January 20, 2016 – Val-d’Or, Quebec, Canada: Metanor Resources Inc. (“Metanor”) (TSXV: MTO) is pleased to provide this update on its exploration drilling program conducted from the surface, on the Moroy property located near 1 km south of the Bachelor mine. Following a geophysical survey completed in 2014 which identified potential targets on the properties surrounding the Bachelor Mine, two exploration programs were undertaken.
Initially, a diamond drill campaign began during the summer of 2015 which identified an important gold structure on the Moroy property (results were published in the last few months). This discovery confirmed the value of geophysical surveys on our mineralisation type.
Secondly, and in parallel to the drilling campaign, a geophysical survey was conducted at depth in previously drilled holes on the Moroy property by the specialised firm «Abitibi Geophysic Inc». The survey was conducted a few days before the discovery on the Moroy property, and after months of analysis, Metanor received the report. This induced polarisation survey detected the presence of four conducting anomalies. See the attached longitudinal section of the Moroy property looking north.
One of the anomalies of high intensity (A) is located on the extension at depth of the gold structure. A second anomaly of smaller dimension was detected near the surface directly in the gold structure. Positive drilling results near this «C» anomaly (See December 17th 2015 press release) confirms the discovery potential on the other three anomalies. The attached table shows the drilling results near the «C» anomaly. The other two anomalies are further to the east (B-D).
Because of the high intensity in the «A» anomaly, the next exploration drilling is planned on that anomaly. The presence of the tailing facility above the structure requires the construction of an ice bridge to allow proper drilling to reach the anomalies at depth. The construction of the ice bridges began and is progressing well. The drilling will begin as soon as the ice thickness is sufficient. According to the current weather forecast, the drilling should start around February 1st.
The true width is between 35 and 95% of the core length obtained in diamond drill holes. The cap-off grade used in the analysis is 31 g/t or 1 oz Au. The company utilizes 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, Quebec. Results of the spot checks were consistent with those reported.
Pascal Hamelin, P.Eng, Vice-president 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.
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:
Ronald Perry, Vice-President
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