On June 22nd, 2016, Metanor Resources Inc. received an updated Mineral Resource estimate on its Barry property. The independent mineral resource estimate was prepared by GoldMinds Geoservices Inc. (GMG) and update the previous resource estimate of 2010.
This update takes the 1 g/t range base case resource to 209,400 ounces gold in Measured category grading 1.21 g/t in 5.383 Million tonnes, 96,000 ounces gold in Indicated category grading 0.98 g/t in 3.037 million tonnes and 1.046 million ounces grading 1.02g/t Au in 31.92 million tonnes in inferred resources using a cut-off grade of 0.50g/t.
A total in-pit resources of 347,350 ounces at 2.07 g/t in 5.24 million tonnes is calculated using parameters for direct shipping of mineralized material to Bachelor Lake mill where 45% is in the measured and indicated category and 55% is in the inferred category.
Important increase in confidence level of the mineralization at Barry;
209,400 ounces in the measured category in the base case resource estimate above 0.5 g/t;
96,000 ounces in Indicated category in the base case resource estimate above 0.5 g/t;
1.046 million ounces in the inferred category in the base case resource estimate above 0.5 g/t;
347,350 ounces of inpit resources at 2.07 g/t in 5.24 million tonnes with a strip ratio of 2.29 to 1;
Deposit open in all directions;
Drill hole results of the 2013 campaign outside the Barry pit perimeters are not taken into account in the current inferred mineral resources;
Screen metallic samples for one mineralized zone shows 11% more gold than standard fire assay;
Higher gold grade mineralization occurs in Basalt on edges of Diorite as well as Feldspar Porphyry.
|Measured & Indicated resources||8,420,000||1.13||305,400|
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