VAL-D'OR, QUEBEC--(Marketwired - Apr 29, 2013) - Ressources Métanor Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide an update on drilling and development activities currently underway at its flagship Bachelor project.
Metanor continued underground drilling of the 'Main' «A» and «B», veins from different levels of the Bachelor mine. In the press release of January 21, the company stated that it planned to verify the lateral extensions of these veins mainly on level 13. The initial results were then released (drill holes 13-040 to 13-055 incl.). Since then, drilling commenced in the West extension of the deposit on levels 12 and 13. The data collected and certain observations made underground were incorporated into the structural model used. This allowed Metanor to locate the continuity of the Western extension, this deformation shift was found more of 300 feet southward. There is also a deformation shift of the same type, but to the North, at the eastern end of the deposit. In both cases, these shifts are caused by type "A" structures. The identification of these shifts opens the door to new zones which would further increase the resource calculation as the type "A" structures can be mined economically.
The following table summarizes the most significant intersections obtained in the A-1 structure as well as in the mineralization in the Western extension, beyond the deviation southward (drill holes 13-061 to 13-067):
|Drill hole||From(M)||To(M)||Width (m) *||Grade (g/T)||Zone|
|*: All intercepts represent the true core length|
Metanor is very encouraged by the progress realized to date in regards to the production ramp up and development of the its flagship Bachelor project, and by the results obtained in its diamond drilling campaigns. The last drilling campaign on levels 12 and 13 uncovered significant lateral extensions of the mineralized structures and by the same token-a potentially a significant increase in the resource calculation.
The company has therefore proceeded with the addition of an additional drill to accelerate its diamond drilling campaign.
The true width is approximately 70 to 80% of the core length obtained in diamond drill holes in West sector. The samples were analysed by fire assay at the Metanor assay laboratory. The quality control program of the assay results(QA QC) program adopted by Metanor includes a minimum of 10% of controlled assays being conducted as well as verification by an independent external assay laboratory.
Further, Metanor produced 2,346 ounces of gold during the month of March, bringing the total number of ounces produced from July 2012 to 15,474. The ounces produced in March came from 15,178 tonnes of ore at a grade of 4.96 grams / tonne with a 96.9% recovery.
The average tonnage of March was 490 tonnes per day (TPD) because almost all of the monthly production came from only level 13. The last working stope on level 12 has been completely mined out in February prior to the next stope being ready to mine on the same level. This type of fluctuation of the tonnage on a level frequently occurs in an underground mine. An effective way to eliminate the risk of fluctuation is to have multiple levels in production. Metanor is still in a development phase at the Bachelor project with currently only levels 12 and 13 producing gold. We are currently developing the access to the ore on levels 10, 11, and 14. These new areas will enable the company to have several sources of supply on several levels, and will permit the company to achieve greater and sustained daily tonnages. As of today, there were only 40 meters of development to complete before reaching the mineralized zones of level 14. We expect to reach the zones by May 10th.
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient production, 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.
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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. 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.