VANCOUVER, Jan. 21, 2019 /CNW/ - Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (the "Company" or "Bonterra") is pleased to report ongoing developments to its shareholders and investors and announce follow up drill results of 12.4 g/t Au over 5.3m from the recently discovered Titan Extension of the Gladiator Deposit. Bonterra's recent acquisition of Metanor Resources Inc. and consolidation of the Company's databases and management have resulted in broader exploration and resource development plans. Bonterra will conduct a company-wide NI 43-101 mineral resource estimate for all its Urban Barry exploration assets, including the Gladiator, Barry and Moroy deposits. The combined mineral resource estimate is part of Bonterra's strategy to fast track the development of the three deposits simultaneously, to optimize feed to the Urban Barry Mill over the life of the three mines. In order to concentrate on the exploration of all three deposits, the Company's mining operations in Quebec will be placed on care and maintenance.
Multiple new discoveries and extensions at the Gladiator Deposit have significantly increased the strike length of mineralization to nearly 5 km. Extensional drilling, made possible by land access via the Duke option agreement, has resulted in a dramatic increase in the gold-bearing footprint at the Gladiator Deposit, especially in proximity to former claim boundaries. Bonterra was previously limited by these claim boundaries and has since been able to access areas of the deposit that were formerly unavailable. Follow up drilling to the recently discovered Titan Extension of the Gladiator Deposit (see Bonterra news release dated November 20, 2018) has confirmed and expanded on the initial discovery with drill hole BA-18-116 intersecting 12.4 g/t Au over 5.3 m. This intersection is located approximately 2 km northeast of the Gladiator Deposit along strike and is 200 m below surface. Drilling in 2019 will be focused on resource expansion along strike and at depth as well as infilling high-grade chutes of the main deposit below 400 m depth to further prove the continuity of these new zones. Bonterra has determined that these new extensions at Gladiator Deposit should be incorporated into the resource as much as possible given that the Company has only recently gained full access to drill these areas via the Duke option. The company-wide mineral resource estimate will allow Bonterra to incorporate drill results from late 2018 and early 2019 at the Gladiator deposit into the study while data is being prepared for the estimate at the Barry and Moroy Deposits.
Bonterra has completed extensive geological modelling at both the Barry and Moroy Deposits, which are now being used to complete the upcoming mineral resource estimates. The mineral resource estimate will be the first to evaluate the high-grade underground mineralization at the Barry Deposit and the recently discovered Moroy Deposit. The Barry Deposit is 1,300 m in strike length with a depth component of 600 m. A small underground ramp was developed in 2018 into the mineralized zones for future bulk sample programs and underground drill stations. The Moroy Deposit has demonstrated continuity and extension for up to 700 m in depth. The 11th Level (350 m below surface) at Moroy extends from Bachelor Mine workings to the known mineralized zone. The Barry and Moroy deposits have been extensively drilled from surface and underground drill stations and remain open in all directions. The recent underground development work at both projects will provide opportunity for the Company to determine and extend ultimate strike lengths at various levels.
Bonterra is actively working with its independent resource consultants to best utilize the early 2019 drill programs for increasing indicated vs inferred mineral resources which are required for potential economic, feasibility and mine planning studies.
The Company would like to thank its shareholders and investors for their continued support and confidence. We look forward to a productive and successful 2019.
Bonterra Resources Quick Facts:
- Control of three high-grade gold deposits (Gladiator, Moroy and Barry) 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
- Company-wide NI 43-101 Mineral Resource Estimate underway to include the Gladiator, Barry and Moroy deposits
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 labor 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: on Bonterra, contact Investor Relations: Telephone: 1 844 233 2034, Email: [email protected], Website: www.bonterraresources.com