Update on Metanor Resources TSXV-MTO Drill Results

Metanor Resources has been consistently releasing drill results throughout June. Here is a briefed summary of these results (go to www.metanor.ca for complete news releases):

White LogoJuly 2, 2015 – Metanor Intersects 6.82 g/t Gold Over 8.7m at Bachelor Mine

The drill located on level 6 has intersected 6.82 grams per tonne over 8.7 metres. The two drill holes intersected the veins between levels 6 and 8. The results are in the table.

                   BACHELOR DRILL RESULTS
                                                  Au grade
                  From          To      Length      capped
Hole No.            (m)         (m)         (m)       (g/t)            
6-141           119.33      123.52         4.2        9.23    
                145.21      146.91         1.7        4.43    
6-145           118.57      120.80         2.2        8.02    
                124.14      132.85         8.7        6.82

These new results demonstrate the existence of two distinct veins located near each other. The A zone is dipping near 55 degrees and the B zone is dipping near 90 degrees. The results continue to expand the dimension of the 8-H-14 (see the longitudinal section for the holes location). The two drills on level 6 continue their exploration activities and results will be published as they become available.

On the surface, a fifth drill began its exploration activities on July 1. The goal of this surface campaign is to follow up with the geophysical work completed in the fall 2014 on properties surrounding the Bachelor camp that generated targets to drill. The first targeted area is a property east of the mine.

June 30, 2015 – Metanor Intersects 18 g/t Gold Over 1.5 m in an Unknown Sector at Bachelor Mine

The team at the Bachelor mine intersected 18 grams per tonne over 1.5 metres on level 12 in an unknown sector. This sector is less than 80 metres south from the current infrastructure of level 12. The results are released in the attached table.

Hole        From        To    Length (i)      Au grade    
              (m)       (m)          (m)   capped (g/t)
12        109.70    111.20         1.50           18.0                                                         
(i) Core length

This sector was not drilled previously. Three holes are planned to be drilled in the same area to verify the continuity and orientation of the gold structure. The results will be published as they are available.

June 25, 2015 – Metanor Intersects 12.8 g/t Gold Over 10.8 m at Bachelor Mine

Metanor Resources Inc. has provided an update of the exploration activity at its Bachelor mine. The team at Bachelor mine intersected 12.8 grams per tonne (g/t) over 10.8 metres in the area directly beside the sector already published June 22. The results are released in the associated table.

                    	DRILL RESULTS
                                              Au grade
                                    Length      capped
Hole No.      From (m)    To (m)       (m)       (g/t)
6-135            81.58     81.88      0.30        6.80
6-140           116.92    131.49     14.57        4.97
including       116.92    120.76      3.84        8.30
including       129.32    131.50      2.18       13.61
6-146            95.27     97.56      2.29        1.76
6-151           116.46    127.29     10.82       12.78
                                              (capped)
including       116.46    118.60      2.13        8.54
including       121.75    126.78      5.03       22.33
                                              (capped)
6-160            82.27     83.54      1.27        1.14
6-161            67.20     69.21      2.01        6.72
6-162            64.20     67.07      2.87        8.25
6-163            61.95     65.31      3.35        4.64
6-164            60.72     63.74      3.02       16.00
June 22, 2015 – Metanor Intersects 22.85 g/t Gold Over 4.04 m at Bachelor Mine

(See complete news release at www.Metanor.ca for table of drill results)

Over a period of 45 days, 2,612 metres were drilled resulting into a resource calculation between level 6 and 8 by the mine technical service team using a polygonal method as displayed in the table.

Au g/t     Au g/t       Au ounces

Stope               Type     Tonnes   uncapped     capped       (capped)

8-H-10         Indicated     24,968       10.73       10.39           8,342

Samples capped at 31 g/t.  Drill density: 15 m by 15 m.

The cost to drill the 2,612 metres of diamond drilling was $169,377, which corresponds to an average cost of $20.30 per ounce identified.  A second drill is now active in the same area of the mine. The results will be published in the coming weeks once available. A total of 25,000 metres of drilling are planned in the same sector in the coming month.

 

 

PDAC 2015 in Toronto Canada

Although the attendance was down from last year’s PDAC, the quality of companies exhibiting and the attendees were of significance. Grizzly Discoveries (TSX.V-GZD) has three assets and all three were of interest to investors. Representatives from numerous mid-tier to major mining companies were inquiring about the gold/copper/silver BC properties given the politically stable jurisdiction and historical mining and mining friendly area.

I find that even though we are in a down-turned market, it is always of benefit to exhibit and/or be present at the PDAC. You just never know what will come from who you meet there.

Nancy at Grizzly Booth

Nancy

Metanor Resources Reports its Financial Results for the Quarter Ended December 31, 2014

White LogoMetanor Resources – TSX.V-MTO – has reported its financial results for the quarter ended December 31st 2014 (Q2). Metanor’s quarterly financial statements and accompanying notes and the related Management’s Discussion and Analysis (MD&A) can be found at www.metanor.ca or on SEDAR www.sedar.com.

