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.
Val-d’Or, QC – May 5, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) announces the grant of incentive stock options to acquire a total of 1,770,000 common shares of the Company to various employees, officers, and directors of the Company pursuant to the Company’s stock option plan and subject to any regulatory approval. Each stock option, vests immediately and is exercisable at a price of $0.345 per share for a period of five years from the grant date.
About Bonterra Resources Inc.
Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has 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 news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.
Val-d’Or, QC – May 3, 2023 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) congratulates Osisko Mining Inc. (“Osisko”) and Gold Fields Limited (“Gold Fields”) on their recent joint venture agreement announcement for the Windfall gold project in Quebec, Canada. The 50/50 joint venture represents a significant investment of C$1.2 billion and will bring together the mine building and operating experience of a senior gold producer with the potential of a promising gold project (see Osisko press release dated May 2, 2023 for more details on the joint venture).
The Windfall gold project is one of Canada’s largest undeveloped gold projects and is located approximately 15 kilometers from Bonterra’s Gladiator and Barry gold projects.
Marc-André Pelletier, President and CEO commented: “This joint venture is a significant milestone for the Windfall gold project and demonstrates industry leaders’ confidence in Quebec as a Tier 1 mining jurisdiction. With over 22,500 hectares of property and a significant gold mineral resource, Bonterra is well-positioned to benefit from the significant investment in infrastructure in the Urban-Barry camp. We look forward to seeing the continued success of the joint venture and welcome Gold Fields to the camp.”
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 news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders andprospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.
Val-d’Or, QC – May 1, 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 80 holes so far, including the holes disclosed in this release (see press releases dated November 15, 2022, December 12, 2022, and March 27, 2023, for previously released holes).
Highlights include:
6.2 g/t Au over 7.7 m, including 12.8 g/t Au over 2.8 m and 13.0 g/t Au over 0.5 m inhole MB-23-598
26.3 g/t Au over 1.2 m, including 38.1 g/t Au over 0.7 m in hole MB-23-600
4.5 g/t Au over 4.2 m, including 20.3 g/t Au over 0.5 m in hole MB-23-592
1.6 g/t Au over 6.0 m, including 2.2 g/t Au over 2.0 m in hole MB-23-613
Marc André Pelletier, President and CEO commented: “The results reported today are encouraging for many reasons. Holes MB-23-598, MB-23-600 and MB-23-592 intercepted mineralisation consistent with the high-grade ore shoots in the 800 Zone. Meanwhile, hole MB-23-613 confirmed the extension of mineralization from the 800 Zone approximately 150 m further than the known mineralized envelope and suggests that there is continuity of the mineralization at depth. With the conclusion of the winter drill program at Duke, we have started a greenfield exploration program at Barry North-East and a more focused program at Panache South. Bonterra remains committed to continuing to explore the Urban-Barry camp where several million ounces of gold have already been discovered to date.”
Exploration Updates
The drill program at the Duke property (“Duke”), a joint venture with Osisko Mining Inc. (“Osisko”), consisting of 10 holes covering 3,387 m has been completed on schedule (see press releases dated March 6, 2023, and March 27, 2023). Also, a short drill program of two holes totaling 706 m was completed just before the spring thaw at the Nelligan property near the Bachelor Mill Complex.
Following the completion of the Duke and Nelligan programs, the Company has allocated one drill rig to its Barry North-East regional exploration program, which consists of 11 drill holes covering 3,200 m. This program targets polarization anomalies along the Mazeres fault corridor, located 3 kilometers (“km”) to the northeast of the Barry deposit (See Figure 3). So far, three drill holes covering 969 m have been completed.
The Company will also commence a 3,500 m exploration and follow-up drill program at the Panache South target. The area includes the historical Panache South showing with 12.9 g/t Au over 0.5 m and 3.2 g/t Au over 0.4 m. In 2021, the Company drilled 4,383 m at the Panache South target and intersected significant gold mineralization, including 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).
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 demonstrate the predictability of the 800 Zone geology model and highlight that the mineralization remains open at depth, following the well-defined high-grade ore shoots.
The infill drill results from the 800 Zone continue to demonstrate a high potential for high-grade mineralization, as evidenced by intersections of 6.2 g/t Au over 7.7 m, including 12.8 g/t Au over 2.8 m and 13.0 g/t Au over 0.5 meters in hole MB-23-598, 26.3 g/t Au over 1.2 meters, including 38.1 g/t Au over 0.7 m in hole MB-23-600, and 4.5 g/t Au over 4.2 m, including 20.3 g/t Au over 0.5 m in hole MB-23-592.
Furthermore, preliminary results from three holes drilled 150 meters down plunge of the 800 Zone have returned 1.6 g/t Au over 6.0 m, including 2.2 g/t Au over 2.0 m in hole MB-23-613, confirming the mineralization remains open at depth and allow to target new high-grade shoots down dip of the orebody to the east.
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’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.
