Val-d’Or, QC – November 30, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to report it has recovered and sold 1,346.5 ounces of gold in total, generating gross revenue of C$3.6 million (including the first gold sale announced on August 9, 2023) from the Bachelor Mill cleanup process. The costs associated with the sales, which include gold recovery efforts, shipment, royalty payments and refining represent a total of C$0.9 million for a net revenue of C$2.7 million.
Marc-André Pelletier, President and CEO commented: “Following the receipt of an additional C$4 million from the recent transaction with Osisko Mining and the abovementioned gold sales, the Company should now have enough funds to complete this year’s 15,000 meters drill campaign at our 100%-owned Desmaraisville properties. There is presently three drill rigs turning at Desmaraisville focusing on high-grade intercepts that were previously drilled but not followed up on and other regional exploration targets that have never been drilled.
Throughout the year, we have creatively generated revenue and significantly reduced expenses while diligently spending on exploration work. I would like to thank our employees for their dedicated efforts in making these achievements possible.”
Qualified Person
Marc-André Pelletier, P.Eng., (OIQ # 113978) President and CEO of the Company has verified and approved the information contained in this press release. Mr. Pelletier is a qualified person as defined by National Instrument 43-101 on standards of disclosure for mineral projects.
About Bonterra Resources Inc.
Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company’s assets include the Gladiator, Barry, Moroy, and Bachelor gold deposits, which collectively hold 1.24 million ounces in Measured and Indicated categories and 1.78 million ounces in the Inferred category.
In November 2023, the Company entered into a earn-in and joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. Over the next three years, Osisko can earn a 70% interest by incurring $30 million in work expenditures. This strategic transaction highlights Bonterra’s dedication to advancing its exploration assets, marking a significant step towards development.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9 819-279-9304 | 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.
Caution regarding 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 the earn-in and joint venture agreement with Osisko Mining announced on November 28, 2023. 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.
Option Agreement Provides Osisko Mining an Option to Earn-In a 70% Interest in Bonterra’s Gladiator and Barry Projects, and Adjoining Duke and Lac Barry Properties
Val-d’Or, QC – November 28, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has executed a definitive earn-in and joint venture agreement (the “Agreement”) with Osisko Mining Inc. (“Osisko”), further to the news release of Bonterra dated September 25, 2023 and entitled “Bonterra Announces Binding Letter Agreement for Joint Venture with Osisko Mining”. Under the Agreement, Osisko has the right to acquire up to a 70% interest in the Company’s Gladiator and Barry projects, in addition to the adjoining Duke and Lac Barry properties held through joint venture agreements with Osisko and Gold Royalty Corp., respectively (collectively, the “Properties”), all located in Quebec’s Eeyou Istchee James Bay region and consisting of an aggregate of 496 claims over 22,508 hectares, as shown on the accompanying map.
Pursuant to the terms of the Agreement, Osisko has paid the Company initial up-front payments totalling $5 million. Osisko can earn a 70% interest in the Properties, reducing the Company’s interest in the Gladiator, Barry and Duke Properties to 30% and its interest in the Lac Barry joint venture to 15%, by expending $30 million dollars on qualifying expenditures on the Properties over the next three years. Specific terms of the Agreement include:
Completion of $30 million in work expenditures on the properties, with a minimum spending commitment of $10 million per year over the three year period following the execution of the Agreement;
Osisko will have the right to carry over work expenditures from year to year, and to pay cash in lieu of expenditures in the event of a shortfall;
Osisko will be the operator for the Properties during the exploration earn-in period;
Once a 70% interest in the Properties is earned by Osisko, the Properties will be operated as a joint venture (the “Joint Venture”), with Osisko as the operator, and each party required to contribute to future work expenditures in accordance with the proportional interests in the Joint Venture;
Dilution of a party to less than 10% of the Joint Venture will result in the conversion of their respective Joint Venture interest to a 1% net smelter return royalty, 50% of which is subject to a buyback right of $1 million; and
In its sole discretion, Osisko may accelerate its exercise of the earn-in right.
Marc-André Pelletier, Chief Executive Officer and President of the Company, commented “We’re excited to announce our partnership with Osisko on the Properties. With a $30 million exploration budget over three years and leveraging Osisko’s expertise in this prolific gold camp, we believe we’re well positioned for significant exploration and development success on the Gladiator and Bary projects. Concurrently, we have three drill rigs turning at our 100%- owned Desmaraisville property near the Bachelor Mill Complex and are focusing on high-grade intercepts that were previously drilled, but not followed up on.
