— Metanor Hits Multiple Gold-Bearing Shear Zones at Barry and Begins Underground Drilling Moroy Veins at Bachelor Lake
Metanor Resources Inc. ("Metanor") has announced that their ongoing exploration program at the Barry gold deposit has successfully identified multiple gold bearing shear zones. The results from this drilling campaign continue to expand the size and confirm the continuity of these structures. Metanor has identified the presence of mineralization along a strike length of 900 metres and to a depth of 550 metres. Highlighted drill intercepts in the quartz-pyrite veins associated with the shear zones include:
- MB-17-113: 2.6 metres of 7.8 g/t gold from 165.0 metres;
- MB-17-118: 4.0 metres of 5.2 g/t gold from 230.0 metres;
- MB-17-120: 4.3 metres of 5.8 g/t gold from 422.0 metres; and
- MB-17-122: 2.0 metres of 14.5 g/t gold from 308.0 metres.
A drilling program is also underway at the Bachelor Lake mine. Metanor began the development of an exploration drift to test the extension of the Moroy veins at depth. The exploration drift development is expected to reach the Moroy veins in January 2018, after which the development team will verify the lateral extension and the continuity of the veins. Assay results from the first two holes are shown below:
- MY17-001: 2.0 metres of 4.6 g/t gold from 302.1 metres;
- MY17-002: 0.6 metres of 20.4 g/t gold from 327.6 metres and 1.2 metres of 41.6 g/t gold from 375.3 metres.
During Metanor's annual general meeting, they provided a list of goals for 2018. These goals included accessing and developing the Moroy deposit, exploring Bachelor and Moroy at depth, obtaining all environmental authorizations to increase the mill capacity to 2,400 tonnes per day and increasing annual production at Bachelor Lake to 50,000 ounces.
The goals related to the Barry deposit include completing an underground bulk sample and exploring the Urban-Barry Camp. By 2020, Metanor has set a goal to reach a production rate of 100,000 ounces of gold per year.
Sandstorm amended the Bachelor Lake gold stream with Metanor on October 1, 2017. Sandstorm will receive a minimum of 1,500 ounces of gold per quarter until 12,000 ounces of gold have been delivered and then the gold stream will then convert to a 3.9% NSR royalty. In addition to this, Sandstorm holds an additional 1.0% NSR royalty on Bachelor Lake. At Barry, Sandstorm has a NSR royalty of 4.4%-4.9%.
True widths are estimated to range between 70%-95% of core lengths at Barry and 65%-85% of core lengths at Bachelor Lake. Grades were uncapped at both Barry and Bachelor Lake. For more information and full drill results, visit the Metanor website at www.metanor.ca and see the press releases dated November 2, 2017 and November 15, 2017.
https://www.newswire.ca/news-releases/sandstorm-gold-announces-record-production-completes-sale-of-us18-million-of-equinox-securities-and-provides-asset-updates-667920783.html