Val-d’Or, QC – September 27, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has entered into an agreement with Cormark Securities Inc. to act as lead agent (the “Lead Agent”), on its own behalf and on behalf of a syndicate of agents (collectively with the Lead Agent, the “Agents”), in connection with a “best efforts” private placement to raise gross proceeds of $10,143,000, through the issuance of 6,900,000 common shares of the Company issued on a flow-through basis (the “FT Shares”) at a price of $1.47 per FT Share (the “Offering”).
The Company has also granted the Agents an option, exercisable in whole or in part at any time up to 48 hours prior to closing of the Offering, which will allow the Agents to sell up to an additional 15% of the FT Shares on the same terms.
In connection with the Offering, the Agents will be entitled to a cash fee in an amount equal up to 6% of the gross proceeds of the Offering.
The gross proceeds from the issuance of the FT Shares will be used for Canadian exploration expenses and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of the Taxation Act (Quebec) (the “Qualifying Expenditures”), which will be incurred on or before December 31, 2022 and renounced to the subscribers with an effective date no later than December 31, 2021 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. In addition, with respect to Québec resident subscribers who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec). If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Share subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed.
The Offering is expected to close on or about October 19, 2021 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange. The Offering is being made by way of private placement in Canada. The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.
FOR ADDITIONAL INFORMATION
Pascal Hamelin, President & CEO
ir@btrgold.com
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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 news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the FT Shares, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Val-d’Or, QC – September 08, 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 results expand upon the northeast sector of the Barry deposit near surface and at depth (Figures 1 and 2). The latest results encompass 13 diamond drill holes designed to expand the 2021 mineral resource estimate (“2021 MRE”) released in June (see press release dated June 23, 2021). Drilling highlights include 16.5 g/t grams-per-tonne gold (“g/t Au”) over 2.7 metres (“m”) in a new zone named H16, immediately northeast of the 2021 MRE.
The Company is currently drilling at a rate of approximately 6,000 m per month, focused on its main gold deposits to expand upon the recently released 2021 MREs. In addition, work on the preliminary economic assessment (“PEA”), which would utilize the existing Bachelor Mill as a central processing facility is ongoing and is expected to be completed in Q4 2021.
Highlights include:
16.5 g/t Au over 2.7 m, including 29.5 g/t over 1.0 m and 4.5 g/t over 2.0 m in MB-21-355
0.7 g/t Au over 55.0 m, including 7.5 g/t Au over 1.5 m and 3.6 g/t Au over 3.9 m in MB-21-359
16.0 g/t over 0.6 m and 12.6 g/t over 0.5 m in MB-21-368
5.9 g/t Au over 5.3 m, including 22.0 g/t over 0.9 m in MB-21-369
4.8 g/t over 2.0 m, including 18.4 g/t over 0.4 m in MB-21-376
Pascal Hamelin, CEO commented: “The results released today support our view that substantial near surface exploration potential exists at Barry. Recent exploration drilling hit both thick, continuous mineralization at open pit depth and high-grade intervals within 200 m depth immediately adjacent of the 2021 MRE. We look forward to receiving more diamond drill results from this area soon.”
Figure 1 – Barry Project – Drill Hole Location Map.
See Figure 2 for details of drill holes in the northeast sector of the Barry deposit
The Barry drilling campaign is currently focused on the expansion of key gold mineralized zones around the 2021 MRE. Multiple diamond drill holes tested open pit potential to the northeast of the open pit resource shell in the 2021 MRE and followed up on deeper intercepts in hole MB-20-323 in the same sector (see press release dated March 1, 2021). Near-surface mineralization above open pit cut-off grade was intercepted up to 100 m northeast of the existing pit shell (Table 1, Figures 2, 3 and 4). Mineralization remains open to the east. Drilling also confirmed the presence of several H-type zones north of the 1000 zone, returning high-grade intercepts at less than 200 m depth and laterally within 50 to 250 m of the existing resource along the 1000 zone (Table 1, Figures 2, 3 and 4). Follow-up drilling on these very promising targets is expected to begin soon in order to better define their geometries. Several drill holes also continued to test extensions of the H series structures to the southwest, with success along the H3 zone, outlining continued potential at depth (Table 1 and Figure 1).
The Barry gold deposit is characterized by three dominant sets of structures, all dipping to the southeast. The sub-vertical shear zones and the H-Series shear zones dipping 25 to 40 degrees are hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Contact zones dip at 50-65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 700 m vertical and remains open for expansion.
