Metanor Resources Inc. is pleased to provide another update of its activities at the Bachelor Lake Project.
The 15,000 meters diamond drilling campaign announced on June 16th (ref. press release) is progressing very well. Since its last press release (ref. September 27th 2011), an additional 1,500 meters of drilling was completed from surface in the Hewfran A West sector. These additional holes were adjacent to those holes mentioned in the previous press release. Metanor obtained the results from the four additional completed drill holes, which are as follow:
Drill Hole From (m) To (m) Width (m) * Grade g/T Au Zone
B11-147 105.20 107.3 2.10 8.26 HA-West
B11-152 136.62 142.38 5.76 4.10 HA-West
B11-167 206.81 209.78 2.97 7.40 HA-West
B11-188 232.35 235.24 2.89 Low Grade HA-West
(* All intercepts represent the true core length).
The drill holes targeted mainly the Hewfran A West zone between 100 and 330 meters below the surface and are located 850 meters west from the Bachelor Lake mine shaft. This structure already contains resources (indicated and inferred; ref.: Technical Report NI 43-101 Stantec, Feb. 2011) and is accessible from a drift located on level 6 at Bachelor Lake Mine. The holes are all intersected their target and the alteration type and mineralization associated to the presence of gold were observed at different degrees in all the drill holes completed to date, and over a lateral distance of 150 meters. Metanor is very confident to increase the resources in this sector.
Metanor Resources, encouraged by the good results obtained, is actively continuing its drilling program from surface and intends to extend its exploration program. Moreover, Metanor plans to begin, this October, the drilling of the Main and B veins from level 15 at the Bachelor Lake Mine.
The true width is approximately 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.
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.
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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For more information, please contact:
Ronald Perry, Vice-President
2872, Sullivan, suite 2
Val-d'Or, Quebec J9P 0B8