Metanor Intersects 20.42 g/T Over 3.91 m, 14.27 g/T Over 5 m, 14.18 g/T Over 3.51 m and 13.45 g/T Over 8.43 m at Bachelor
VAL-D'OR, QUEBEC, CANADA -- (Marketwire) -- 06/05/12 -- Metanor Resources Inc. ("Metanor") (TSX VENTURE: MTO) is pleased to provide a new update of its exploration work at the Bachelor project.
Metanor continues underground drilling of the "Main" and "B" veins, from levels 15 and 13 of the Bachelor project. Since the publication of the last press release concerning the status of the current drilling campaign (REF: press release on May 16, 2012), 6 new drill holes totaling 1,460 meters have been completed. To date, 25 drill holes have been completed on level 15 and they represent 7,830 meters of drilling. These drill holes are intended to increase resources by targeting the extensions known to the "Main" and "B" veins between levels 14 and 15.
On level 13, the drilling program is focused on the lateral extensions of the "Main" and "B" veins between levels 12 and 14. The objective is to provide supporting information for the continued mine development on these levels. In the month of May, 7 new drill holes totaling 1,215 meters have been completed. In total, 10 drill holes have been completed so far on level 13 and they represent 1,535 meters to date. The results tend to confirm the presence of high grade gold in the two (2) main structures at the Bachelor Gold Project ("Main" and "B" veins).
The following table summarizes the most significant intersections obtained since the publication of the last press release (REF: May 16, 2012):
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Drill hole From (m) To (m) Width (m)(i) Grade g/T Zone
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13-003 75.44 76.66 1.22 13.40 Main
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98.60 102.11 3.51 14.18 (B)
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13-014 60.30 64.21 3.91 20.42 Main
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90.58 99.01 8.43 13.45 (B)
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13-015 59.65 62.03 2.38 9.93 Main
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96.38 102.41 6.04 8.88 (B)
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15-018 266.70 269.39 2.69 2.33 Main
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272.90 279.48 6.58 6.67 (B)
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15-019 246.28 248.11 1.83 5.75 Main
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256.03 262.13 6.10 9.79 (B)
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15-020 245.62 248.01 2.39 3.09 Main
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261.06 264.13 3.07 3.81 (B)
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15-021 195.68 198.42 2.74 4.45 Main
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253.44 257.25 3.81 3.75 (B)
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15-022 267.01 268.53 1.52 5.43 (B)
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15-025 247.50 252.50 5.0 14.27 (B)
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(i) All measures represent the core intercept length
Metanor is very encouraged by the results achieved to date in its efforts to increase the resource at its Bachelor Lake mine project. It is now planned to maintain permanently the presence of at least two drill rigs underground in order to continue to achieve the following objectives: further increase the resource and continue the development of the mining project into production.
In addition, in the third quarter, Metanor intends to initiate a series of drill holes to probe the Bachelor deposit up to 300 meters below level 15 (level 15 is located 710 meters below the surface) as the deposit is open at depth.
The true width is approximately 80-90% of the core length obtained in diamond drill holes. 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.
About Metanor
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient exploration, and development of it properties. Maintaining a low risk profile through a strong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Qualified Person
Pascal Hamelin, P.Eng, Vice-president and General Manager 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. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
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Contacts:
Metanor Resources Inc.
Ronald Perry
Vice-President
514-262-8286
rperry@metanor.ca