Table 1: Barry Drillhole Results Highlights
Quality Control and Reporting Protocols
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.
Qualified Person
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.
About Bonterra Resources Inc.
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 four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently estimated at 75% 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 18-24 months to deliver shareholder value.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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 news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.
Val-d’Or, QC – July 13, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the completion of the option earn-in requirements to acquire a 70% interest in 81 strategic mineral claims totaling 3,590 hectares adjacent to the Company’s Gladiator Project (the “Duke Property”) and convert the option agreement into a joint venture agreement (the “JV”). In addition, Bonterra is pleased to provide an update on results from the ongoing drilling campaign on the Duke Property.
In July 2018, Bonterra signed the option agreement on the Duke Property (the “Duke Option”) with Beaufield Resources Inc. (See Figure 1 and the Bonterra press release dated July 9, 2018). Following the execution of the Duke Option, Osisko Mining Inc. (“Osisko”) acquired Beaufield Resources Inc. in August 2018.
Bonterra has now satisfied all of the terms under the Duke Option and has sent the notice of exercise of the Duke Option to Osisko. Following this notice, the joint venture agreement is deemed formed as set out in the Duke Option.
The key points of the JV are as follows:
70% interest of all mineral claims titles will be transferred to Bonterra.
Respective participating interest, and deemed contributions to past expenditures shall be allocated as follows:
Bonterra – 70%, with a deemed contribution of $7,000,000
Osisko – 30%, with a deemed contribution of $3,000,000
Bonterra will start as the operator of the JV.
Upon signature of the JV, creation of a management committee with the operator entitled to appoint three members to the committee and the non-operator entitled to appoint two members to the committee.
In the coming weeks, Bonterra and Osisko will work together to finalize the terms of the JV, create the management committee, and set an exploration budget for the Duke Property.
As part of the work commitment to exercise the Duke Option, Bonterra has drilled 65 holes representing a total of 23,775 metres (“m”) at the Duke Property since January 2020. Results from 52 drill holes have been received thus far. Results from the remaining 13 holes are pending (See Table 1 and Figures 1 and 2). Recent drilling at the Duke Property has expanded existing gold mineralization of Zone 18 to the East along an East-Northeast trend and identified several new sub-parallel mineralized trends within the Duke Property (see Figures 1 and 2).
Highlights:
1.6 g/t Au over 27.5 m, including 4.6 g/t Au over 7.0 m in hole DK-20-22 (Zone 18)
1.1 g/t Au over 12.3 m, including 2.9 g/t Au over 3.3 m in hole DK-20-26 (Zone 18)
1.5 g/t Au over 3.0 m and 1.2 g/t Au over 6.0 m in hole DK-20-28 (Zone 18)
3.3 g/t Au over 2.3 m and 4.9 g/t Au over 1.5 m in hole DK-20-29 (Zone 18)
2.3 g/t Au over 2.3 m in hole DK-21-01 (Zone 18 SE)
1.1 g/t Au over 14.0 m, including 4.7 g/t Au over 1.6 m, and 2.8 g/t Au over 1.5 m in hole DK-21-04 (Centaur)
Pascal Hamelin, CEO commented: “Completing the Duke Option is an important step in the ongoing regional exploration of the more than 38,000 hectares under Bonterra’s control. Drilling results on the Duke Property are very encouraging to date and support our view that there remains tremendous exploration potential within the Urban-Barry Camp. We are especially excited about the ongoing follow-up exploration drilling on the new Centaur Zone.”
The Duke Property mineralization is associated with multiple sub-parallel, moderately dipping to subvertical, shear hosted quartz-carbonate-chlorite veins and stockworks with minor pyrite and gold trending northeast to east west hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. The Duke Property drilling program was designed to test the extension of existing mineralized targets open along strike and explore several new targets, which include Zone 18, Zone 18 North, Zone 18 Southeast, Lac Rouleau South, East Sigmoid, Centaur, Titan Extension, Duke West, Coliseum North and Gladiator North. Gold mineralization consists of disseminated sulfides within shearzones and veins with local visible gold. Zone 18 has been delineated over 1 kilometre (“km”) along strike and remains open for expansion.
Drilling at the Duke Property has identified several new gold targets with thick mineralized intervals interpreted to having good continuity and spanning from 300 m to over two km in strike length (Zone 18 North and Centaur).
