Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
For a patient junior exploration company like Metanor Resources Inc. (TSX.V:MTO), it is a shining moment when they stand overlooking their holdings, mines, mills, drills, and roads, fold their arms and give a nod of satisfaction as they see all the pieces for a major expansion of gold production slotting into place.
Metanor has carefully plotted their way to major production potential with their portfolio of varied properties, the two most promising of which, Bachelor Lake & Barry Gold Deposit, are to be found in the world’s number one ranked mining jurisdiction of Quebec.
The company, rather than putting all their golden eggs in one basket, have built a package of projects that are blessed with incredible infrastructure, assured access, and are all set to be driven by the powerful engine of their 100% owned Bachelor Lake Mill which has poured 30,000 ounces to date and was recently been brought up to 1,200TPD capacity. For Metanor it is simply a question of reaping the benefits of its long-term investment in intensive infrastructure and exploration work on these properties. They now have their Bachelor Lake underground high grade ore source preparing to come online and with a new NI 43-101 Compliant Resource Estimate due to be released in a matter of days on its exciting Barry gold deposit; they could very well be on their way to becoming a fully fledged mid level producer.
Investors wanting to add a low risk and potentially undervalued gold company to their portfolio will be further convinced to move on this junior play by the fact that two of Canada’s best know and most respected investment groups, Sprott Asset Management and Goodman & Co, have equity positions in Metanor. With the pending 43-101 announcement on Barry the final pieces of the Metanor producing puzzle are set to fall into place in a matter of days: quick moving investors will want be part of their final picture.
Metanor’s Property Portfolio: Barry Gold Deposit Metanor’s flagship property the Barry deposit, is located in Urban-Barry greenstone belt only 65km southeast of the Bachelor Lake Mill, and the company have put extensive work and committed considerable resources toward developing the project into a world class mining camp. Access is assured with a number of forestry roads linking Barry Metanor’s powerhouse Bachelor mine, which greatly expedites ore transport, all of this residing in Quebec with its Super flow- through shares and generous subsidies.
The geology of the Barry gold deposit is impressive indeed with two zones at a depth of 400m, with the strike zone being one km and open at depth. Metanor has only just completed a 20,000m-drill program and already uncovered impressive intercepts of 9.24g/t gold over 33m, 6.12g/t over 37.8m. If the storied mining history of Urban-Barry greenstone belt holds true then Barry could very well keep Metanor’s Bachelor Lake mill very busy pouring gold in the near future.
The potential for a major discovery at Barry is supported by some striking facts and powerful images:
The above graph reveals drill holes to ~100m, with drill intercepts at 400m – 450m with 64 anomalies outside the pit. The Barry deposit has clear potential to increase at depth and the strike is open in directions.
Barry Deposit Resources
Gold resources for the Barry deposit were re-evaluated by Systèmes Géostat International Inc. in compliance with NI 43-101 and are estimated at 35,500 oz Au of Indicated Resources (269,000 t at 4.10 g/t Au) and 67,600 oz Au of Inferred Resources (450,000 t at 4.68 g/t Au) in zones 43 and 45 and in the main zone.(NEW 43-101 IMMINENT)
Recent drill results released by Metanor extend the mineralized zones almost 300 meters in a southwesterly direction. These results could lead to the definition of additional resources. A major portion of the resources are at, or near surface and are considered open-pitable, thereby reducing operating costs significantly. Past metallurgical tests have indicated recoveries of 94%. A study also confirmed the non-acid generating nature of the host and mineralized rock at Barry.
The Urban-Barry area has once again caught the attention of investors and exploration companies alike following closely on the release of stunning drill results by Noront Resources Ltd.(Now owned by Eagle Hill) who reported intersections of 800.1 to 1,792.9 g/t Au over 4.8 m (Noront release of December 1st 2006) and of 27.3 g/t Au over 14.4 meters (Noront release of June 8 2006). Nearby to the southwest there is also the Nubar deposit (Oasis) containing resources of 564,000 t at 6.2 g/t Au while to the Northeast there is the Lac Rouleau deposit (Beaufield), which contains resources of 544,000 t at 7.0 g/t Au.
Metanor’s Property Portfolio: Bachelor Lake
The Bachelor Lake property has impressive infrastructure and almost perfect access. The property is located in the Le Sueur Township and is only 225 km northeast of the aptly named Val-d’Or that is one Canada’s major full service mining centres.
The mine site itself is located 3.5 km southeast of the village of Desmaraisville. The village is well connected by bus and truck transport, and is connected to the provincial power grid and telecommunication systems. Perhaps even more importantly Val d’Or is also home to a broad population of experienced miners and related tradesmen all of which lie within a 240 km radius of the mine.
The Bachelor Lake property now consists of 177 claims and 2 mining concessions covering an area of 4 837.56 ha. The eastern block (Bachelor Lake claims), host of the Bachelor Lake past producer, comprises 51 claims and 2 mining concessions totaling 1,867.37 ha. The western block (Hewfran claims) comprises 38 claims totaling 683.50 ha where the Bachelor Lake Joint Venture (BLJV) has the right to acquire a 100% interest from Aur Resources Inc. (Aur), conditional to a work commitment of $1.6M. Adjacent and contiguous to the property, the BLJV also holds 76 claims covering 1,975.36 ha (MJL claims) and 12 claims for 311.33 ha (Hansen claims). These adjacent claims cover the past producing Coniagas mine (Prod. 718 465 tons grading 10.77% Zn, 1% Pb, and 183 g/t Ag).
Metanor’s portfolio of properties have almost familial synergies and similarities with big brothers Bachelor Lake and Barry both being open at depth and along strike. The company has said that it is targeting over 1M ounces at Bachelor Lake and believes Barry may have the potential for 3-5M oz. The pending resource estimate at Barry is primarily calculated at 100m depth, but is clearly open at depth, there are intercepts at 450m down, and it runs more than 1km in length located in the center of a 15km long property. A Diagnos study pegs the current 1km strike at Barry as potentially 4km, and Metanor has documented over 64 anomalies outside the pit on the property.
Metanor Moving Toward Major Mining Leagues
Metanor have clearly positioned themselves to move into a major producing role in red-hot Quebec: with well over 30,000 ounces of gold poured to date in addition to ~1,000,000+ oz of Gold (NI-43-101 measured, indicated and inferred) spread across the companies other four properties. These impressive resources are paired powerfully with flawless infrastructure, total access and with The Bachelor Lake mill set to continue to expand capacity to a projected 60K – 70K oz gold yearly, the company clearly have the properties, the will, the foresight and the experience to leave the juniors behind. As the days count down quickly to the release of Metanor’s NI 43-101 early believers and recent converts alike will be full of keen and confident anticipation.
Follow their progress at www.metanor.ca.
By Jonathan T. Orr and James West
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SOURCE: http://www.midasletter.com/news/100705_Metanor-to-commence-gold-production-in-Quebec.php
