Val-d’Or, QC – January 2, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that effective January 2, 2024, it granted to certain officers of the Company an aggregate of 750,000 restricted share units of Bonterra (“RSUs”). The RSUs are subject to a one-year vesting period from the date of grant in accordance with the Company’s Omnibus Equity Incentive Compensation Plan.
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.
FOR ADDITIONAL INFORMATION
Marc-André Pelletier, President & CEO
ir@btrgold.com
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.
Val-d’Or, QC – December 14, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the completion of a highresolution helicopter-borne gravity survey and the commencement of a ground induced polarization (“IP”) survey at its Desmaraisville North and South Properties (the “Properties”). These comprehensive gravity and IP surveys are expected to assist the Company in its 2024 exploration program by generating exploration targets.
Bonterra contracted Sander Geophysics Ltd (“SGL”) based in Ottawa, Ontario to conduct a high-resolution helicopter-borne gravity survey on its Properties (Figure 1). The survey consisted of a total of 1,583 line-kilometers (“km”) at 200 meters (“m”) flight-line spacing and flown at a 60 m elevation over the entirety of the Properties. The purpose of the survey is to identify potential target areas of gold enrichment in enhanced basement alteration associated with large structural corridors and as well to identify potential targets for base metals (Zn, Pb and Ag) and strategic metals (Ni and Cu) associated with volcanic and ultramafic geological environments. The survey was completed in November and preliminary data has already been received. The final report and interpretations are expected by year end.
Bonterra has also contracted Abitibi Geophysics Inc. (“AG”) of Val-d’Or, Quebec to carry out an 85 line-km OreVision® 2D IP survey at its Desmaraisville South Property (Figure 2). The survey consists of a total of 80 line-km with a configuration of a = 37.5 m and n = 1 to 20 for a depth of investigation of 300 m. The surveyed area covers the Opawica-Guercheville corridor of deformation where numerous gold showings have been previously discovered and historical gold mineral resources have been estimated. The survey is expected to be completed by year end and will be used in combination with the gravity survey to identify and explore disseminated and massive sulfide mineralized zones in the Company’s as part of the Company’s 2024 exploration program.
In early December, Bonterra mobilized one drill rig south of the old Coniagas Mine to drill test the deep southwest plunge of a zinc, lead, and silver mineralized orebody (Table 1). InnovExplo of Val-d’Or, Quebec was contracted to compile and generate this exploration drill target. After the completion of the 900 m deep hole, Bonterra intends to contract AG to complete an InfiniTEM® XL BHEM survey with a patented loop configuration with depth potential up to 1,000 m. Historical production at Coniagas was over 700,000 tonnes at 10.8% Zn, 1% Pb and 183 g/t Ag.
Marc-André Pelletier, President and CEO commented: “Bonterra has redirected its exploration efforts to the 100%-owned Desmaraisville property located near the Bachelor Mill Complex after entering into an earn-in and joint venture agreement with Osisko Mining Inc. on the Urban-Barry property. The abovementioned geophysics surveys, combined with the 15,000 m drilling program currently underway, will be used to identify a fresh set of exploration targets for future drilling campaigns. We believe that the Desmaraisville property has very good potential for new discoveries in both gold and base metals, particularly around the O’Brien intrusive – host of the Bachelor-Moroy deposits and the newly discovered Desmaraisville South lens, and along the Opawica-Guercheville corridor. This regional deformation corridor, which crosses Bonterra’s property for more than 20 km, is conducive to discoveries and has had very little exploration activity in the past.”
Qualified Person
M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, oversees all exploration activities on the Desmaraisville Properties and has compiled and approved the information contained in this press release.
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 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 – December 4, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the first drill results of its 15,000 meters (“m”) drill program at its Desmaraisville South project. Three diamond drill rigs have been mobilized on the project and are currently drill-testing several new geological and geophysical targets along with historical near surface gold mineralization along the edges of the O’Brien Syenite Intrusion (“O’Brien Intrusive”).
Located within three kilometers (“km”) of the Bachelor Mill Complex, three different areas were drill tested for their near surface gold potential. These areas are located North, East, and South of the O’Brien Intrusive (Figure 1).
At the Southern Area (“South Area”), several new drill targets were generated from the reinterpretation of previously intersected gold bearing structures. This reinterpretation was done with the use of the Bonterra drill hole database and the historical 3D models of high-grade gold intercepts drilled previously. Bonterra has drilled to date a total of 17 diamond drill holes (4,332 m) at the South Area (Figure 2 and Table 1).
Highlights include:
10.97 g/t Au over 10.1 m, including 16.36 g/t Au over 4.7 m in hole BRDS-23-018
4.79 g/t Au over 6.3 m, including 9.03 g/t Au over 1.5 m in hole BRDS-23-016
2.65 g/t Au over 4.2 m in hole BRDS-23-016
Marc-André Pelletier, President and CEO commented: “After entering into an earn-in and joint venture agreement with Osisko Mining Inc. in the Urban-Barry camp, our Company has redirected its exploration efforts to focus on our 100%-owned Desmaraisville projects, which is close to where the Bachelor Mill Complex is situated. The current 15,000 m drill program aims to explore new targets across our land package and validate our improved geological interpretation. The recent discovery of mineralized zones at Desmaraisville South supports our current understanding of the gold potential, indicating similarities to the Bachelor and Moroy deposits on the western side of the O’Brien Intrusive, located about 3 km from the Bachelor Mill. The ongoing drill program with three rigs, set to conclude this year, should provide valuable insights that will guide our future exploration strategy. It is to be noted that the nearby Bachelor Mine historically produced over 350,000 ounces of gold from two million tonnes at a grade of 5.0 g/t Au.”
The drilling encountered several sub-parallel hematite and silica rich altered zones with trace to 8% fine grained and disseminated pyrite which host the gold mineralization (Table 2 and Figure 2). From hole to hole, these mineralized zones show various orientations and suggest that the gold mineralization is related to a large complex with brittle zones of various orientations and plunges. Many assays are still pending from the 3,955 submitted samples.
Bonterra’s review of the historical database demonstrated a lack of systematic sampling. Several gold mineralized intervals were not sampled above and below the mineralization. Bonterra will conduct a re-sampling program in early 2024. When all analytical data is received, Bonterra will update its 3D model including the geology, alteration, structures, and mineralization to better understand and evaluate the near surface gold potential of the South Area.
Quality Control and Reporting Protocols
The Desmaraisville project’s drill core gold analyses are performed at Activation Laboratories (Actlabs) located in Ste-Germaine-Boulé and Val d’Or, Quebec and at the Agat Laboratory in Val d’Or. The external laboratory 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 and with gravimetric finish for assay above 10 g/t Au at both Actlabs and Agat. 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 to 10% of the 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. For the South Area, a total of 3,955 drill core samples and 702 QA-QC samples, have been sent to Activation Laboratories Ltd and Agat Laboratory.
Qualified Person
M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, oversees all exploration activities on the Desmaraisville South Project and has compiled and approved the information contained in this press release.
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 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 – 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.