The new Centaur Zone gold target was intersected by two drill holes: DK-21-04 returned values of 1.1 g/t Au over 14.0 m, including 4.7 g/t Au over 1.6 m, and 2.8 g/t Au over 1.5 m. DK-21-07 returned a value of 0.6 g/t Au over 15.1 m. Zone 18 drill results returned 1.6 g/t over 27.5 m, including 4.6 g/t Au over 7.0 m in hole DK-20-22. The Duke West target returned anomalous gold values within shear hosted quartz veins and is interpreted as the axial-planar shear of an isoclinal fold (See Figures 1 and 2 and Table 1).
Table 1: Significant mineralized intersections from drilling on the Duke Property
Quality Control and Reporting Protocols
The Duke Property’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.
Qualified Person
Boris Artinian, P.Geo., Chief Geologist of the Company oversees all exploration activities on the Duke Property. Mr. Artinian is a qualified person as defined by National Instrument 43-101 (“NI-43-101”). Marc Ducharme, P.Geo. and Bonterra’s Exploration Manager, approved the information contained in this press release. Mr. Ducharme is a Qualified Person as defined by NI 43-101.
About Bonterra Resources Inc.
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 four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently estimated at 75% 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 18-24 months to deliver shareholder value.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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 news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.
Val-d’Or, QC – June 23, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce updated mineral resource estimates (“MREs”) for the Gladiator, Barry, and Moroy deposits, and Bachelor mine (the “2021 MREs”) prepared by independent firm, SLR Consulting (Canada) Ltd. (“SLR”). The 2021 MREs in this news release have been classified in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2014).
Following successful exploration and infill drilling programs, comprehensive mineralization modeling and higher gold prices, Bonterra is pleased to report an increase over the mineral resource estimates for the Gladiator, Barry and Moroy deposits prepared by SGS Canada Inc. (“SGS”) and dated July 11, 2019 (“2019 MREs”) of 78% and 27% in gold ounces (“oz”) for Measured and Indicated (“M&I”) and Inferred Mineral Resource categories, respectively.
The 2021 MREs benefited from nearly 130,000 metres (“m”) of drilling across the deposits since the 2019 MREs. The average drilling discovery rate resulted in approximately 7.1 oz/m drilled across all the deposits in the last two years. Bonterra plans to continue expansion drilling in the coming months on all deposits to support the Company’s growth strategy.
Table 1: Comparison of Mineral Resources in 2019 MREs with 2021 MREs
Pascal Hamelin, CEO commented: “The significant growth in estimated mineral resources across all categories supports Bonterra’s view that the Urban-Barry Camp has the potential to host multi-million oz gold deposits much like other camps within Canada’s Abitibi Greenstone Belt. The completion of the 2021 MREs sets the stage for a preliminary economic assessment (“PEA”) expected later this year. The PEA will examine the viability of a hub-and-spoke operation leveraging our existing Bachelor mill and associated infrastructure. Importantly, the permitting process to allow for an expansion of the Bachelor mill to 2,400 tonnes-per-day (“tpd”) from the current 800 tpd is approximately 75% complete.”
Cesar Gonzalez, Executive Chairman commented: “I would like to thank Pascal, Bonterra’s exploration team, board members on the Technical, Safety and Sustainability committee, and SLR that worked tirelessly to deliver the 2021 MREs on the timeline promised to our shareholders. The next milestone is the delivery of a PEA that is expected to demonstrate the economic potential of leveraging Bonterra’s existing infrastructure and permits with its rapidly growing estimated mineral resources.”
Bonterra will provide an update on its activities in a webinar, June 23, 2021 at 2:00 pm EST hosted by Adelaide Capital.
Table 2: Summary of MREs for Gladiator, Barry and Moroy Deposits, and Bachelor Mine – Effective June 1, 2021
Table 3: MREs for Gladiator, Barry and Moroy Deposits, and Bachelor Mine – Effective June 1, 2021
Mineral Resource Estimate Approach and Parameters
GLADIATOR DEPOSIT
The Gladiator Mineral Resource estimate is based on over 150 vein structures and clusters within seven structural groups. Block model grade estimates are controlled by the geological/vein interpretations and were completed using a three-pass inverse distance cubed (“ID3”) interpolation and capped 1 m composites. Indicated Mineral Resources were defined using drill hole spacing of up to approximately 40 m, a distance equal to the modeled variogram range. Inferred Mineral Resources are constrained by the vein wireframes and are supported by wider spaced drilling. Mineral Resources are reported within underground reporting shapes defined using a minimum thickness of 1.2 m and a gold cut-off grade of 2.6 g/t, limited to areas of continuous mineralization. All blocks within the underground constraining shapes have been included within the Mineral Resource estimate. A 50 m crown pillar below the base of overburden has been excluded from the Mineral Resources.
