Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (the “Company” or “Bonterra”) is pleased to announce both the appointment of Mr. Peter A. Ball as Vice President of Operations and an update of the ongoing Winter Drill Program and metallurgical studies.
“I am pleased to have Peter formally join the Bonterra team, as he has been a Board Advisor since 2015. Originally from Kirkland Lake, Ontario, and a fifth generation mining professional, he brings extensive knowledge of the mining sector stretching back to the 1980s, where he commenced his career working as a mining engineer. Peter has held senior level executive positions with multiple precious and base metals companies, including recently the CEO of a North American gold exploration company. Peter will be a valued addition to the Bonterra senior management team as Vice President ofOperations as we push forward with our metallurgical studies and resource update,” stated Nav Dhaliwal, President and CEO of the Company.
Mr. Ball is a mining professional with over 25 years of experience in mining engineering, corporate finance, business development and marketing, and most recently held the position of President & CEO of Redstar Gold Corp. Mr. Ball began his career in the late 1980s working as a mining engineer, and subsequently in various management and senior executive roles for numerous companies including Hudson Bay Mining & Smelting, Echo Bay Mines Ltd., Eldorado Gold Corp., Adriana Resources Inc., Argentex Mining Corp., Century Mining Corp., and Columbus Gold Corp. He currently serves as a Director for several publicly listed companies and is a graduate of the Haileybury School of Mines and Georgian Business College. Mr. Ball has been active with Bonterra since 2015 as a Board advisor.
Dale Ginn, VP Exploration, commented, “I have known Peter since the early 1990s when we had the opportunity to work together for a few years during a period of successive new discoveries and mine developments at Hudson Bay Mining & Smelting, and when Peter worked as a senior mining engineer. I am pleased to once again team up as we continue to advance the resource development program at the Gladiator Gold Project. Peter’s technical skills, along with his extensive capital markets experience, is a great addition to the team as we accelerate our development activities at Gladiator.”
Metallurgical Studies Review
ALS Metallurgy (“ALS”) of Kamloops, British Columbia, has been contracted to complete metallurgical studies for the Gladiator Gold Deposit. The metallurgical work will include at minimum; grind optimization, gravity separation, flotation, and cyanide leach testing. These studies are intended to provide an initial look at the characteristics of mineralization to help guide future optimization test work and processing flow sheet specifications. ALS will complete the work on approximately 45 kg of composite sample from the Main Zone from two wide diameter holes (MT-18-01, MT-18-02). Optimization work will continue as results are received and the Company does not anticipate disclosing results until completion in Q2-2018. Results from the metallurgical test work will be an integral part of the information to be used in the future potential engineering studies as we continue to de-risk the Gladiator Gold Deposit.
Winter Drill Program Review
The ongoing drilling campaign, totaling 70,000 meters in 2018, includes infill and definition drilling at the Gladiator Gold Deposit. The Winter Drill Program is comprised of five (5) drill rigs completing ~25,000 meters on the Gladiator Gold deposit, and is focused on definition drilling at a 50-meter drill hole spacing for the updated resource estimate in the second half of 2018. In addition, two (2) drill rigs, completing ~5,000 meters, have been deployed on regional exploration targets to the southwest (Coliseum Zone) and to the northeast (St. Cyr Zone).
Both the preliminary metallurgical studies and accelerated drill programs are on schedule and budget, ensuring the completion of our mineral resource update in the second half of 2018.
Please see http://www.bonterraresources.com/en/gladiator/maps-sections for updated maps including long sections and cross sections.
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: Bonterra, contact Investor Relations, Telephone: 1 844 233 2034, Email: ir@bonterraresources.com, Website: www.bonterraresources.com