Q2 Highlights

* Gold sales of 9,055 ounces;
* Gold production of 8,332 ounces;
* Total of $11,731,674 in revenues from gold sales at the average sale
   price of $1,408 per ounce;
* Cash Cost of $1,203 per ounce sold;
* Sustaining cost of $1,375 per ounce sold;
* All-In cost of $1,395 per ounce sold;
* Net change in cash of ($4,484,054);
* Cash flow from operating activities of ($2,486,355);
* Net Loss of $3,745,526 after depreciation and depletion of $2,950,949;
Feed grade (g/t) 4.6 6.6
Mill recovery rate 96.30% 97.50%
Ounces produced 8,332 12,751
Ounces sold 9,055 10,427
Underground development (metres) 1,998 1,492
Diamond drilling (metres) 5,734 9,164
Financial Results (thousand dollars) December 31 2014 December 31 2013
Gold Sales 11,731 3,557
Operating Costs (10,723) (2,221)
Royalties (187) (117)
Depreciation & Depletion (2,951) (1,070)
Gross Profit (2,130) 149
Other Expenses (1,207) (1,014)
Operating Loss (3,337) (865)
Financial Expenses & Revenues (468) 125
Deferred Income Taxes 60 330
Net Results (3,745) (410)

 

(i)As of December 1st 2013, the Bachelor Mine reached commercial production status.

Metanor MTO Intersected 25.80 g/t Gold Over 5.6 m at Barry

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Results from the drilling campaign carried out in 2013-2014 on the Barry property discovered several new gold zones. Metanor’s exploration campaign of 38 DD holes totaled 12,197 m on the Barry property was to investigate some of the 153 new induced polarization (IP) anomalies detected on the entire property during surveys conducted between 2009 and 2013. This drilling campaign enabled Metanor to investigate two known gold areas (Goldhawk and Moss) to confirm their gold potential and the discovery of five (5) new sectors with gold mineralized zones over large widths.

Click on this link for complete news release and drill results table:  http://www.metanor.ca/en/index.php/press-releases/article/metanor-intersected-25.80-g-t-au-over-5.6-m-at-barry

Nancy

Metanor “MTO” Produces 4,028 oz Gold in January/4,234 oz Gold in February

Metanor Resources Inc. Logo

Metanor Resources (TSX.V-MTO) produced 4,234 ounces of gold during the month of February at its Bachelor Mine. A total of 18,612 tonnes of ore at a feed grade of 7.31 g/t was processed with a 96.8% recovery rate. The Company announced production of 4,028 ounces of gold during the month of January from a total of 21,407 tonnes of ore at a feed grade of 6.06 g/t with a 96.6% recovery. www.metanor.ca

Metanor “MTO” Closes First Tranche of Private Placement

May 30, 2013 Metanor TSX.V-MTO announced completion of the first tranche of $646,015 in the private placement offering of a maximum amount of $1.5-million.

The offering consists of flow-through common shares priced at 10 cents each. In connection with this closing, 6,460,150 shares were issued and such shares are subject to a four-month-and-one-day hold period. A second closing is expected to take place the week of June 10, 2013.

The net proceeds will be used for exploration work on Metanor’s Quebec properties.

In connection with the private placement, Metanor paid a cash finder’s fee of 8.5 per cent to Marquest Capital Markets and Casimir Capital Ltd.

Metanor “MTO” Produces 2,354 Oz Gold & Intersects 5.58 g/t Gold over 21M

Metanor Resources Inc. (“Metanor”) (TSX – V: MTO) is providing an update on the development activities under way at its Bachelor project.

Metanor produced 2,354 ounces of gold during the month of May. The ounces produced in May came from development ore and also some from stopes for a total of 16,685 tonnes of ore at a combined grade of 4,53 grams / tonne with a 96,9% recovery. During the month, the mill processed 794 tonnes in one day, exceeding the maximum theoretical capacity of 775 tonnes per day as published in the 2011 Prefeasibility study.

Metanor is encouraged by the progress made to date regarding the project ramp up, and by the drilling results obtained in all the campaign at Bachelor. The latest drilling completed on level 13 and 14 demonstrates again, and significantly, the extension of the mineralized structures going west, and potentially increases the available resource.

Go to Metanor’s website for the full news release and drill results:  www.metanor.ca

Metanor Resources Inc.-TSX.V-MTO – Quebec’s newest gold producer

Metanor Resources is Quebec’s newest gold producer presently pouring gold bars at its flagship property Bachelor/Hewfran.  Bachelor Lake is located 225 km northeast of Val-d’Or, Quebec.  Bachelor produced 3,017 ozs of gold in February bringing the total production since July to 13,128 ozs of gold.  The ounces produced in February come from 18,186 tonnes grading 5.34 g/t recovered at 96.7%.

Metanor will be ramping up to full production to a targeted 5,000 ounces per month, has low geopolitical risk with generous subsidies from the Quebec government (up to $0.35/$1.00), highly qualified management and blue sky potential with exploration on existing properties.