BARRY DEPOSIT
The Barry Mineral Resource estimate is based on over 70 veins grouped within six shallow to steeply dipping vein sets from surface to 650 m in depth, within which 1 m composites have been estimated in a multi-pass ID3 interpolation approach. Vein orientations are confirmed through mapping of surface exposure in the Barry historic pits and observed vein angles in drill core. Measured Mineral Resources were defined where proximal to historic pits and defined using drill holes spaced up to 20 m apart. Indicated Mineral Resources are limited to areas defined using drill holes spaced up to 50 m apart. Inferred Mineral Resources represent areas with drill hole spacing up to 100 m. Open pit Mineral Resources are reported within an optimized pit at a gold cut-off grade of 1.0 g/t, and below, underground Mineral Resources are reported within underground reporting shapes defined using a minimum thickness of 1.2 m and a gold cut-off grade of 2.6 g/t, and limited to areas of continuous mineralization. All blocks within the underground constraining shapes have been included within the Mineral Resource estimate.
BACHELOR MINE AND MOROY DEPOSIT
The Bachelor mine Mineral Resource estimate is defined by four wireframes representing mineralization extension just below and adjacent to existing mine workings. A total of 11 wireframes in four groups define the Moroy deposit domain extents. Vein orientations at Moroy have been confirmed through underground mapping and sampling, as well as vein orientations observed in drill core. At Bachelor, veins mimic overlying mined out areas in both orientation and form. For both Bachelor and Moroy, gold grades have been estimated using full width drill hole and channel sample intercepts within a multipass ID3 interpolation approach.
Measured Mineral Resources have been defined where proximal to development. Indicated and Inferred Mineral Resources were defined where drill hole spacings of up to approximately 35 m and 70 m were achieved, respectively, and modified to consider geological understanding and grade continuity. Mineral Resources at Bachelor are reported within underground reporting shapes defined using a minimum thickness of 1.2 m and a gold cut-off grade of 2.4 g/t. All blocks within the underground constraining shapes have been included within the Mineral Resource estimate. Mineral Resources at Moroy are reported using gold cut-off grades of 2.4 g/t and 3.0 g/t, as well as above grade-thickness values of 2.88 g/t m and 3.6 g/t m, domain dependent. A 50 m crown pillar below the base of overburden has been excluded from the Moroy Mineral Resources and existing mine workings have been excluded from both the Moroy deposit and Bachelor mine.
SUMMARY AND VALIDATION
All Mineral Resource domains were defined within Leapfrog Geo software and sub-block model estimates were completed within Leapfrog Edge or Datamine software. Underground constraining shapes at Gladiator, Barry and Bachelor Mine were optimized using Deswik stope optimizer software. The limit of the open pit Mineral Resource shell was optimized using Geovia Whittle software, and was determined with consideration to underground mining costs. In addition to standard database validation techniques, wireframe and block model validation procedures including wireframe to block volume confirmation, statistical comparisons with composite and nearest neighbour estimates, swath plots, visual reviews in 3D, longitudinal, cross section, and plan views, as well as cross software reporting confirmation were completed for all deposits. In addition to SLR’s internal peer and senior review processes, Bonterra’s technical team and external consultants SGS have reviewed the MREs.
These MREs will form the basis for a PEA, to be released in Q4, 2021. The MREs were completed in accordance with CIM (2014) incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The results of the MREs will be fully documented in an independent Technical Report prepared in accordance with NI 43-101 and to be filed on the Company’s SEDAR profile within 45 days of the disclosure of this news release.
Qualified Persons Statement
The MREs were prepared by Ms. Valerie Wilson, M.Sc., P.Geo., Consultant Geologist at SLR, based in Toronto, Ontario, Canada. Ms. Wilson is an Independent Qualified Person as defined by NI 43-101. Ms. Wilson has read and approved the contents of this news release as it relates to the disclosed MREs.
Allan Armitage, Ph.D., P.Geo. and Rohan Millar, B.Sc., P.Geo. acted as Independent Qualified Persons as defined by NI 43-101 on behalf of SGS in connection with the peer review of the MREs presented in this release.
Marc Ducharme, B.Sc., P.Geo. and Bonterra’s Exploration Manager, has reviewed and approved the information contained in this press release. Mr. Ducharme is a Qualified Person as defined by NI 43-101.
