New Base Metal Discovery: Metanor Intersects a Zone With Significant Zinc and Silver While Drilling the Hewfran Gold Zone
VAL-D'OR, QUEBEC, CANADA -- (Marketwire) -- 11/22/11 -- Metanor Resources Inc. ('Metanor') (TSX VENTURE: MTO) is pleased to provide a special update of its activities at the Bachelor Lake Project.
During the surface exploration drilling program targeting the gold zone on Hewfran-West, Metanor intersected significant zinc and silver values north of the gold structure. The base metal mineralization is located in the highly hematized brecciasof the Hewfran-West zone. The Hewfran gold bearing structure intersects this base metal structure, and both of the dip and azimuth being different, it is, at this point, difficult to know if the mineralization is directly related with the Hewfran-West zone or with the lithology. Consequently, it is also difficult to establish exactly the true thickness. Nevertheless, based on the angles observed in drilling, the real thickness of these structures would be of the order of 60 % to 85 % of the length core observed.
The assay results of the hole B11-148 are as follows:
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Interval Zn Grade Ag Grade
Hole From (m) To (m) (m) (i) (%) g/T Zone
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B11-148(ii) 176.03 187.86 11.83 0.50 18.30 Hematized Breccia
Including : 176.58 178.08 1.50 1.77 129.41
184.84 187.86 3.02 0.73 1.58
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269.28 278.70 9.42 0.70 L.G.(i) Hematized Breccia
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((i)All intercepts represent the true core length.L.G.= Low Grade)
((ii) The press release disclosed on last November 16 included results of
the B11-148 drill hole).
The drill hole is located less than 600 m east of the former Coniagas Mine (1961-67= 718,465 t@ 10.77 % Zn, 183 g/t Ag, 1.00 % Pb, 0.05 % Cu). The B11-148 drill hole cut partially the lithologies which are situated in the continuation of the old Coniagas deposit. Furthermore, historic data was examined and the results of the old drill hole #19501-52 (Aur Resources inc., 1988) was studied. This hole, located 105 meters east of the B11-148 drill hole, had returned values of 7 % Zn and of 5.45 g/T Ag on a length core of 2.13 meters (historic value).
With these results and based also on additional information which Metanor obtained, Metanor plans to proceed withre-analyses of the cores of the neighbouringdrill holes of B11-148 performedduring the present campaign to verify the existence of base metals in these holes. Metanor will also add additional drills to increase information and knowledge regarding this additional potential on its Bachelor Lake/Hewfran property. The Bachelor Lake property covers 7,566.73 hectares where two mines were in production; the Bachelor Mine and the Coniagas Mine.
Metanor Resources is actively continuing its drilling program from surface and intend to extend its exploration program on the Hewfran-East sector once the drilling is completed on the Hewfran-West sector. The Hewfran-East sector is located between Bachelor and the Hewfran-West sector. Moreover, in the coming days,Metanor will begin the underground drilling of the Main and B veins from level 15 at the Bachelor Lake Mine.
Samples were assayed at the ALS Minerals Laboratory (Val-d'Or) by using the method ME-MS41. Samples containing zinc values (Zn) superior to 10,000 ppm and silver values (Ag) superior to 100 ppm were re-analyzed with the OG-46 Method.
About Metanor
Metanor is a Canadian based gold mining company with a focus on adding value per share through efficient exploration, and development of it properties. Maintaining a low risk profile through astrong operating team, sound financial management, and operating in secure jurisdictions like Quebec are key priorities for Metanor's management team.
Qualified Person
Pascal Hamelin, P.Eng, Vice-president and General Manager of Operations, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical information contained in this news release.
Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed 'forward-looking statements'. All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such 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 in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.
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Contacts:
Ronald Perry, Vice-President
514-262-8286
rperry@metanor.ca
www.metanor.ca