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 Bachelor Mine Laboratory, Actlabs (Ste-Germaine-Boulé) and at AGAT Laboratories located in Val d’Or, Quebec. The Company’s laboratory and 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 at Bachelor Mine Laboratory 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
Boris Artinian, P. Geo., (OGQ # 1546) Chief Geologist of the Company oversees the exploration activities on the Urban-Barry property and has compiled and approved the information contained in this press release. Mr. Artinian 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.
Val-d’Or, QC – March 27, 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 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 in the upper section of the deposit. In total, 31,349 meters (“m”) (91 holes) of infill drilling has been completed from surface since August 2022. The Company has received assays for 75 holes so far, including the ones in this release (see press releases dated November 15, 2022 and December 12, 2022 for previously released holes).
Highlights include:
34.7 g/t Au over 2.4 m, including 72.0 g/t Au over 1.1 m in hole MB-22-560A
17.7 g/t Au over 3.2 m, including 30.1 g/t Au over 1.8 m in hole MB-23-594
11.6 g/t Au over 3.3 m, including 19.8 g/t Au over 1.8m in hole MB-23-589
9.0 g/t Au over 9.2 m, including 21.7 g/t Au over 2.0 m in hole MB-22-578
8.2 g/t Au over 6.0 m, including 17.6 g/t Au over 2.7 m in hole MB-22-556
6.4 g/t Au over 4.0 m, including 13.2 g/t Au over 1.2 m in hole MB-22-565A
Duke Joint Venture Drill Program Update
In March, the Company announced a 3,300 m drill program at the Duke property (“Duke”), a joint venture with Osisko Mining Inc. (“Osisko”). As of now, six of ten holes have been drilled, and the drilling activities are tracking on schedule (see press release dated March 6, 2023). The drill results are expected to be released upon completion of the program.
The drill program at Duke is part of the Company’s renewed focus on regional exploration at a rate of approximately 1,400 m per month in the Urban-Barry and Bachelor camps.
Marc André Pelletier, President and CEO commented: “The exploration program at Duke in collaboration with our joint venture partner Osisko is progressing well. Duke is located adjacent to the Company’s Gladiator deposit and Osisko’s Windfall gold project, as well as the Barry deposit to the west. Together, these three deposits contain a significant gold resource of over 10 million ounces, and the Company remains focused on exploring the Urban-Barry camp this year. Following the completion of the infill drill program at the Barry underground project, the Company plans to update the geological model of the underground deposit to determine the next steps for the Barry deposit. Additionally, an exploration program will soon take place at the Barry Northeast and Panache properties to test high potential exploration targets.”
Diamond Drilling Results Highlights:
Figure 1 – Barry Project –Surface Plan, Holes, and Highlights Location
The completed infill drill program of 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. The program especially aims to delineate and expand high-grade mineralized shoots identified in the 2021 MRE. Results from recent assays, including those in this press release, underscore the potential of increasing quantity and continuity of the underground mineralization.
Figure 2 – Barry Project – Composite Long Section of the Barry Deposit Looking Northwest
Infill drilling in the 800 zone continue to delineate and increase the length and continuity of the high-grade shoots. Results like 34.7 g/t Au over 2.4m including 72.0 g/t Au over 1.1 m in hole MB-22-560A, 16.3 g/t Au over 2.8 m including 26.6 g/t Au over 1.7 m in hole MB-22-585 and 17.7 g/t Au over 3.2 m including 30.1 g/t Au over 1.8 m in hole MB-23-594 enhance the potential of high grade continuous mineralized shoots in the 800 zone (Figure 3). Assays from 17 holes drilled in the zone 800 during winter are pending.
Figure 3 – Barry Project – Long Section, Zone 800 Looking Northwest
Infill Drilling into the H6/D4 moderate south dipping self-intersecting zones helped to better constrain the high-grade mineralization highlighted by the 2021 MRE. Infill drilling continues to highlight the continuity of high-grade shoots through the mineralized shears. Results as 9.0 g/t Au over 9.2 m including 21.7 g/t Au over 2.0 m in hole MB-22-578, 5.6 g/t Au over 6.3 m including 10.7 g/t Au over 2.0 m in hole MB-22-575 and 4.6 g/t Au over 7.7 m including 9.2 g/t Au over 2.5 m and 11.5 g/t Au over 0.7 m in hole MB-22-554 enhance the 300 m long continuity of large high grade shoots in zone H6 (Figure 4).
Figure 4 – Barry Project – Long Section, Zone H6 and D4 Looking Northwest
Infill drilling in poorly defined H18 zone following the high-grade shoots has successfully intercepted high mineralization were predicted. Drill results highlight the potential for a 300 m long mineralized shoot in the shear zone located 20 m beneath the H6 shear. Demonstration is made by results in hole MB-22-565A with 6.4 g/t Au over 4.0 m including 13.2 g/t Au over 1.2 m, hole MB-22-564 returning 3.0 g/t Au over 10.4 m including 13.4 g/t Au over 1.1 m hole MB-22-575 intercepting 4.7 g/t Au over 8.1 g/t Au including 11.6 g/t Au over 1.5 m and hole MB-22-578 with 10.7 g/t Au over 1.5 m.