With the additional $4 million received on closing ($1m already received) and the revenue streams from leasing the Bachelor camp and selling gold from the mill clean-up, we expect to have ample funds to complete this year’s more than 15,000 meters drill campaign at the Desmaraisville properties.”
The Agreement has been approved by the TSX Venture Exchange.
As payment for its role as the Company’s financial advisor in connection with the Joint Venture, Cormark Securities Inc. received an advisory fee of $200,000 in cash and $200,000 in common shares of the Company. McMillan LLP acted as the Company’s legal advisors in connection with the Joint Venture. Bennett Jones LLP acted as Osisko’s legal advisors in connection with the Joint Venture.
ABOUT BONTERRA
Bonterra is a Canadian gold exploration company with a large balanced portfolio of exploration and mining assets including the Gladiator, Barry and Moroy deposits, Bachelor Mill and multiple highly prospective exploration prospects. Bonterra controls the only permitted gold mill in the region with a large land position of over 38,000 hectares in the Urban Barry Camp. Bonterra is located in the mining-friendly province of Quebec, within the Abitibi Greenstone Belt. For more information about Bonterra, please visit Bonterra’s website at https://btrgold.com/.
FOR ADDITIONAL INFORMATION
Marc-André Pelletier, President & CEO ir@btrgold.com
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. 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. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the ability and timing of the parties to complete the Joint Venture (if at all), whether the work expenditures would be incurred as contemplated in the Agreement (or at all), the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in the Company’s recent securities filings available at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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 – October 31, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) announces that, further to its September 25, 2023 news release regarding the binding letter agreement (the “Letter Agreement”) with Osisko Mining Inc. (“Osisko”) relating to an exploration earn-in and joint venture agreement on its Urban-Barry property and adjoining Duke and Lac Barry properties, the parties have extended the outside date to enter into a definitive agreement from October 31, 2023 to November 17, 2023, or such other date as the parties may agree.
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.
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. 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. The forward‐ looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, 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.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Val-d’Or, QC – October 19, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”)announces corporate changes to its Board of Directors (the “Board”). Effective immediately, Mr. Akiba Leisman has resigned as director of the Company. The Company would like to express its sincere gratitude to Mr. Leisman for his contributions and dedicated service during his tenure.
In addition, Bonterra is pleased to announce the appointment of Paul M. Jacobi as a Director of the Company, effective immediately. Mr. Jacobi joined Wexford Capital LP in 1996 and became a Partner in 2012. From 1995-96, Mr. Jacobi worked for Moody’s Investors Services as an analyst covering the investment banking and asset management industries. From 1993-95, Mr. Jacobi was employed by Kidder Peabody & Co. as a senior financial analyst in the investment banking group. From 1988-93, Mr. Jacobi worked for KPMG Peat Marwick as an audit manager in the financial services practice. Mr. Jacobi holds a BS in accounting from Villanova University and is a Certified Public Accountant.
Marc-André Pelletier President and CEO of Bonterra commented: “On behalf of the Board I would like to thank Akiba for his contribution to Bonterra and wish him the best. Bonterra is pleased to welcome Paul as a new director and look forward to benefiting from his extensive financial experience.”
FOR ADDITIONAL INFORMATION
Marc-André Pelletier, 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.
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. 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. The forward‐ looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, 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.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Val-d’Or, QC – September 25, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has entered into a binding letter agreement (the “Letter Agreement”) with Osisko Mining Inc. (“Osisko”) for an exploration earn-in and joint venture agreement on its UrbanBarry property (host to the Gladiator and Barry deposits), in addition to the adjoining Duke and Lac Barry properties (together, the “Properties”), all located in Québec’s Eeyou Istchee James Bay region. The Duke property is currently 70% owned by Bonterra and 30% owned by Osisko, and the Lac Barry property is currently 85% owned by Bonterra and 15% owned by Gold Royalties Corp. The Properties total 496 claims over 22,508 hectares.
