VAL-D'OR, QUÉBEC--(Marketwired - Sept. 21, 2016) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO)
announces that following a review by the Autorité Des Marchés Financiers (AMF), we are issuing the following press release to
clarify our disclosure of the mineral resources of our Barry gold project.
The company filed the report « Technical Report Updated Mineral Resources Estimate, Barry Gold Deposit, Québec,
Canada » on August 5 in support of the June 22 press release. At the request of the AMF, Metanor submits a modified
technical report with clarification and modification changes as to the baseline scenario selected for the presentation of Mineral
Resources. Moreover, the Regulation does not allow the presentation of the total ounces of the different classes of resources in
an optimized pit and this was corrected.
The basic scenario with reasonable prospect of economic extraction is now clearly identified and the resources of
the current base case defined by a pit optimization are now:
|
|
Mineral Resources |
Waste |
|
Total |
Optimization |
Resource |
Tonnage |
Grade Au |
Au content |
Tonnage |
Grade Au |
Tonnage |
Stripping |
# |
classification |
t |
g/t |
oz |
t |
g/t |
t |
ratio |
|
Measured |
5,880,000 |
1.04 |
197,000 |
7,835,000 |
0.13 |
13,715,000 |
|
|
Indicated |
3,020,000 |
0.87 |
85,000 |
5,795,000 |
0.12 |
8,815,000 |
|
Base case |
Measured + indicated |
8,900,000 |
0.98 |
282,000 |
13,630,000 |
0.13 |
22,530,000 |
|
|
Inferred |
20,705,000 |
0.99 |
659,000 |
118,505,000 |
0.05 |
139,210,000 |
|
|
|
|
|
|
|
|
|
4.46 |
The optimization parameters of the open pit to determine the mineral resource of the Barry Project base case with
milling on site are:
Gold price: |
1650 $/Oz |
Mineralized material mining cost: |
3.25 $/tmined |
Waste mining cost: |
3.25 $/tmined |
Processing cost: |
18 $/tmilled |
Slope angle: |
50° |
Processing recovery: |
95% |
Mill cut-off grade: |
0.36 g/t |
Mining recovery: |
90% |
Resource included: |
Measured, indicated and inferred |
Block model used: |
3m x 3m x 3m |
For the milling scenario at the Bachelor mill, the updated resources are:
|
|
Mineral Resources |
Waste |
|
Total |
Optimization |
Resource |
Tonnage |
Grade Au |
Au content |
Tonnage |
Grade Au |
Tonnage |
Stripping |
# |
classification |
t |
g/t |
oz |
t |
g/t |
t |
ratio |
|
Measured |
3,455,000 |
1.37 |
152,000 |
6,465,000 |
0.22 |
9,920,000 |
|
|
Indicated |
910,000 |
1.24 |
36,000 |
1,845,000 |
0.20 |
2,755,000 |
|
Pit 3 |
Measured + indicated |
4,365,000 |
1.34 |
188,000 |
8,310,000 |
0.22 |
12,675,000 |
|
|
Inferred |
1,670,000 |
2.17 |
116,000 |
4,865,000 |
0.05 |
6,535,000 |
|
|
|
|
|
|
|
|
|
2,18 |
The parameters for identification of the resources that would be sent to Bachelor are:
Optimization 3 (Bachelor)
Gold price: |
1650 $/Oz |
Mineralized material mining cost: |
5.17 $/tmined |
Waste mining cost: |
4.81 $/tmined |
Processing cost: |
20 $/tmilled |
Material Loading: |
1.5 $/ tmilled |
Road maintenance: |
1.5 $/tmilled |
Transport: |
7.35 $/tmilled |
Slope angle: |
50° |
Processing recovery: |
95% |
Mill cut-off grade: |
0.60 g/t |
Mining recovery: |
90% |
Resource included: |
Measured, indicated and inferred |
Block model used: |
3m x 3m x 3m |
Metanor also announces the amended report filed on September 20, 2016 on SEDAR, all the details are available in
this report and it supersedes the press release of June 22, 2016 and the report filed on August 5, 2016.
Cautionary statement: Mineral resources that are not Mineral Reserves do not have demonstrated economic
viability.
About Metanor
Metanor is a Canadian based gold mining company with a focus on the added value of action by the operation,
diligent exploration and development of its properties.
Qualified Persons
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.
Claude Duplessis, Ing., of Goldminds Geoservices Inc., is the independent qualified person under NI 43- 101
standard who has prepared and reviewed the technical information contained in this release.
Cautionary and Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements". The potential
quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target being delineated as a mineral resource. All statements in this
discussion, other than those of historical fact, that address future exploration drilling, exploration activities and projected
exploration, including costs and other estimates upon which such projections are based, and events or developments that the
company expects, are considered forward-looking statements. Although the Company believes the expectations expressed in these
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 forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or
accuracy of this release.
436,138,249 outstanding shares