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Metanor likes the look of Barry

Continued high-grade drilling results have encouraged Quebec-focused Metanor Resources (CN:MTO) to up its investment at the Barry project in the Urban township.
Metanor likes the look of Barry Metanor likes the look of Barry Metanor likes the look of Barry Metanor likes the look of Barry Metanor likes the look of Barry

Bulk sampling slated to start in March

Staff reporter

The company is working to increase the size of its camp to accommodate a bigger exploration programme and allow it to start bulk sampling as scheduled on March 1.

Highlights from the latest drilling results included 4.6m at 14.3g/t gold from 498m and 4.5m at 10.4g/t from 367.5m.

CEO Greg Gibson said being able to access the underground from the existing pit, which was mined about 10 years ago, meant reduced drilling costs and more precise data collection.

Metanor plans to send 10,000 tonnes of ore from the bulk sampling programme to its Bachelor mill, 110km to the north, later this year to reconcile mill head grade with the mining grade in a defined sector.

The company raised more than C$11.3 million in a brokered private placement in late December, with Kirkland Lake Gold (CN:KL) and Wexford Capital increasing their stakes and will each hold more than 17% on a partially diluted basis, assuming the exercise of their warrants.

Metanor shares, which have ranged between C60c-$1.29 over the past year, rose almost 5.5% to C77c.