Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (the “Company” or “Bonterra”) is pleased to announce initial results from the ongoing winter drilling campaign at the Gladiator Gold Deposit, including an intersection of 16.9 g/t Au over 6.5 m. High-grade intersections from four recent drill holes continue to demonstrate the continuity of the deposit and once again highlight the predictability of the mineralized zones with increased drilling density. The ongoing drilling campaign, totaling 70,000 m in 2018, includes infill and definition drilling at the Gladiator Gold Deposit. Five active drill rigs are currently focused to support the timing and completion of an updated mineral resource estimate in the second half of 2018.
Highlights and Observations:
- Hole BA-18-04 intersected 16.9 g/t Au over 6.5 m at the Main Zone and 14.1 g/t Au over 1.5 m at the South Zone.
- MT-18-01 intersected the Main Zone with 8.4 g/t Au over 2.9 m and 8.6 g/t Au over 3.6 m. MT-18-02 intersected the Main Zone with 9.3 g/t Au over 4.0 m. These holes will provide the representative sample for the ongoing metallurgical studies and add infill definition to the Main Zone.
- Hole BA-18-03A intersected the Main Zone, adding strike length at depth with 3.5 g/t Au over 2.0 m.
- Initial results from the ongoing winter drilling campaign demonstrate the continuity of the Gladiator Deposit and strength of the geological model with increased drill density.
- To date, continuity of mineralization is now confirmed over a total drilled strike length on at least four horizons (North, Footwall, Main and South) of 1,200 m, as well as a drilled depth of 1,000+ m.
Dale Ginn, VP Exploration, stated, “Initial results from the winter drilling campaign continue to highlight the predictability of the mineralized zones and the validity of the geological model. The positive results from the large diameter drilling will contribute to the success of the preliminary metallurgical work at the deposit. Bonterra continues to successfully execute its aggressive resource development program with seven active drills on site, and five drills at work on the Gladiator Gold Deposit.”
MT-18-01 intersected the Main Zone with 8.4 g/t Au over 2.9 m and 8.6 g/t Au over 3.6 m. MT-18-02 intersected the Main Zone with 9.3 g/t Au over 4.0 m. Both MT-18-01 and MT-18-02 were large HQ-diameter drill holes through the Main Zone. These holes were designed to contribute to the representative metallurgical sample and for near surface zone definition.
BA-18-03A intersected the Main Zone at 800 m depth with 3.5 g/t Au over 2.0 m. Hole BA-18-03A was drilled under plunge of the high-grade intersections of the Main Zone and adds strike length to the deposit at depth.
Hole BA-18-04 intersected 16.9 g/t Au over 6.5 m at the Main Zone and 14.1 g/t Au over 1.5 m at the South Zone. BA-18-04 was the first drill hole completed on the ice as part of the winter drilling campaign focused on the western side the deposit. Intersections in BA-18-04 provide excellent down-dip continuity on multiple zones as predicted by the geological model.
The seven drill 30,000 m winter drilling campaign is part of the ongoing resource development program at the Gladiator Gold Deposit. Bonterra continues to advance the development of the Gladiator Gold Deposit through definition drilling across all mineralized horizons.
Hole | From (m) | To (m) | Length* (m) | Grade (g/t Au) | Zone/Area |
MT-18-01 | 56.1 | 59.0 | 2.9 | 8.4 | Main Zone |
MT-18-01 | 60.4 | 64.0 | 3.6 | 8.6 | Main Zone |
MT-18-02 | 39.7 | 43.7 | 4.0 | 9.3 | Main Zone |
BA-18-03A | 956.0 | 958.0 | 2.0 | 3.5 | Main Zone |
BA-18-04 | 153.5 | 160.0 | 6.5 | 16.9 | Main Zone |
BA-18-04 | 294.4 | 295.9 | 1.5 | 14.1 | South Zone |
*Stated lengths are core width as drilled, true widths vary and average between 60 and 80 percent of drilled widths. Core axis angles of the intersection contacts and surrounding rock units average 55 to 70 degrees. |
Please see http://www.bonterraresources.com/en/gladiator/maps-sections for updated maps including long sections and cross sections.
The Company also announces that, subject to TSX Venture Exchange acceptance, it has retained Venture Liquidity Providers Inc. (“VLP“) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the Company.
The market-making service will be undertaken by VLP through registered broker, W.D. Latimer Co. Ltd., in compliance with the policies of the TSX Venture Exchange and other applicable laws. For its services, the Company has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm’s length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the Company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto and provides a variety of services focused on TSX Venture Exchange listed issuers.
Bonterra Resources Quick Facts:
- Well financed with approximately $60 million raised in past 12 months.
- Strong Shareholder Base including: Eric Sprott, Van Eck, Kirkland Lake Gold
- Gladiator Gold Deposit:
- Deposit extension and resource expansion underway with 60,000 m completed in 2017 and 70,000 m planned for 2018.
- Advancing to the completion of an updated NI 43-101 Mineral Resource Estimate in the second half of 2018.
- Drilled dimensions of the Gladiator Gold Deposit are currently outlined to a depth of 1,000 m below surface, and a strike length of 1,200 m.
- Gladiator remains open in all directions, where at least five distinct sub-parallel zones or mineralized horizons have been identified.
- Drilling is currently focused on the continued expansion of Gladiator Gold Deposit and exploration targets within the 10,541-hectare Urban-Barry property.
- Larder Lake Gold Property:
- 100% controlled 2,221-hectare in the Cadillac-Larder Break camp in Ontario (refer to March 17, 2016 news release highlighting historical gold resource).
- Excellent access to three high grade gold deposits between Kirkland Lake and Virginiatown.
Robert Gagnon, P.Geo., has approved the information contained in this release. Mr. Gagnon is a director of Bonterra and is a Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President & CEO
Bonterra Resources Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” that is based on Bonterra’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and 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. Bonterra disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Bonterra Resources Inc.
For further information: on Bonterra, contact Investor Relations: Telephone: 1 844 233 2034, Email: ir@bonterraresources.com, Website: www.bonterraresources.com