Key Highlights of the Proposed Joint Venture
The earn-in and joint venture, which will be formalized by the parties executing a definitive exploration earn-in and joint venture agreement (the “Definitive Agreement”), will provide the terms for the advancement of the Properties through a $30 million investment by Osisko over a three-year period. The Letter Agreement provides that, subject to the execution of the Definitive Agreement, Osisko will have the ability to earn a 70% interest in the Properties on the following terms:
An initial up-front payment of $5 million ($1 million on the first business day after signing the LetterAgreement and $4 million upon execution of the Definitive Agreement);
Completion of $30 million in work expenditures on the Properties, with a minimum spending commitmentof $10 million per year over the three year period following the execution of the Definitive Agreement;
Osisko will have the right to carry over work expenditures from year to year, and to pay cash in lieu of expenditures in the event of a shortfall;
Osisko will be the operator for the Properties during the exploration earn-in period;
Once a 70% interest in the Properties is earned by Osisko, the Properties will be operated as a joint venture(the “Joint Venture”), with Osisko as the operator, and each party required to contribute to future work expenditures in accordance with their proportional interests in the Joint Venture;
Dilution of a party to less than 10% of the Joint Venture will result in the conversion of their respective Joint Venture interest to a 1% net smelter return royalty.
Cesar Gonzalez, Executive Chairman of Bonterra, commented “Through this strategic partnership with Osisko, Bonterra is poised for an exciting new chapter in the development of our Urban-Barry property and the surrounding Duke and Lac Barry properties. With Osisko’s substantial $30 million investment over three years and deep understanding of this prolific gold camp, we expect to unlock the full exploration potential of the Properties. Importantly, the earn-in and joint venture agreement does not include the Bachelor-Desmaraisville property, which hosts the Bachelor Mill Complex and where exploration drilling is ongoing and 10,000 meters are expected to be drilled before year end.”
The Letter Agreement provides for the execution of the Definitive Agreement by October 31, 2023. Further details regarding the proposed Joint Venture will be provided in a comprehensive news release when the parties enter into the Definitive Agreement, which is expected to be on customary industry terms. The proposed Joint Venture is subject to, among other things, the completion of satisfactory due diligence by Osisko, the execution of the Definitive Agreement and the approval of the TSX Venture Exchange. All dollar amounts are in Canadian dollars.
Cormark Securities Inc. is acting as the Company’s financial advisor in connection with the Joint Venture and McMillan LLP is acting as legal counsel.
Suspension of Previously Announced Offering
In light of the Letter Agreement, the Company has determined that it will not be proceeding with the brokered private placement offering of units announced on September 11, 2023. The Company would like to thank all investors who expressed interest in participating in the offering.
FOR ADDITIONAL INFORMATION
Marc-André Pelletier, 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.
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. 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. The forward‐ looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, 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.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Val-d’Or, QC – August 9, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to report that the Bachelor Mill cleanup process has recovered 630 ounces of gold to date generating revenue of CAN$1.6 million. Gold recovery efforts continue at the mill and the Company expects additional revenue in the coming months.
Marc-André Pelletier, President and CEO commented: “I would like to thank Bonterra’s employees that are diligently working on the Bachelor Mill cleanup, especially after being evacuated on more than one occasion this summer due to forest fires. The next gold shipment is expected in Q4, and when combined with the 630 ounces already sold, revenue from the mill cleanup is expected to offset the majority of the Company’s exploration activities through the end of 2023. Importantly, the Company is currently working on an updated exploration program with the objective of testing the extension of mineral resources near the Barry, Gladiator and Bachelor deposits.”
Qualified Person
Marc-André Pelletier, P.Eng., (OIQ # 113978) President and CEO of the Company has verified and approved the information contained in this press release. Mr. Pelletier is a qualified person as defined by National Instrument 43-101 on standards of disclosure for mineral projects.
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. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9 819-279-9304 | 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.
Caution regarding 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 plans to continue cleaning up the Bachelor Mill and recovering gold. 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 – July 19, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) provides the following update on the forest fires situation in the Eeyou Istchee James Bay territory, where the Company’s projects and processing infrastructure are located. The Ministère des Ressources Naturelles et des Forêts (“MRNF”) has authorized access to the forests and roads, consequently, exploration activities can restart. The Company will resume its activities gradually while following all guidelines in force.
Also, following the Annual General Meeting of the Company, the Board of directors (the “Board”) has appointed Mr. Normand Champigny as lead independent director of the Board.
