Metanor Resources Inc.

Metanor Resources Inc.

November 02, 2017 09:21 ET

Metanor Intersects 41.6 g/t Au Over 1.2 m in the Moroy Vein System South of the Bachelor Mine

VAL-D'OR, QUEBEC--(Marketwired - Nov. 2, 2017) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide an update on its ongoing underground drilling program at the Bachelor Mine where Metanor began the development of an exploration drift from the Bachelor mine to the south, on level 11, to test the extension of the Moroy veins at depth. The development of the first diamond drill bay was completed in September and a drill rig was installed immediately. The drilling to the south began, and intersected the Moroy structure where it was estimated to be positioned. Assay results from the first two holes show two separate veins 50 metres apart.

The drill hole results in the Moroy sector are presented in the table below:

Hole No. from (m) to (m) lenght (m) Grade Au(g/t) Sector
MY17-001 302.1 304.1 2.0 4.6 MOROY
MY17-002 327.6 328.2 0.6 20.4
& 375.3 376.5 1.2 41.6

The drilling at Moroy will continue in the coming months from the existing the drill bay. The development of the exploration drift is also continuing to the south toward the Moroy veins. On November 1st, the exploration drift was 220 metres away from the veins. The drift development is expected to reach the new veins in January 2018, afterwhich the development team will verify the lateral extension, and continuity of the veins. See attached plan, and longitudinal sections at the following address:

In addition, underground drilling from below level 14 continues to intersect the main vein at depth below the current ore body, and further west.

Highlights of drill intercepts in the Main vein include:

- 14-224 from 166.1 m to 178.0 m 8.4 g/t Au over 11.9 m
- E17-143 from 81.5 m to 84.2 m 8.1 g/t Au over 2.7 m
- E17-181 from 164.6 m to 173.2 m 6.7 g/t Au over 8.5 m

A longitudinal section and a table are available on the company web site showing all the drill intercepts since the last press release. See the link for more details. Three drill rigs are currently drilling the Main vein below level 14.

Quality Control and Reporting Protocols

Metanor estimates that the mineralized intercepts true thicknesses are 65% to 85% of the drill core intercepts reported in the Main vein, and are 85% to 90% of the drill core intercepts reported in the Moroy veins. Grades were capped at 31 g/t at Bachelor, and uncapped at Moroy. The Company employs a rigorous, industry-standard, QA/QC program. 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 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 ALS-certified assay laboratory in Val-d'Or, Québec. Results of the spot checks were consistent with those reported.

About The Bachelor Mine

The Bachelor mine extracts gold from a series of sub-vertical narrow veins using an underground long-hole mining method with access through conventional track drifts from a vertical shaft, and the new sector below level 14 is accessed from a ramp system. The ore is processed on site in a mill using carbon in pulp to separate the gold from the ore. All the lodging facilities are on site, connected to the power grid, and accessible from a paved highway.

Qualified Persons

Pascal Hamelin, P. Eng., President and COO, is the Qualified Person under NI 43-101, responsible for reviewing and approving 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.

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