Val-d’Or, QC – June 8, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce results from the ongoing drilling campaign at the Barry project. Recent drilling continues to expand the Barry “H-Series” gold mineralized zones at depth. Specifically, the Barry H15 Zone gold mineralized outline has quadrupled in size since the last National Instrument 43-101 (“NI 43-101”) report was filed in 2019 and remains open along strike and at depth (see Figure 4). The latest drilling results encompass 25 expansion diamond drill holes [12,989 metres (“m”)], including seven drill holes that were deepened to test for potential extensions of “H-Series” subparallel zones. Drilling highlights include a wide zone of mineralization in drill hole MB-21-346 that intercepted 4.4 grams-per-tonne gold (“g/t Au”) over 8.0 m (see Figures 1 to 4).
The Company is currently drilling at a rate of approximately 10,000 m per month and plans to announce a mineral resource estimate update on its three main deposits, Gladiator, Barry, and Moroy in the coming weeks (the “2021 Resource Update”), which is expected to incorporate approximately 130,000 m of new drilling information, including the results presented today. In addition, work on the the Preliminary Economic Assessment (“PEA”) is ongoing and is expected to be completed in Q4 2021 (see press release dated March 1, 2021).
* True widths are estimated to be greater than 65% of the drill intersection length.
Pascal Hamelin, CEO commented: “It is very encouraging to continue seeing drill results that demonstrate good continuity across thick widths in these “H-Series” gold mineralized zones. I really look forward to seeing how these results are incorporated into the upcoming mineral resource estimate update. Importantly, companywide engineering and permitting continues to progress which should allow for a smooth and rapid transition for Bonterra from exploration to development over the next 18-24 months.”
The Company has drilled 86 holes and deepened eight existing holes representing a total of 38,958 m at Barry since July 23, 2020. Complete and partial results from 21 drill holes have been received including seven of the eight deepened holes since the press release dated March 31, 2021. Some results from the remaining holes are still pending (See Table 1 and Figure 1).
The Barry drilling program targeted the expansion and continuity of the gold mineralized zones in key areas around the NI 43-101 Barry mineral resource estimate in 2019. Drilling results continue to confirm the expansion of multiple “H-Series” subparallel zones which remain open at depth across the Barry deposit, in addition to outlining further potential to the east of the deposit (See Table 1 and Figures 1 to 4).
The Barry gold deposit is characterized as multiple sub-parallel, sub-vertical, shear zones and a second set of subparallel “H-Series” veins dipping 30 to 60 degrees to the south hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Gold mineralization consists of disseminated sulfides within the shear zones and the veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 600 m vertical and remains open for expansion.
Table 1: Significant mineralized intersections of recent drilling on the Barry deposit
The Barry project’s drill core gold analyses are performed at the Company’s Bachelor Mine analytical laboratory (the “Laboratory”). The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor the Laboratory’s performance. The Company’s QA-QC program requires that at least 10% of samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d’Or, Quebec. The verifications show a high degree of correlation with the Laboratory’s results.
Marc Ducharme, P.Geo. and Bonterra’s Exploration Manager, has compiled and approved the information contained in this press release. Mr. Ducharme is a qualified person as defined by NI 43-101.
Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has three main assets, Gladiator, Barry, and Moroy, that collectively have a total of 698 thousand ounces in measured & indicated categories, and 1.4 million ounces in inferred category. Approximately 130,000 m of drilling will be used to update this resource shortly. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently two-thirds the way through the permitting process to expand from 800 to 2,400 tonnes-per-day. Bonterra is focused on graduating from advanced exploration to a development company over the next 18-months to deliver shareholder value.
FOR ADDITIONAL INFORMATION
Pascal Hamelin, President & CEO
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com
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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.