VAL-D’OR, QUEBEC–(Marketwired – April 20, 2017) – Metanor Resources Inc. (“Metanor”) (TSX VENTURE:MTO) is pleased to report on its operational results for the quarter ended March 31st 2017 (Q3 2017).
Q3 2017 Highlights
- Gold production of 9,442 ounces during the quarter;
- Gold sales of 10,881 ounces during the quarter;
- Gold production of 27,604 ounces year to date;
- Gold sales of 29,204 ounces year to date.
Q3 2017 Operating results
| Operating results | Quarter ended March 31st 2017 | Quarter ended December 31st 2016 | Quarter ended September 30th 2016 | Quarter ended June 30th 2016 | Quarter ended March 31st 2016 | |||||
| Tonnes milled | 61,101 | 61,790 | 62,974 | 61,002 | 60,727 | |||||
| Feed grade (g/t) | 5.0 | 5.1 | 4.3 | 4.5 | 4.9 | |||||
| Mill recovery rate | 96.4 | % | 96.5 | % | 96.0 | % | 96.1 | % | 96.3 | % |
| Ounces produced | 9,442 | 9,764 | 8,399 | 8,502 | 9,114 | |||||
| Ounces sold | 10,881 | 10,431 | 7,893 | 9,887 | 8,730 |
Outlook for the coming quarters
Metanor revised its objective to produce between 33,000 and 36,000 ounces of gold during this current year. The ore extraction below level 14 in the main vein will continue in the upcoming quarters. Also, the main vein below level 14 is open at depth. The underground drilling program will continue during the coming months to discover additional ounces of gold.
For the Barry property, Metanor will continue the drilling within the area of the Barry open pit to increase its mineral resources. Additionally, Metanor is increasing the drilling in the Barry camp from one to three drill rigs. The objectives are to extend the mineralisation in all directions within the pit shell, drill the higher grade shear extensions near the pit, and drill the other promising sectors in the Barry camp.
About the Company
Metanor Resources Inc. is a Quebec based emerging gold producer having its main assets, the Bachelor mine and the Barry project, in addition to over 15,000 ha of exploration property, located in the mining-friendly jurisdiction of Quebec, in the heart of the Urban-Barry Camp. With the support of strategic investors, a strong management team experienced at all levels of project development and project financing; Metanor is seeking to develop additional projects in a responsible manner.
Qualified Persons
Pascal Hamelin, P. Eng., President and COO, is the Qualified Person under NI 43-101, responsible for reviewing and approving the technical information contained in this news 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.
Ronald Perry
Vice-president
514-262-8286
rperry@metanor.ca