By G. Joel Chury
VANCOUVER, April 4, 2016 /CNW/ - Grabbing headlines can be a challenge for small cap miners, especially in a market with a typically short-term memory. But for one junior that's centered its focus in the newly energized Urban Barry Gold Camp, located in the Canadian province of Quebec's prolific Abitibi Gold Belt, most of March has been an action packed month filled with positive attention. While winter drilling has completed for the season, much is anticipated from the ensuing spring drill program that is on deck, which may just lead into a hot, hot summer of results.
Vancouver-based BonTerra Resources, recently released eye catching results on its 7,653 ha Gladiator Project, kicking off a series of results still due to come from its extensive 25,000 m drilling campaign.
According to the company's latest release from earlier this week, the impressive drilling program (of which only 1/3rd of the meters have been drilled) had plenty of high-grade samples to choose from. Among the highlights were: 3.3 m of 29.0 g/t Au, 5.7 m of 24.3 g/t Au, 5.0 m of 15.3 g/t Au, and 6.0 m of 10.4 g/t Au.
The news of the very high-grade results came less than two weeks after the company made significant waves through acquiring its latest 2,165-ha Abitibi property at Larder Lake, which comes with a nearly one-million-ounce historic resource. The company will not waste any time getting that resource into modern day 43-101 resource compliance and officially entered into the company's books.
"We continue to identify key projects within the Abitibi Gold Belt, and once again advance our strategy of becoming a significant gold exploration company and building value for our shareholders," says Nav Dhaliwal, President and CEO of BonTerra.
In total, the Gladiator Property received a fresh set of 23 new holes drilled since the fall. These were the first holes drilled on the property since an initial 273,000 oz at 9.37 g/t inferred resource was declared in 2012. The resource grade is significant noting 90% of all deposits mined globally are less than 8 g/t, thus showing the potential economics of this deposit. Also the market will soon be wondering what the extra 23 holes, at similar grade or better will do when a new resource update is completed.
More importantly to those who like a bird's eye view, with the latest results the Gladiator Deposits were extended by an additional 200 m long, and 250 m deep, along with the discoveries of 3 new parallel zones. These revelations suggest that the resource is getting bigger and the grade consistent with or better than the results indicated above. The management team must be congratulated for expanding their land position by over 170% over the past few weeks. It can be said that their logic is now coming to fruition.
To date there have been 19 holes drilled on the western extension of the Gladiator Deposit, but more interestingly 16 of them contained visible gold. This leads to speculation that upcoming drill holes may deliver results similar to what have been seen to do, and thus would further help in building out a solid resource in the future.
The results from 7 have already been announced, and there's still another 12 holes pending, half are in the lab right now, and the other half are being processed for the lab. Results from testing should be coming out within the next month. But if these latest grades are any indication of what's to come, it appears that April will keep the positive spotlight on BonTerra's team as well.
In the meantime, Dale Ginn, VP of Exploration will be engineering a detailed Spring drill program, based on the information as it rolls in, to further showcase the potential of this project.
Ginn said in the release: "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."
When you hit holes like these, everything changes. While there was already plenty of attention being paid to the Gladiator Project, with 8,200m of the 25,000m program completed, there are still another 35 holes + still to come.
Added Ginn: "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."
Gladiator is not the only property set to receive more follow-up on recent discoveries. BonTerra will also be following-up on work done in 2012 on planned targets identified within the Coliseum property to the west, as well as sending out energized technical team members to modernize the 2,165-ha Larder Lake Property's historic resource of 916,000 oz inferred and 43,800 oz indicated into 43-101 compliance.
"The acquisition of the Larder Lake Property is key to BonTerra and its shareholders," says Dhaliwal.
Larder Lake had significant historical gold production, especially along the Cadillac/Larder Fault Break where over 13 million ounces of gold production were recorded, and is located only 7 km wet of the Kerr Addison Mine, which produced 11 million ounces of gold.
"The transaction elevates BonTerra's position amongst its peers with a significant gold resource portfolio contained at the Gladiator Gold Project, and now the Larder Lake Project."
Deals like the Larder Lake acquisition don't come along that often for a junior company looking to make a mark. Upon completion of a modernized 43-101 compliant resource, BonTerra will have basically added nearly a million ounces (916,000 oz inferred) at 5.4 g/t to its scorecard, all for the low, low price of less than $6/oz.
As the month of March comes to a close, April looks to bring more updates from BonTerra's activities in Quebec. The company is fully funded to continue on with a Spring drilling program, and is hoping to give the market more promising results to talk about as it delivers the assays from the next 12 holes from this latest Gladiator round. Also noteworthy are holes that the company has already announced that have been drilled on BonTerra's Coliseum property to the west.
Given that the majority of the holes so far in 2016 have delivered higher results than those witnessed in 2012 that led to the initial resource calculation, the remaining 12 holes being currently analyzed should keep things interesting in the month to come.
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SOURCE Street Reports