VAL D'OR, QC, Feb. 21, 2019 /CNW/ - Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) ("Bonterra" or the "Company") is pleased to announce drill results from the underground drill campaign at the Moroy zone, including the following new high-grade results:
4.9 g/t Au over 14.3 metres in hole MY-18-089;
7.9 g/t Au over 12.1 metres in hole MY18-120;
15.5 g/t Au over 4.1 metres in hole MY-18-138.
These new results both confirm the extent and continuity of the Moroy zone. The diamond drilling campaign also succeeded in defining the Moroy zones M1 and M2. Highlighted drill intersections are provided in the table below.
The Moroy Deposit is a parallel system to the Bachelor Mine and shows similarities with Bachelor in terms of geology, geometry, size and continuity. Located 1 km south, Moroy has been outlined over a strike length of 400 metres and a vertical extent of 600 metres. The mineralized zones consist of hematized brecciated stockwork associated with pyrite. Bonterra will include these results in its upcoming mineral resources estimate and will focus on expansion drilling in the Moroy zones, which remain open to the West and East, along the mineralization plunge.
Grade Au (g/t)
*Stated lengths are core width as drilled, true widths vary and average between 75 and 90 percent of drilled widths.
Highlights on the Moroy deposit:
Three (3) defined mineralized structures within the Moroy deposit.
Over 100,000 metres drilled in the Moroy deposit since its discovery in 2015.
Mineralized dimensions are now 400 metres along strike and 600 metres vertically.
Mine development into Moroy deposit, from level 11 of the Bachelor mine, allows for both bulk sampling and underground definition drilling opportunities.
Quality Control and Reporting Protocols
The Company uses a rigorous QA-QC analytical program according to industry standards. The analytical results were done by pyroanalysis (A.A.) at the mine laboratory. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. The company's QA-QC analytical verification program requires that a minimum of 5% of the samples be audited at an independent laboratory. These audit assays were sent to ALS laboratory located in Val-d'Or, Quebec. The results of the audits are consistent with those obtained.
Grant of option
Bonterra also announces that it has granted the aggregate of 2,700,000 share purchase options to eligible directors, officers, employees and consultants. Each share purchase option allows the holder to purchase one common share of Bonterra, at the exercise price of $2.00 and will expire February 21, 2024, the whole subject to certain vesting requirements as may be applicable and the terms and conditions of the Company's Stock Option Plan.
Bonterra Resources Quick Facts:
Control of three high-grade gold deposits (Gladiator, Barry and Moroy) and significant regional targets.
100% ownership of the Urban-Barry Mill, the only permitted gold mill in the region.
Strong shareholder base including Eric Sprott and Kirkland Lake Gold.
Property-wide NI 43-101 Mineral Resource Estimate underway to include the Gladiator, Barry and Moroy deposits.
Pascal Hamelin, P.Eng. has approved the information contained in this release. Mr. Hamelin, Bonterra's VP Operations, is a Qualified Person as defined by NI 43-101.
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 current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra 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 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, 2872 Ch Sullivan Bur. 2, Val-d'Or, Quebec, Telephone: 1 819-825-8678, Website: www.bonterraresources.com