Marc André Pelletier, President and CEO commented: “We would like to thank the firefighters who are fighting the forest fires that forced the stoppage of our operations since early June. Fortunately, the Barry and Gladiator camps and the Bachelor Mill Complex were not damaged by the fires. Exploration work will resume soon as will as the cleaning and recovery of gold at the Bachelor Mill, which is expected to produce a first shipment to the refinery towards the end of the month. On behalf of the Board, I would like to thank Normand for having accepted the role of lead independent director.”
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. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9 819-279-9304 | 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.
Caution regarding 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 explora tion 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 15, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) announces election results of its 2023 annual general meeting held on June 14, 2023 (“2023 AGM”), representing its fiscal year ended 2022.
Bonterra is pleased to announce that shareholders have approved all matters voted on at the 2023 AGM, including: (i) to set the number of Directors at six (6); (ii) to re-elect Messrs. Cesar Gonzalez, Marc-André Pelletier, Normand Champigny, Matthew Happyjack, Akiba Leisman and Peter O’Malley as Directors; (iii) to appoint the Crowe MacKay LLP, as auditors of the Company for the ensuing year and to authorize the directors to fix their remuneration; and (iv) to consider and, if deemed advisable, adopt with or without variation, an ordinary resolution to approve the Company’s Omnibus Equity Incentive Compensation Plan.
Details in respect of such matters were provided in the Company’s management information circular dated May 4, 2023. A total of 93,352,776 common shares were voted at the Meeting, representing approximately 74% of the common shares issued and outstanding as of the record date.
Results from the vote are presented in the table below:
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. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9 819-279-9304 | 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.
Caution regarding 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 and placing the Bachelor-Moroy deposit under long-term care and maintenance. 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 forwardlooking 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 5, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) provides the following update on the forest fires in the Abitibi, and Eeyou Istchee James Bay, where the Company’s projects and infrastructures are located. With the wildfires that are active in a large part of Quebec, particularly near the city of Lebel-sur-Quévillon, the Ministère des Ressources naturelles et des Forêts (MRNF) has modified the ban of forest access on Crown land and closure of roads. Following that directive, Bonterra has stopped its exploration activities and evacuated safely all personnel.
Marc-André Pelletier, President and CEO commented: ” The forest fire situation is exceptional and Bonterra remains on the lookout for any development. The Barry and Gladiator camps and the Bachelor Mill Complex are not currently in danger, but we continue to monitor the situation with the authorities. We sincerely hope the situation will improve over the week. “
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. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9 819-279-9304 | 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.
Caution regarding 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 and placing the Bachelor-Moroy deposit under long-term care and maintenance. 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 – May 30, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce more results from the now completed infill and expansion drilling campaign at the Barry underground project, which holds 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources according to the last mineral resources estimate (the “2021 MRE”, see press release dated June 23, 2021). The primary goal of this campaign was to convert mineral resources to a higher confidence category and enhance the interpretation and grade continuity of the mineralization, primarily in the upper section of the deposit. In total, 31,349 metres (“m”) (91 holes) of infill drilling has been completed from surface since August 2022. The Company has received assays for 89 holes so far, including the holes disclosed in this release (see press releases dated November 15, 2022, December 12, 2022, March 27, 2023, and May 1, 2023, for previously released holes). To date, 1,619 samples are pending results.
Highlights include:
8.2 g/t Au over 8.2 m, including 16.6 g/t Au over 3.4 m and 54.5 g/t Au over 0.5 m in holeMB-23-593A
5.0 g/t Au over 7.2 m, including 23.0 g/t Au over 0.7 m and 16.2 g/t Au over 0.6 m in holeMB-23-599
7.2 g/t Au over 3.7 m, including 30.0 g/t Au over 0.5 m in hole MB-23-601A
6.4 g/t Au over 2.9 m, including 16.9 g/t Au over 1.0 m in hole MB-23-611
Operational Updates
In addition to the cost saving initiatives announced in November 2022 and March 2023 (see press releases dated November 23, 2022, and March 6, 2023), the Company implemented a new working schedule at the Barry site in April 2023 and expects to reduce fixed camp costs by 50% or approximately $0.5 million (“M”) in 2023. Also, the Company received proceeds of $0.4 M in Q1 2023 from the rental of the Bachelor camp during the construction of the proposed Kuikuhaacheu hydroelectric power transmission line from the Waswanipi substation to the Windfall gold project, which is approximately 15 kilometers (“km”) from Bonterra’s Barry and Gladiator deposits. More revenue is expected for the rest of the year. Finally, the Company is currently undertaking the cleaning of the Bachelor Mill to recover the gold trapped in the circuit from past production activity. This work is expected to take place in the ensuing months and the revenue generated is expected to support the Company’s exploration activities.
