VANCOUVER, March 30, 2016 /CNW/ - BonTerra Resources Inc. (TSX-V: BTR / US:BONXF) announced drill results yesterday of five holes from its Gladiator Gold Project near the Val d`Or Mining District in Quebec, Canada. Remarkably, two significant discoveries have been made north and south of the known Main Zone, which itself has been expanded with some spectacular assays today as well. Today's results must have exceeded all expectations. In trading yesterday, the stock was up 13.75% on 1.5M+ shares volume. Drilling intercepted extremely high grade gold mineralization over significant lengths at depths which may even allow for an open pit operation.
Two exciting new discoveries north and south of the known Main Zone:
- Hole #2: 15.3 g/t gold over 5 m (at 79 m depth; "North Shear 1") and 0.4 g/t gold over 44 m (at 11 m depth; "North Shear 2")
- Hole #5: 29 g/t gold over 3.3 m (at 291 m depth; "South")
Three significant extensions of the three know gold zones ("Main", "Footwall" and "Intrusive"):
- Hole #9: 24.3 g/t gold over 5.7 m (at 22 m depth; "Main") and 41.7 g/t gold over 1.1 m (at 110 m depth; "Main") and 1.8 g/t gold over 5 m (at 364 m depth; "South")
- Hole #4: 10.4 g/t gold over 6 m (at 64 m depth; "Main")
- Hole #6: 2.1 g/t gold over 9.2 m (at 21 m depth; "Footwall") and 2.5 g/t gold over 1.5 m (at 336 m depth; "Intrusive") and 1.7 g/t gold over 4 m (at 416 m depth; "Main")
- Four weeks ago on March 2, BonTerra disclosed the results of the first two holes of the ongoing phase-2 drill program (total of 25`000 m with +50 holes until the summer with currently two and soon three rigs in action), which were quite good as having extended the Main Zone by an additional 100 m to the west: 9 g/t gold over 5 m (at 4 m depth). The stock increased in Germany from 0.18 to 0.27 Euro (+50% in two days) at which price level the stock trades today.
- Approximately 90% of the worlds operating mines have an average gold grade less than 8 g/t. If the Gladiator Deposit (100% BonTerra) goes into production it would be among the rare 10% of all gold mines that have exceptionally high grades; primarily such deposits are typically brought into production rather quickly as being highly scarce. For such reasons we believe BonTerra becoming a prime take-over candidate in 2016.
- Before the phase-1 drill program, BonTerra had a NI 43-101 compliant resource estimate containing 237`000 ounces of gold at an average grade of 9.37 g/t gold. Results from phase-1 (total of 4 holes in late 2015):
- Hole #1: 9.1 g/t gold over 3.5 m (at 63 m depth; "Footwall") and 14 g/t gold over 6.6 m (at 217 m depth; "Main")
- Hole #2: 4.7 g/t gold over 2.6 m (at 108 m depth; "Footwall") and 7.2 g/t gold over 7.7 m (at 476 m depth; "Main")
- Hole #3: 4.3 g/t gold over 1.5 m (at 187 m depth; "Footwall")
- Hole #4: 1.5 g/t gold over 11.4 m (at 224 m depth; "Main") and 8 g/t gold over 1.3 m (at 234 m depth; "Main")
- Drill results to date suggest that the ongoing phase-2 drill program will lead to an updated NI43-101 resource estimate that may surpass the 1 million ounces level. Currently valued at C$140 million, property neighbor Oban Mining Corp. owns the comparable Windfall Deposit currently hosting some 1.6 million ounces of gold at ~8 g/t gold.
According to today's news:
- The Gladiator Deposits are now outlined to the west by an additional 200 m long by 250 m deep, where 23 new drill holes (2015 and 2016) have extended the main deposits and discovered 3 new parallel zones.
- New drill information demonstrates that three zones (Footwall, Main and Intrusive) continue along strike, while three new zones (North Shear 1, North Shear 2 and South) have been identified both to the north and south of the previously known zones.
- Since February 2016, 19 holes have been drilled so far (8,300 m).
- Visible gold was identified in 16 of the 19 holes.
- 6 holes are currently in the lab (results could be sent any day now) and another 6 holes are currently in process (and about to be sent to the lab).
- BonTerra will now wait for the results of the pending 12 holes and then decide for the next round of drill targets: Another 16,700 m are yet to be drilled with phase-2 until the summer; at an average core length of 437 so far, another 38 holes are still to be drilled).
Nav Dhaliwal (President and CEO of BonTerra) said today:
"We now have extended the zone of mineralization approximately 200 meters to the west of our existing deposit, and we continue to intersect grades higher than the existing resource model completed in 2012. Our technical team's review of the geological system continues to be validated with recent drilling, with much data in process. Our recent strategic acquisition of key land positions along strike were completed to ensure we control what we believe to be one of the more interesting discoveries in the Abitibi Greenstone Belt."
Dale Ginn (VP Exploration of BonTerra) added:
"Our winter drill program has, so far, been highly successful in extending our known deposits to west and to depth. Perhaps more significant has been the discovery of three new parallel zones, two of which have given extremely high-grade initial results over excellent widths. I look forward to expanding our knowledge of these new zones and to extending our drill program to the east over the spring and summer months."
See the full version of the news at: www.bonterraresources.com/en/news-3/press-releases/282-bonterra-drills-3-3-m-of-29-0-g-t-au-and-5-7-m-of-24-3-g-t-au-in-main-zone-and-in-new-mineralized-zones-to-the-west-of-its-gladiator-gold-project
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