Metanor Resources is engaged in the exploration and development of mining properties with a view towards their commercial operations, with the specific focus on the development of gold deposits. MTO owns three mining properties located in Québec and hold an option to acquire a property located in Sudbury, Ontario
Metanor Resources gains on Bachelor project drill results
"We are very pleased to see our current resource extending east and west," said president and CEO, Ghislain Morin.
"These are additional ounces accessible through a short 40 meters drift. This drift will also allow us to increase our geological knowledge of the ore body, and potentially add more resource."
Following the bulk sampling program of 5,000 tonnes last July, the company said it made significant progress in developing its underground infrastructure required to eventually begin its commercial production.
In November last year, it started its long hole stoping activities in certain stopes, allowing the increase in monthly production.
At the same time, Metanor continues the underground drilling program of its main veins, from various levels of the Bachelor mine, recently focusing on the lateral extension of these veins.
The company said today that notable results from the program included 29.63 grams per tonne (g/t) over 4.42 metres, 14.79 g/t over 14.02 metres and 19.19 g/t g/t over 8.48 metres.
In its statement Monday, Metanor said it is "very encouraged" by the progress realized so far in regards to the production ramp up of its Bachelor project, and by the results from the diamond drilling campaigns.
The latest drilling campaign allowed the extension of the veins 100 metres east, and 60 metres west of the existing ore zones on level 13. As a result, it has immediately decided to develop a drift toward the new sectors, Metanor added.
Shares in the company finished higher by 5% to 21 cents, earlier touching as high as 23 cents.