Val-d’Or, QC – February 24, 2020: Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (the “Company” or “Bonterra”) is pleased to provide a corporate update on its winter drilling and exploration activities at the Gladiator, Barry, and Moroy projects and on the bulk sample being completed underground at the Moroy project.
The winter drill program is now underway with drills mobilized on ice setups at the Gladiator and Barry projects during the last week. The timing of the drill start-up on the ice is approximately 3 weeks later than anticipated and scheduled due to a mild winter with heavy and persistent snowfall.
The company now has drills working at all three projects as follows:
At the Gladiator project there are currently a total of 4 drills running:
All drill rigs at the Gladiator project are fully staffed and running at 100% capacity.
There are currently 2 drills operating at the Barry project:
All drill rigs at the Barry project are fully staffed and running at 100% capacity.
The Company currently has three drills working on the Moroy deposit:
The underground rigs are running short staffed and at approximately 70% capacity, while the surface drill is similarly running at approximately 50% capacity due to current staffing issues. Pending drill and personnel availability, the Company is considering adding a third drill underground at Moroy.
Moroy Bulk Sample:
The company has initiated work on the Moroy bulk sample planned for completion on Level 11, zones 11-M1-01 and 11-M1-01 SN. Longhole drilling has been completed in the first sub drift with production hole sludge samples returning better than expected grades.
The company remains focused on our earlier announced objectives for our winter drill program which include deposit in-fill drilling, resource expansion drilling and exploration along deposit trends. Given the late start to the season, it may be difficult to complete our winter drill program as planned. The Company will focus on our core projects and any short fall in meters drilled will be in the area of our regional, earlier stage targets. Weather permitting, we intend to advance on the following projects:
The Company continues to develop and update all geological models at the Gladiator, Barry, and Moroy deposits. The extent and timing of future model updates will be dependent on the winter drilling accomplished. Assays have begun to be received.
The Company continues our work on permitting and engineering for expansion of the Bachelor-Moroy mill and tailings facility. Gladiator underground exploration permitting is on schedule for Q2 completion.
Greg Gibson, CEO of Bonterra stated: “It is good to see drills turning on our core projects. The patience that our shareholders have demonstrated is greatly appreciated and your frustrations are shared. I expect to see drill results shortly and we are encouraged by the initial sample results from our Moroy bulk sample.”
FOR ADDITIONAL INFORMATION:
Investor relations: Allan Folk
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8676 | Website: www.bonterraresources.com
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.
Cautionary and Forward-Looking Statements
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. This forward-looking information includes namely, information with respect to the planned exploration programs and the potential growth in mineral resources. Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit and such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. 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, 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.