Metanor Resources (MTO.V) has released another batch of drill results from its ongoing resource drill program at the Western part of the Bachelor Lake mine. The drill bit intersected in excess of 7 meters at 8.26 g/t gold, as well as 2.34 meters at 13.44 g/t and almost 11 meters at 12.78 g/t gold, with true widths expected to be 65%-95% of the reported widths.
Even though we were hoping to see more drill results from the actual Bachelor mine, these drill intercepts at Hewfran are encouraging and Metanor now plans to complete an additional 25,000 meters of drilling in the same zone to drill-test the mineralization at depth. We hope this will result in an NI43-101 compliant resource estimate so the additional ounces could be incorporated in the mine plan at Bachelor Lake. A first (small) resource of almost 10,000 ounces of gold (roughly one quarter of production) has already been calculated at a discovery cost of just $20/oz, but what’s interesting is the average grade. The 8H10 stope has an average grade of just over 10 g/t which compares very favorable to the average grade of 6 g/t that is currently being milled at Bachelor Lake.
It shouldn’t be too difficult to reach these mineralized zones starting from the existing infrastructure at the underground Bachelor Lake mine, so Metanor’s main task is to increase the resources to 75,000-100,000 ounces at Hewfran to extend the mine life at Bachelor Lake.
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Disclosure: The author holds a long position in Metanor Resources. Metanor Resources was a sponsor of the website in the previous 12 months. Please see our disclaimer for current positions.
