VANCOUVER, Jan. 22, 2018 /CNW/ - Bonterra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the "Company" or "Bonterra") is pleased to announce that the 2018 winter drilling program is underway at the Gladiator Gold Project. After completing more than 60,000 meters in 2017, the Company plans to drill 30,000 meters during the winter drill program and more than 70,000 meters in 2018. The winter drilling program includes mobilizing two additional diamond drills, for a total of six on the project.
Nav Dhaliwal, President and CEO of Bonterra stated, "As the expansion of the resource development program at the Gladiator Gold Deposit continues, Bonterra prepares for its most aggressive quarter to date. Our current winter drilling program goes to highlight the potential expansion of our Gladiator Gold Project. We are planning a minimum drill program of 70,000 meters for 2018 alone. Bonterra's management remains quite excited for the 2018 calendar year."
The expanded program will include four drills, focused on the extension and definition of the Gladiator Gold Deposit. Approximately 20% of the planned meters will be drilled outside of the deposit, at targets highlighted from exploration activities conducted in 2017. Similarly, multiple target areas, have been identified to the east and west of the Gladiator Gold Deposit. Additional meters will also be allocated for exploration drilling, pending success in the initial phase of the campaign.
The winter drilling program further includes the first metallurgical testing to be completed at the Gladiator Gold Deposit. Results from the metallurgical study are expected in the second quarter of 2018. The Company continues to advance the completion of an updated NI 43-101 Mineral Resource Estimate in the second half of 2018. The updated resource estimate will include more than 100,000 meters of additional drilling since the existing resource was completed in 2012.
Bonterra Resources Quick Facts:
- Well financed with $40 million raised in 2017.
- Strong Shareholder Base: Eric Sprott (10%), Van Eck Gold Fund (12%), Kirkland Lake Gold (9.5%).
- Gladiator Gold Deposit:
- Deposit extension and resource expansion underway with 60,000 m completed in 2017 and 70,000 m planned for 2018.
- Advancing to the completion of an updated NI 43-101 Mineral Resource Estimate in second half of 2018, which is anticipated to include up to an additional 100,000 m of drilling from 2012 through 2018.
- Drilled dimensions of the Gladiator Deposit are currently outlined to a depth of 1,200 m below surface and a strike length of 1,200 m.
- Gladiator remains open in all directions, where at least five distinct subparallel zones or mineralized horizons have been identified.
- Drilling currently focused the extension and definition of the Gladiator Gold Deposit and exploration targets within the 10,541-hectare Urban-Barry property.
- Larder Lake Gold Property:
- 100% controlled 2,221-hectare in the Cadillac-Larder Break camp in Ontario (refer to March 17, 2016 news release highlighting historical gold resource).
- Excellent access to three high grade gold deposits between Kirkland Lake and Virginiatown.
Robert Gagnon, P.Geo., has approved the information contained in this release. Mr. Gagnon is a director of Bonterra and is a Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President & CEO
Bonterra Resources Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" that is based on Bonterra's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Bonterra disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Bonterra Resources Inc.
For further information: For further information on Bonterra, contact Investor Relations: Telephone: 1 844 233 2034, Email: email@example.com, Website: www.bonterraresources.com