We already reported before how Metanor Resources (MTO.V) discovered what seems to be a new high-grade mineralized zone and the company has now completed another hole to try to define a mineralized area. A new hole was drilled approximately 50 meters north of the discovery hole and was aimed at the same direction, and it was quite exciting to see the assays returned 5.6 meters of 18.9 g/t gold.
This confirmed an earlier thesis there is a south vein at the Bachelor Lake property, and Metanor seems to be taking the right steps to follow up on the first discovery. The company currently has two drill rigs on site and plans to add a third rig once it has a better understanding of the geological model of the underground zones. Metanor is currently also conducting a private placement and has already closed a first tranche for a total of C$2.7M, of which C$1.2M were flow-through shares.
> Click here to go to Metanor’s website
Disclosure: The author holds a long position in Metanor Resources. Please see our disclaimer for current positions.