About Bonterra Resources Inc.
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 four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently estimated at 75% 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 18-24 months to deliver shareholder value.
FOR ADDITIONAL INFORMATION
Pascal Hamelin, President & CEO
ir@btrgold.com
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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” and “estimates” 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.
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).
Drilling Highlights*:
4.4 g/t Au over 8.0 m in hole MB-21-346
9.0 g/t Au over 3.6 m and 5.5 g/t Au over 2.1 m in hole MB-21-345
11.4 g/t Au over 1.8 m in hole MB-21-343
5.4 g/t Au over 5.0 m in hole MB-21-341
5.6 g/t Au over 4.0 m in hole MB-21-349
* 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.”
Figure 1 – Barry Project – Drill Hole Location MapFigure 2 – Barry West Composite Cross Section Figure 3 – Barry Central Composite Cross Section Figure 4 – Barry H15 Zone Longitudinal Section
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
Quality control and reporting protocols
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.
Qualified person
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.
About Bonterra Resources Inc.
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
ir@btrgold.com
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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.
Val-d’Or, QC – June 2, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) announces that the Board of Directors has accelerated the rotation of its audit and risk management committee (the “Audit Committee”) members in advance of its Annual General Meeting on June 15, 2021. Effective immediately, Cesar Gonzalez has rotated off the Audit Committee and replaced by Akiba Leisman. After affecting this change, the Audit Committee is comprised of Peter O’Malley (Chair), Matthew Happyjack and Akiba Leisman.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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.
Val-d’Or, QC – April 29, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has signed a collaboration agreement with the City of Lebel-sur-Quévillon (“LSQ”), and further solidifies the working relationship with local and regional stakeholders.
The purpose of this agreement is to build relations between Bonterra and LSQ and to promote optimal conditions of success for the development of the various Bonterra projects and, thereby, maximizing the socioeconomic benefits for the LSQ population. This agreement will be formalized by the creation of a collaboration offer from LSQ and in the medium-term, the creation of a collaboration committee between the two parties.
Mr. Pascal Hamelin, President and CEO, commented: “We are proud of this collaboration that will allow for the local and regional communities to prosper while respecting the principles of sustainable mining development. Bonterra has embraced a strong culture of corporate social responsibility and looks forward to continuing these mutual beneficial relationships as it advances the Gladiator, Barry and Moroy Projects.
The mayor of LSQ, Mr. Alain Poirier, is delighted with this agreement: “This collaboration agreement is part of a common desire to maximize the socioeconomic benefits in LSQ through wealth creation and job creation with regard to the principles of sustainable development.”
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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 includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Val-d’Or, QC – April 12, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) announces the grant of incentive stock options to acquire a total of 2,360,000 common shares of the Company to various consultants, employees, officers, and directors of the Company pursuant to the Company’s stock option plan and subject to any regulatory approval. Each stock option, vests immediately and is exercisable at a price of $1.16 per share for a period of five years from the grant date.
About Bonterra Resources Inc.
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 metres 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 and Chief Executive Officer
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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 news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Val-d’Or, QC – April 7, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has closed the brokered private placement previously announced on March 15, 2021 for gross proceeds of $17,472,300 (the “Offering”).
Pursuant to the Offering, Bonterra issued (a) 2,350,000 common shares of the Company (the “Common Shares”) at a price of $1.05 per Common Share for gross proceeds of $2,467,500, and (b) 10,420,000 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”) at a price of $1.44 per FT Share for gross proceeds of $15,004,800.
Cormark Securities Inc. acted as lead agent on behalf of a syndicate of agents which included INFOR Financial Inc. (collectively, the “Agents”). In connection with the Offering, the Agents received a cash fee in an amount equal to 6% of the gross proceeds of the FT Shares and 2% of the gross proceeds of the Common Shares.
The gross proceeds from the sale of the FT Shares will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada), which will be incurred on or before December 31, 2022 and renounced to the subscribers of the FT Shares with an effective date no later than December 31, 2021 in an aggregate amount not less than the gross proceeds raised from the sale of the FT Shares. The net proceeds from the issuance of the Common Shares will be used to complete the Preliminary Economic Assessment (“PEA”) on Bonterra’s Moroy, Gladiator and Barry projects and for general working capital purposes.
The Common Shares and FT Shares issued in the Offering are subject to a statutory hold period expiring on August 8, 2021. The Offering remains subject to final acceptance by the TSX Venture Exchange.
