Searching For Gold In Quebec With Metanor Resources
Quebec has a long history of gold and gold mining. Countless numbers of mining companies have or had mines in Quebec and many more companies have explored the province. A lot of the major mining companies in the world today got their start in Quebec and a lot of the reason is the Abitibi Greenstone Belt. Today we'll take a look at a junior that not only is exploring this area but also has a small mine and mill working.
Metanor Resources MTO is an agressive company that has the Bachelor Mine which reached commercial production on December 1, 2013 and produces 42-47,000 oz per year. The Bachelor, Barry, and Dubuisson properties contain a total of about 1.6 million ounces of gold (NI 43-101, all categories).The Bachelor Mill and Mine infrastructure is a fully functional, fully permitted and easily expandable mill.
The Bachelor Lake property is located in the Le Sueur Township (CL-740), approximately 225 km northeast of Val d Or, Quebec. The property now consists of 241 claims and 2 mining concessions covering an area of 7 566 73 hectors. Since the acquisition of the old Bachelor mine the surface infrastructures were put back in good working order and the hoist room, shaft house, compressors, administrative and technical offices, the core shack as well as bunkhouses which can welcome more than one hundred workers. The site also has a 50 hectare pond to collect mill waste as well as a 5 hectare polishing pond. The 1,200 tpd ore mill was completely renovated and Metanor completed the installation of a carbon in pulp activated treatment system.
The company also has the Barry property. Resources were evaluated at 7,701,000 Tonnes averaging 1,29 g/t Au uncapped (1,25 g/t Au capped) and containing 309 500 oz. of indicated resources. Further, there are 10,411,000 Tonnes averaging 1,65 g/t Au uncapped (1,41 g/t Au capped) containing 471,950 oz of inferred resources. The cut-off grade was 0,5 g/t and capping was 35 g/t.
Other properties include the Dubuisson, Wahnapitei and Nelligan. The Nelligan is a property in which Metanor holds an option enabling it to acquire an interest of 70% in this property, which includes 58 claims, covering an approximate surface of 2,881 hectares, located immediately at the west of the Bachelor property.
What makes this company stand out with a bit of interest is not only are they producing gold from a deposit but they are finding good drill results from an ongoing drill program. A few of the highlights from September last year was 10.1 g/t over 26.2 meters of drill cores assayed. Then in November last year another drill hole intersected 18.9 g/t over 5.6 meters
The commpany has 421.2M shares and with warrants etc. there are about 533M shares O/S and approx. 50% of this stock is held by institutions.. Stocks price has been from 2 cents to 12 cents over the past 52 weeks.
As always, use Due Diligence and see our Disclaimer and be sure to sign up for our free news letter located on the right hand side of this page.