100m south from the main pit. The assay results from MB-16-10 and 11 are pending.

The holes MB-16-07 and 15 confirmed a new mineralized zone located a further 250m west from the existing western pit. The mineralization in this sector is located in the basalt, above the quartz feldspar porphyry (QFP), whereas in the other sector of the project, the mineralization is located in the basalt, above the granodiorite. An old cut 141.7E located near 500m to the west reveals gold at surface and could be the extension of this zone. More work will be required to validate the dimension of this new gold zone.

The drill campaign at Barry met its objectives; to extend the mineralized zones and to validate zones at higher grade in the new mineralisation model proposed by Claude Duplessis, Ing., the qualified person from Goldminds Geoservices. The assaying continues and results will be published as they become available.

Results of the program at Barry (only holes 10 11 are pending)

Hole N° from (m) to (m) length (m)* grade Au (g/t) Note
MB-16-01 95 109 14 1.5 1
Including 103 109 6 3.0 1
MB-16-02 22 30 8 0.8 1
MB-16-03 43 46 3 3.4 1
MB-16-05 38 52 14 2.8 1
MB-16-05 63 71 8 1.7 1
MB-16-08 36 63 27 1.6 1
Including 36 41 5 5.4 1
MB-16-09 28 32 4 1.0 1
MB-16-09 54 59 5 1.5 1
MB-16-09 79 84 5 2.1 1
MB-16-09 140 143 3 3.2 1
MB-16-10 Pending results 3
MB-16-11 Pending results 3
MB-16-12 7 40 33 1.9 1
Including 16 40 24 2.4 1
Including 22 40 18 3.1 1
Including 22 30 8 4.4 1
Including 35 39 4 4.9 1
MB-16-12 50 59 9 1.2 1
Including 50 53 3 2.2 1
MB-16-13 33 37 4 1.2 1
MB-16-13 43 51 8 4.1 1
MB-16-14 21 61 40 2.1 1
Including 52 61 9 5.4 2
MB-16-15 101 126 27 0.9 1
Including 101 106 5 2.2 1
Including 110 119 10 0.9 1
* Core length
Note: 1. New results
2. Results published April 27, 2016
3. Pending results

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/ProjetBarry.pdf

GoldMinds estimates that the mineralized intercepts' true thicknesses are 90% of the drill cores. No capping was used. A rigorous, industry-standard, QA/QC program is in place. The samples were assayed by fire-assay at the Metanor assay lab. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. The independent quality control program of the assay results (QA/QC) adopted by GoldMinds includes a minimum of 5% of controlled core & assays being conducted by an independent ALS-certified assay laboratory in Val-d'Or, Québec. Actual QA/QC results demonstrate results can be disclosed and relied upon

Qualified Persons

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.

Claude Duplessis, P. Eng., from GoldMinds Geoservices Inc. is the independent Qualified Person under NI 43-101 which has prepared and reviewed 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.

429,961,649 outstanding shares.

Contact Information

  • Ronald Perry, Vice-president
    514-262-8286
    rperry@metanor.ca
    2872, chemin Sullivan, suite 2
    Val-d'Or, QC J9P 0B9