About Bonterra Resources Inc.
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 metres 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 and Chief Executive Officer
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.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 news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the FT Shares, use of proceeds of the Offering, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Val-d’Or, QC – March 31, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce an update on results from the ongoing drilling campaign at the Barry project. Recent drilling was designed to expand the Barry “H-Series” gold mineralized zones at depth (See Figures 1 and 2). The latest drilling results encompass 11 expansion diamond drill holes (4,794 metres (“m”)), including six drill holes that were deepened to test for potential extensions of “H-Series” subparallel zones. Drilling was highlighted by a wide zone of mineralization in drill hole MB-21-340 that intercepted 7.4 grams-per-tonne gold (“g/t Au”) over 14.7 m. The Company is currently drilling at a rate of approximately 10,000 m per month and plans a mineral resource estimate update for Q2/21 (the “2021 Resource Update”), which is expected to incorporate approximately 130,000 m of new drilling information, including results presented today. In addition, work on the the Preliminary Economic Assessment (“PEA”) is ongoing and is expected to be completed in the fall of 2021 (See press release dated March 1, 2021).
Highlights:
7.4 g/t Au over 14.7 m and 1.4 g/t Au over 6.8 m in hole MB-21-340
3.8 g/t Au over 6.8 m and 2.1 g/t Au over 6.6 m in hole MB-21-339
3.5 g/t Au over 6.3 m in hole MB-20-255
3.9 g/t Au over 2.7 m in hole MB-20-278
Pascal Hamelin, CEO commented: “The ongoing drilling results at Barry are very encouraging and support our view that tremendous exploration potential remains within the camp near existing infrastructure. Several historical intercepts suggest the potential for higher-grade material to the west and drill hole MB-21-340 is no exception. There are currently two diamond drill rigs operating at Barry. Importantly, having several parallel gold-bearing structures allows for drilling to pierce several zones with each hole. The Company continues to test extensions of the deposits at all three of the Company’s flagship assets in preparation of the upcoming resource update expected in Q2/21.”
Figure 1 – Barry Project – Drill Hole Location Map
Figure 2 – Barry Deposit Longitudinal Section
The Company has drilled 70 holes and deepened six existing holes representing a total of 28,658 m at Barry since July 23, 2020. Results from eight drill holes have been received since the press release dated March 1, 2021. Results from the remaining three holes are still pending (See Table 1 and Figures 1 and 2).
The Barry gold deposit is characterized as multiple sub-parallel, sub-vertical, shear zones and a second set of subparallel “H-Series” veins dipping 50 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.
Due to an accumulated backlog at the Company’s laboratory, assaying priority has been assigned to drill hole samples directly affected within the 2021 Resource Update. Pending assays of samples awaiting analysis from drilling beyond the project models not included in the 2021 Resource Update are to be processed by Activation Laboratories Ltd. (“Actlabs”), based in northwestern Quebec.
Table 1: Significant mineralized intersections of recent drilling on the Barry deposit
Six existing drill holes (MB-18-189, MB-18-191, MB-18-198, MB-20-246, MB-20-255 and MB-20-278) were deepened and five new holes (MB-21-336 to 340) targeted the expansion of key areas confirming mineral continuity within the inferred resource from the 2019 Barry mineral resource estimate. Drilling results confirm the expansion of multiple “H-Series” subparallel zones open at depth in the central and west areas of the Barry deposit.
The following holes have returned significant grades in this sector; MB-20-255: 3.5 g/t Au over 6.3 m in the H15 Zone; MB-20-278: 3.9 g/t Au over 2.7 m in the H15 Zone; MB-21-339: 3.8 g/t Au over 6.8 m in the H12 zone and 2.1 g/t Au over 6.6 m in the H15 zone; MB-21-340: 7.4 g/t Au over 14.7 m in the H8 Zone and 1.4 g/t Au over 6.8 m in the H15 Zone. Hole MB-21-336 intersected the 1000 zone returning 2.0 g/t Au over 2.0 m confirming that mineralization along this Barry zone remains open towards the east and at depth (See Table 1 and Figures 1 and 2).
Quality control and reporting protocols
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. Pending assays of samples awaiting analysis from drilling beyond the project models not included in the 2021 Resource Update are to be processed at Actlabs, based in northwestern Quebec.
Qualified person
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 National Instrument 43-101.
About Bonterra Resources Inc.
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
ir@btrgold.com
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
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.
