Metanor hits long grades at Barry

Metanor Resources’ (MTO-V) picked a good day to release drill results from its Barry property.

On a day when the spot price for gold hit as high as US$995 per oz. the company’s shares were up 8% or 4¢ on 860,000 shares traded.

Highlights from the assay results included 7.75 metres grading 7.71 grams gold, 39 metres grading 2.17 grams including 16.5 metres grading 4.35 grams gold, and 42 metres grading 1.98 grams gold.

Metanor says true widths are roughly 80 to 90 % of the widths reported.

The results come from the Barry property which feeds the company’s Bachelor Lake facility in Desmaraisville Quebec.

The company says the results confirm the potential for new mineralized zones in the deformation corridor which crosses the Barry property and extend the known mineralized area at the Center Zone which sits between Zone 43 and the West Zone. All the gold bearing zones at the property are still open at depth.

Metanor took the Bachelor lake mine into commercial production back in 2008 and is currently upgrading capacity to 1,200 tonnes per day from 800 tonnes.

The company has also begun work on an underground mine at Bachelor Lake and expects to be done there by July 2010.

Once the underground mine is working in conjunction with Barry’s open pit, Metanor says it will produce roughly 70,000 oz. of gold per year, with 700 tonnes of the 1,200 per days total coming from Bachelor Lake and the remaining 500 tonnes coming Barry.