Marc André Pelletier, President and CEO commented: “Several revenue-generating and costcutting initiatives are currently underway to bolster our operations and facilitate our renewed focus on exploration in the Urban-Barry camp. We share the same belief as our neighbors, Gold Fields and Osisko Mining, in the untapped potential for new discoveries within the Urban-Barry camp. The findings announced today provide further confirmation of the Barry deposit’s depth potential, with the 800 Zone remaining open down plunge to the East. We are pleased with the progress of our ongoing drill campaigns at Panache South and Barry North-East, following our updated work schedule, and we thank our employees for their flexibility.”
Exploration Updates
The Company has allocated one drill rig to its Barry North-East regional exploration program, which consists of eleven drill holes covering 3,200 m (See Figure 3). This program targets induced polarization anomalies along the Mazeres fault corridor, located three km to the northeast of the Barry deposit. So far, four drill holes covering 1,654 m have been completed.
The Company also commenced a 3,500 m exploration and follow-up drill program at the Panache South target area. The program is currently testing targets North of historical showing of 12.9 g/t Au over 0.5 m and 3.2 g/t Au over 0.4 m as well as showings from the 2021 drill campaign where significant gold mineralization was intersected such as 5.5 g/t Au over 1.5 m, including 16.2 g/t Au over 0.5 m, 23.1 g/t Au over 2.3 m, including 62.3 g/t Au over 0.8 m, and 30.6 g/t Au over 1.5 m, including 91.4 g/t Au over 0.5 m from shear-hosted quartz carbonate vein systems (Panache South drill hole references in this paragraph are from the Company’s press release dated March 1, 2022). So far, two drill holes totalling 909 m have been completed.
Diamond Drilling Results Highlights:
The infill drill program at the Barry underground project was designed to convert the Inferred resources from the 2021 MRE into Indicated resources by decreasing the drill spacing to 25 m and to expand the mineralization in the sub-vertical 800 Zone at depth. The results presented in this release keep on defining the high grade ore shoots between 100 and 200 m below the surface and better delineate the mineralization in the lesser drilled portion of the 800 Zone around 250 m below the surface.
The latest infill drilling results from the 800 Zone demonstrate the continuity of the mineralization. Hole MB-23-593A returned results of 8.2 g/t Au over 8.2 m including 54.5 g/t Au over 0.5 m, hole MB 23-599 returned 5.0 g/t Au over 7.2 m including 16.2 g/t Au over 0.6 m, as well as hole MB 23-601A returned 7.2 g/t Au over 3.7m including 30 g/t Au over 0.5m and finally the MB 23-611 returned 6.4 g/t Au over 2.9 m including 16.2 g/t Au over 2.0 m. All the results confirm the plunge of the gold trend, its extension at depth and the potential to increase the mineral resources for the 800 Zone.
The Barry North-East and the Panache South properties are located on the west portion of the Urban-Barry camp, in the Macho mafic volcanic formation, where the Barry deposit and Moss showings occur along the Mazeres fault system striking N60 toward the Osisko Mining’s Windfall deposit. The Panache showing located in the northeast portion of the area occurs along the Milner fault which also hosts the Fox and Fox West Zones owned by Osisko Mining.
Barry Deposit Geology
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 from 50 to 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 sulphides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 km along strike and 700 m below surface and remains open for expansion.
Table of diamond drill hole results:
The following table shows the significant intersections of the drill holes presented in this press release.
Quality Control and Reporting Protocols
The Barry project’s drill core gold analyses are performed at Actlabs located in Ste-GermaineBoulé, Quebec. The external laboratories employ a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish and with gravimetric finish for assay above 10 g/t Au at Actlabs and AGAT laboratories. 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 5% 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
Donald Trudel, P.Geo., (OGQ # 813) Director of Geology of the Company oversees all exploration activities on the Urban- Barry property and has compiled and approved the information contained in this press release. Mr. Trudel is a qualified person as defined by National Instrument 43-101 on standards of disclosure for mineral projects.
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. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.
2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9 819-279-9304 | 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.
Caution regarding 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 and placing the Bachelor-Moroy deposit under long-term care and maintenance. 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 forwardlooking 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.
