Venture Exchange TSX-V: MTO
Shares issued: 30,580,558
VAL-D'OR, QC, Feb. 28 /CNW Telbec/ - Mr. Serge Roy, President of Metanor Resources Inc. "Metanor" (TSX-V: MTO) announces the first results from the drilling program recently completed on the Hewfran portion of the Bachelor Lake Property. This diamond drilling program totaled 2 904 meters targeting Hewfran's west zone, the western extension of the Bachelor deposit and also the eastern extension of the Coniagas zone (Zn).
Preliminary results show that hole B06-132 intersected Hewfran's west zone grading 6,03 g/t Au over 5,15 m (including 10,58 g/t Au over 2,35 m). This west zone was known and evaluated by Aur Resources Inc., its previous owner, and contained historical resources of 408 150 t grading 5,83 g/t Au (each time historical resources are included in disclosure, the cautionary statements must also be included - a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon). This zone forms the western extension of the Bachelor gold deposit's mineralized zones and it will be reached through the extension of the 8th level over a hundred meters to the west of Bachelor.
Metanor is actually expecting more assay results from the laboratories. The recent high level of activity in the mining industry generates increasing delays in the treatment capacity of the assay laboratories.
This diamond drilling program will also generate precious data regarding the rock horizon which hosts the Coniagas Mine which produced until 1967, more than 700,000 tons of ore averaging 10.7% Zn, 1.0% Pb et 5.3 oz/t Ag (located west of the Bachelor deposit).
This drilling program is part of the Metanor development strategy and business plan targeting to shortly become a profitable gold producer. The Bachelor Lake Property is the cornerstone of this strategy, with the potential resources it contains, which were evaluated by InnovExplo inc., in a NI 43-101 technical report, dated of October 31, 2005 as follows: measured and indicated resources of 841,591 t at 7.79 g/t Au (or 210,857 oz of gold) and inferred resources of 426,148 t at 6.52 g/t Au (or 89,366 oz of gold). In addition to these resources and the high potential of the group of properties, a 500 tpd gold mill valued at $27.8 M is erected on the property (report prepared by Genivar on December 2005).
Metanor is actually active with the refurbishing of its existing 500 tpd gold mill located on the Bachelor Property. By doing so, Metanor will be able to start processing the ore to be extracted from the open pit operation on the Barry gold deposit, approximately 65 km southeast of the Bachelor Lake Gold Mill. At the same time, the permitting process is underway to clear the Barry open pit operation as well as the Bachelor Gold Mill exploitation.
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