June 8th, 2017 – Val-d’Or, Quebec, Canada: Metanor Resources Inc. (“Metanor”) (TSX – V: MTO) is pleased to provide an update on its ongoing surface drilling program at the Barry project in the Urban-Barry camp. Several new gold bearing shear zones have been identified below and outside of the Barry pit area as highlighted by drill hole MB-17-76 which intersected 9.9 g/t over 4 meters at over 200 meters below the Barry pit. Two primary gold bearing settings are the focus of this program being sub vertical high grade shear/vein systems and broader mineralized felsic intrusive contact zones near surface. The current program has attained its two main objectives of outlining new high grade gold bearing shear zones, and in increasing pit resources near surface.
A new shear structure named «South Zone» identified the plan view below, is located 75 m south of the pit, and shows continuity over 300 m along strike, and 250 m vertically. A minimum of 5 parallel shear zones have been identified so far and remain open along strike and to depth. Highlights of the drill intercepts in the quartz veins associated with the shear zones include:
- MB-17-70 from 296.9 m to 304.9 m 5.1 g/t Au over 8.0 m
- MB-17-72 from 135.3 m to 139.3 m 9.7 g/t Au over 4.0 m
- MB-17-74 from 344.0 m to 352.0 m 5.3 g/t Au over 8.0 m
- MB-17-76 from 365.0 m to 369.0 m 9.9 g/t Au over 4.0 m
The high grade gold bearing zones are associated with quartz-pyrite veins in narrow shear structures. These shear zones generally host high gold grades in narrow (1 to 5 m) widths as compared to the broadly mineralized lower grade zones that were mined in the past by open pit methods. These shear zones were recognized this year as having substantial potential to add new resources outside of the proposed pit as described in the preliminary economic assessment published in September 2016. The next portion of our drill campaign at the Barry project will focus on identifying and defining more high grade shear zones in and around the Barry pit area.
Drilling results also identified the extension of a gold bearing zone of over 250 m in length near surface and south-west of the proposed PEA pit design. This gold bearing zone is located at and near the contact of a mineralized felsic intrusive with mafic volcanic rocks. The associated mineralized zone generally consists of a combination of assays varying between 0.5 and 30.0 g/t over broader widths. Highlights of the near surface intrusive contact are as follows:
- MB-17-49 from 171.6 m to 175.6 m 11.5 g/t Au (9.0 cut) over 4.0 m
- MB-17-50 from 139.0 m to 148.5 m 2.7 g/t Au over 9.5 m
- MB-17-51 from 109.5 m to 123.5 m 2.5 g/t Au over 14.5 m
- MB-17-61 from 26.3 m to 41.4 m 4.0 g/t Au over 15.1 m
Two drill rigs are currently operating around the Barry project while a third drill begins this week in the Moss area located halfway between the Barry project, and the Windfall deposit belonging to Osisko Mining. Since the beginning of the year, a total of 41 holes have been drilled at the Barry project. During the month of May, the company increased the Barry camp in size to accommodate for three drill rigs. Also in May, the company began the permitting process for the construction of a larger permanent camp to accommodate a larger workforce to further increase the number of drill rigs, and afterward begin the construction phase of the underground and/or pit project.
Plan view of the Barry project:
Section view looking west of the Barry project:
The table below presents the details of the drill intercepts:
Quality Control and Reporting Protocols
Metanor estimates that the mineralized intercepts true thicknesses are 70% to 85% of the drill core intercepts reported. Grades were capped at 31 g/t. Metanor 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 Barry Project
The Barry project is located in the Urban-Barry mining camp, 110 km east from the city of Lebel-sur-Quévillon. 624,414 tonnes of ore grading 2.2 g/t for 43,970 ounces were extracted from 3 pits between 2008 and 2010. A positive preliminary economic assessment was published in 2016 demonstrating the economic potential of the open pit mine extracting gold. A drill campaign is underway on the Barry property to increase mineral resources, and eventually proceed with a prefeasibility study.
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.
For more information, please contact:
Pascal Hamelin, President & COO
2872, Sullivan Rd, suite 2
Val-d’Or, QC J9P 0B9
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