Metanor Re-Evaluates the Resources Ni 43-101 for the Barry Gold Deposit
VAL D'OR, QUEBEC -- (Marketwire) -- 09/21/10 -- Resources Inc. 'Metanor' (TSX VENTURE: MTO) is pleased to announce the results of a new resources calculation of the Barry Gold Deposit.
The Gold Resources above 0.5 g/t for the Barry deposit were re-evaluated by SGS Canada Inc. (SGS Geostat office)in compliance with NI 43-101 and are now estimated at:
-- 309,500 oz Au of Indicated Resources (7,701,000 t at 1.25 g/t Au)
-- 471,950 oz Au of Inferred Resources (10,411,000 t at 1.41 g/t Au)
These resources were calculated for the Main, West, 43 and 45 mineralized zones which are included in a wide north-east striking deformation corridor. This resource re-evaluation is incorporating all recent drill results performed by Metanor in 2008-2009 (245 ddh's totalling 29,075m) and allowed to extend the mineralized zones almost 1,3km in a southwest and northeast direction. The mineralized corridor is open laterally and at depth. This resource re-evaluation was performed with a 0.5 g/t Au Cut-off and using the inverse distance method. High values were cut to 35 g/t Au and a fixed density of 2.8 g/cm was used for this calculation. A major portion of the resources are at, or near surface and are considered open-pitable, thereby reducing operating costs significantly. A study also confirmed the non-acid generating nature of the host and mineralized rock at Barry (Bodycote Material Testing).
The Barry gold deposit is located in the Urban-Barry greenstone belt approximately 65 km southeast of the Bachelor Lake mine. Numerous forestry roads link Barry to the Bachelor mill (1,200 t/day), facilitatingmaterial transport. An induced polarization (IP) survey executed by Abitibi Geophysique of Val d'Or in 2009 localized strong anomalies similar to those associated the main zone approximately 1.5km to the southwest of the west extremity of the pit and approximately 2.2km to the northeast of the east extremity of the pit. Extensions of mineralized zones were intersected in diamond drill holes at a vertical depth of 450m and are still open at depth. IP anomalies also demonstrated the potential of extending gold bearing zones of the Barry deposit to a minimum distance of 8.5km and the potential of considerably increase the resources during future diamond drilling programs.
SGS-Geostat will submit a NI 43-101 Report on the Barry project within 45 days witch Metanor will file on SEDAR.
All the information mentioned in this document was prepared under the supervision of Mr. Andre Tremblay, P. Eng. and Qualified Person under National Instrument 43-101 and revised by Claude Duplessis Eng. QP for the resource estimates by SGS Canada Inc.
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Contacts:
Metanor Resources Inc.
Serge Roy
President and CEO
819-825-8678
819-825-8224 (FAX)
info@metanor.ca
www.metanor.ca