Metanor Resources (MTO.V) has announced an update on its underground exploration program at the Bachelor Lake mine in Québec, Canada. No less than four drill rigs are currently working underground which has resulted in more than 20,000 meters having been drilled in the past four months and the results are interesting as the B vein has now been confirmed from level 10 up to 8 and the A vein from 10 to 6. As the A vein is quite close to Metanor’s current mining infrastructure, it will start to mine this A vein before the end of this year. This could be very interesting as drilling has revealed some very exciting intercepts from the A vein, such as 6.4 meters of 12g/t gold and 2.1 meters of almost 20g/t gold.
Additionally, the company has disclosed it has to appear in court for criminal negligence in the flooding accident, almost five years ago. All civil parts of the case have been settled out of court and are out of the way, but a civil settlement obviously doesn’t bar the way for a criminal procedure. We hope to get some more information about this procedure soon and at this time we don’t expect a noticeable impact other than some legal fees.
We will provide an update report on Metanor Resources when the company will have filed its financial statements.
Disclosure: The author holds a long position in Metanor Resources. Metanor is a sponsor of the website. Please see our disclaimer for current positions.
