Metanor lifts FY gold production, sales

JOHANNESBURG (miningweekly.com) – TSX-V-listed Metanor Resources produced 34 853 oz of gold for the year ended June 30, a 4.19% increase on the 33 450 oz produced in the prior financial year.

The company, which operates the Bachelor mine, in Quebec, achieved gold sales of $60.68-million at an average realised price of $1 657/oz for the financial year under review.

Metanor, which also has several exploration projects under way, spent $5.59-million on exploration and evaluation expenditures during the financial year, compared with $4.05-million in the prior financial year.

At the Bachelor mine, exploration drilling had continued in the Hewfran sector to verify the extension of the Hewfran stopes below level 14 and further west on level 8. An additional drill was mobilized in May to further explore below level 16 in the main vein.

In the next few months, Metanor will undertake underground exploration drilling at the Moroy structure south of the mine.

Meanwhile, at its Barry project, also in Quebec, Metano drilled 17 815 m during the 2017 financial year. This included the drilling of 9 955 m from 22 holes at the United pits area. “These holes have intersected several gold zones associated with shear zones, located in the southeast sector of the pits,” the company noted in a statement on Friday.

The average thickness of all intersected shears ranged from a half meter to over 9 m. Gold grades ranged from 1.5 g/t to 14.8 g/t.

The company reported a net and comprehensive loss of $404 245 for the year under review, compared with a loss of $7.32-million during the same period last year.