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Metanor Resources Inc. (TSXV:MTO) and Sandstorm Gold Ltd. (TSX:SSL) have amended the prior agreement which required Metanor to sell 20% of its gold production at a price of US$500, to a 3.9% NSR on all minerals produced from both the Bachelor and Barry projects, as well as any surrounding exploration properties. The amended terms will become effective upon Metanor delivering 12,000 oz Au for US$500 to Sandstorm. For a repurchase payment of US$2 million for both properties individually, Metanor can reduce the NSR to 1.8%. The company noted it will be increasing drilling at Bachelor. We expect further results from the ongoing drill programs at both Barry and Bachelor Lake to be important near-term catalysts for the company along with FQ4 production and financial results. read more
Metanor Resources Inc. (TSXV:MTO) reported results from ongoing surface drilling at its Barry project in Quebec. Drilling has been focused on gold bearing shear zones around the Barry pit, which are now presenting continuity over a 600m strike length and 400m vertically. Drilling was highlighted by 4.8 g/t Au over 9.0m (hole MB-17-83) and 7.1 g/t Au over 8.2m (hole MB-17-99). Importantly, these shear zones present an opportunity for underground mining versus the open-pit only scenario discussed in the 2016 PEA. Additional drilling will continue to identify and extend these shear zones. The company noted it is also working on permits to expand the camp in order to grow its workforce to support the construction of a ramp to gain underground access to other shear zones. We expect further results from the ongoing drill programs at both Barry and Bachelor Lake to be important near-term catalysts for the company along with FQ4 production and financial results. A third drill rig is operating at the Moss target, which is approximately halfway between the Barry Deposit, and Osisko Mining’s (TSX:OSK) Windfall Lake deposit. read more
On Thursday, June 22, 2017, Red Cloud Klondike Strike Inc. will be hosting its 2nd Montreal Mining Conference. The event features presentations from 7 companies, including lunch presentations from Chris Bradbrook discussing gold and industry outlook followed by a presentation from Osisko Mining Inc. Visit the event page for more details on the day’s schedule. In this post, we provide a brief preview on the 7 presenting companies. read more
Metanor Resources Inc. (TSXV:MTO) reported drill results from its ongoing drill program at its Barry project in Quebec. Results have identified higher grade shear zones outside the pit contemplated in the 2016 PEA, indicating resource expansion is likely. As well, these higher zones may be more amenable to underground mining versus the open-pit only scenario contemplated in the PEA. We expect further results from the ongoing drill programs at both Barry and Bachelor Lake to be important near-term catalysts for company along with FQ4 production and financial results. read more
Metanor Resources Inc. (TSXV:MTO) reported solid FQ3 2017 (June 30th year-end) financial results, increasing guidance from 28k-33k oz to 33k-36k oz for the year. We view the results and guidance increase positively and with a strengthened balance sheet, the company is well positioned to extend the mine life of the Bachelor Mine and advance Barry towards production. From Bachelor, 9,442 oz of gold was produced in Q3 representing an increase in production by 3.6% YoY and a slight decrease of 3.3% QoQ. Cash costs decreased by 13.6% YoY, however, increased by 13.4% QoQ (Figure 1). With 27,605 oz produced so far, this year, the company appears to be well-positioned to meet or exceed its updated guidance with only one quarter remaining. We expect ongoing results and FQ4 production results to be important near-term catalysts for Metanor. read more
On Friday, Metanor Resources Inc. (TSXV:MTO) announced the appointment of Greg Gibson and Akiba Leisman to its Board of Directors. The change adds experience to the team, as the company looks to grow production at its Bachelor gold mine and advance its exploration properties, specifically developing its Barry project in Quebec. Greg Gibson is currently the President and CEO of Sprott Mining and Jerritt Canyon Gold LLC. Akiba Leisman is a consultant to Wexford Capital LP where he oversees the precious metal public and private equity portfolios and is currently the Executive Chairman of the Board and Interim Chief Executive Officer of Marlin Gold Mining Ltd (TSXV:MLN). As a result of the recently completed C$11.5 million financing on March 21, 2017, Eric Sprott now owns 12.9% of the outstanding shares of Metanor or 19.5% on a partially diluted basis (assuming the exercise of all warrants) and Wexford Capital LP now owns 14.1% of the outstanding shares of Metanor or 19.7% on a partially diluted basis. We expect the board change, strong shareholders and the recent financing to be positive catalysts for the stock and may be the initial driver for a re-rating relative to peers. read more
On Friday March 3th, 2017, Red Cloud Klondike Strike Inc. will be hosting its 5th Annual Pre-PDAC Mining Showcase. The event features presentations from 21 companies, including a themed lunch presentation by leading corporations in the gold mining sector. Visit the event page for more details on the day’s schedule. In this post, we provide a brief preview on the 21 presenting companies and 13 banner sponsors that will also be in attendance. read more
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