VANCOUVER, Sept. 19, 2018 /CNW/ - Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (the "Company" or "Bonterra") is pleased to announce the discovery of a new high grade gold zone near surface to the north of the Gladiator Gold Deposit with an intersection of 27.4 g/t Au over 7.0 m. This new high-grade mineralization is located approximately 200 m north of the most northerly Gladiator zone (North Zone) and was located by drill hole BA-18-60 above 100 m in depth. The mineralization and characteristics of this zone are very similar to the Gladiator Deposit and are similar to the Company's current geological model. The model consists of parallel veins or zones and is open along strike and at depth. The recently optioned "Duke" property boundary areas have allowed the Company access for exploration into these areas of interest. This high-grade intersection occurs on Bonterra's 100% owned Gladiator property. Follow up drilling is underway in order to test down dip and strike continuity.
"Our geological model continues to produce results with this new high-grade zone that appears to project nicely from our established pattern of veining within the multi-zone Gladiator Deposit. Our recent option to earn interest in the Duke claims has allowed us to now step out northeast and southwest with drilling in order to locate new parallel zones. We are extremely encouraged with our first results in stepping away from the Gladiator to the northeast and look forward to extending the new zone further," commented Nav Dhaliwal, President and CEO.
Highlights and Observations:
BA-18-60 intersected a new high-grade zone located 200 m north of the North Zone with 27.4 g/t Au over 7.0 m. The intersection occurred between 96.0 m and 103.0 m down hole and contained numerous fine specks of visible gold within smoky quartz veining with pyrite and minor sphalerite mineralization, typical of the Gladiator Deposit. Follow-up holes are ongoing in order to validate continuity.
BA-18-60 intersected the Main Zone at 600 m below surface with 14.8 g/t Au over 7.0 m. This intersection adds to continuity of high-grade mineralization at depth with shallow intersections along an easterly plunge.
The ongoing resource development program continues to expand and define the Gladiator Gold Deposit ahead of the updated mineral resource estimate scheduled for Q4 2018. Drilling to be included in the upcoming mineral resource estimate has now been completed. Drilling continues with three drills at the deposit focused on extension drilling along strike to the northeast and southwest.
*Stated lengths are core width as drilled, true widths vary and average between 60 and 80 percent of drilled widths. Core axis angles of the intersection contacts and surrounding rock units average 55 to 70 degrees
Well financed with approximately $65 million raised since 2017.
Strong shareholder base including: Eric Sprott, Van Eck, Kirkland Lake Gold.
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 the Q4 2018.
Drilled dimensions of the Gladiator Gold Deposit are currently outlined to a depth of over 1,000 m below surface and a strike length of 1,300 m.
Gladiator remains open in all directions, where at least six distinct sub-parallel zones or mineralized horizons have been identified.
Drilling is currently focused on the continued expansion of 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 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