OTCPK:MEAOD - Post by User
Post by
u2bobon Oct 24, 2017 5:45pm
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Post# 26853029
MTO will be just fine going forward...
MTO will be just fine going forward... I would bet the reason the NSR was done is because of the amount of gold
that is still below Bachelor and area...it was a win win for both parties and lets
SSL be part of something bigger as the area play grows...not just a 1.15 flip like
some here think...if you look at what the money boys did wihn Kirkland Lake now
paying a dividend ...there not about to give away MTO for nothing cash in hand
mill in hand and potential takeover targets in site ...thats how the big boys make
money...bash/pump will not change how these big guys go about there buisness only
retailers will scare...remember this is Canada not Colombia...lol...
Metanor poised for profitability
Metanor has undertaken a compilation of historical data available for all properties surrounding the Bachelor Mine to identify targets for future exploration work.
© Metanor Resources
For its fiscal year 2016-2017, which ended June 30, the Val-d'Or mining company reported a net loss of $ 404,245, 18 times lower than the net loss of $ 7,319,624 recorded one year earlier.This significant improvement comes in particular from the sale of 36,620 ounces of gold. This represents an increase of 8% from the 33,890 ounces of ounces sold in 2015-2016. These transactions resulted in net revenues of $ 56,292,643 compared to $ 48,313,864 a year earlier.
Gold production, mainly from the Desmaraisville Bachelor Mine, totaled 34,853 ounces, a 4% jump from the 2015/2016 production of 33,450 ounces. The grade improved slightly from 4.6 to 4.7 grams of gold per tonne of ore. As for production costs, they were reduced by 16%, from $ 1212 to $ 1021 per ounce.
Marked increase in exploration
Metanor also spent $ 5,590,125 on exploration work during its last fiscal year. This corresponds to a 38% increase over the $ 4,051,739 invested in 2015-2016.
A total of 17,815 meters were drilled on the Barry property, particularly near the pits. Gold grades ranged from 1.5 to 14.8 g / T. "The potential for underground mining of new gold lenses remains excellent," the company said. The next phase of exploration will consist of definition drilling. "
In addition to drilling on the Moroy property, Metanor also undertook a compilation of historical data available for all the properties comprising the Bachelor block. The goal is to identify areas for future exploration