Figure 5 – Barry Project – Long Section, Zone H16 Looking Northwest
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 sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometre along strike and 700 m below surface and remains open for expansion.
Diamond Drill Hole Results Table:
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 Bachelor Mine Laboratory, Actlabs (Ste-Germaine-Boulé) and at AGAT Laboratories (Val d’Or). The Company’s laboratory and 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 at Bachelor Mine Laboratory 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 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.
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 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
Val-d’Or, QC – March 6, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in northern Quebec, Canada, provides the following operational updates:
Inflation and further Cost Saving Initiatives
In response to the challenging inflationary pressures related to project development, specifically in northern Quebec, the Company continues to significantly reduce its fixed expenses. In addition to the cost saving initiatives announced in November 2022 (see press release dated November 23, 2022), the Company has completed the transition from processing most assays at its wholly owned laboratory to an external laboratory.
Bonterra has also entered into an agreement for the rental of the Bachelor camp with the main contractor in charge of the construction of the proposed Kuikuhaacheu hydroelectric power transmission line from the Waswanipi substation to the Windfall gold project. The Company is also evaluating other cost-saving initiatives.
Infill Drill Program at Barry
On September 7, 2022, the Company began a 125,000 metres (“m”) drill program at the Barry underground deposit, 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). To date, 31,350 m of infill drilling (107 holes) has been completed, mainly in the upper half of the deposit.
The challenging inflationary pressures related to project development have also led the Company to pause the infill drill program and engineering work related to the Barry underground deposit. However, geological interpretation work will continue at both the Barry and Gladiator deposits throughout the year.
The two rigs formerly used for infill drilling will now be utilized for a targeted regional exploration program across the Company’s 38,050 hectares land package, averaging about 1,400 m per month. This drill program will be focused primarily in the Urban-Barry property and to a lesser extent, the Bachelor property. An airborne geophysical survey will also be conducted at Bachelor to identify optimal exploration targets.
Renewed Focus on Regional Exploration
The Company is pleased to announce the launch of an exploration program at the Duke property (“Duke” or the “Property”), a joint venture with Osisko Mining Inc. (“Osisko” or the “Partner”). The Property consists of 81 mineral claims totaling 3,590 hectares, adjacent to the Company’s Gladiator deposit and Osisko’s Windfall gold project (Figure 1). Bonterra and Osisko are joint venture partners with a 70% and 30% working interest, respectively, to explore Duke (see press release dated July 13, 2021). This program is part of the Company’s renewed focus on regional exploration.
The exploration program for Duke comprises ten holes, totaling 3,300 m in the corridor of volcanic rocks bounded by the Rouleau and St Çyr faults which contains the lac Rouleau deposit that comprises Zones 18, 17 and 14. Seven holes will be drilled northeast of the Lac Rouleau deposit, where the litho-structural trend abruptly shifts from N80 to N45 degrees related to the emplacement of intrusive bodies creating potential traps for mineralizing fluids, while three holes will be drilled on the west side of the Lac Rouleau deposit, directly south of the Rouleau fault to test N60 degrees trending structures that connects the St Çyr and Rouleau faults (Figure 2).
Known gold mineralization at Duke are, like the Barry and Gladiator deposits, controlled by N60 to N80 degrees trending shear zones located on, or proximal to major regional litho-stratigraphical contacts such as the Rouleau or the St Çyr faults. Gold occurrences are often associated with the lithological complexity created by mafic to felsic intrusions. It is to be noted that the Gladiator deposit contains 0.4 million ounces of Measured and Indicated Mineral resources and 1.0 million ounces of Inferred Mineral resources, as stated in the 2021 MRE.
Marc André Pelletier, President and CEO commented: “As part of our ongoing commitment to cost reduction and optimizing capital allocation for the benefit of our shareholders, we have made the decision to pause the infill drilling campaign at the Barry deposit. We are mindful of the challenging market conditions faced by junior mining companies like Bonterra, as well as inflationary pressures such as higher energy costs for underground operations without access to the hydroelectric grid. We are pleased to note the forthcoming construction of the hydroelectrical
transmission line near our projects by Miyuukaa Corporation, and we are contributing to this project by providing a camp to the main contractor. In addition, we are excited to launch a regional exploration program in collaboration with Osisko as part of our joint venture on Duke, with the goal of targeting untested ground along the Rouleau fault using two drill rigs. This program supports our view of the significant exploration potential in the Urban-Barry camp.”
Figure 1 – Duke Property – Regional Map
Geology
La propriété Duke couvre trois unités litho-stratigraphiques de la ceinture de roches vertes Urban-Barry. La formation de Lacroix composée de roches volcaniques ultramafiques à mafiques qui encaisse le gîte Gladiator, la formation de Chanceux composée majoritairement d’unités volcano-sédimentaires et de roches volcaniques mafiques qui abrite l’indice Cominco, l’indice #4 et l’indice Centaur ainsi que des occurrences de minéralisations sulfurées volcanogènes comme l’indice Lac Morissette (Quesnel), enfin la formation Macho composée de volcanites mafiques avec des centres volcaniques felsiques qui encaissent les gîtes Barry et Windfall. Ces trois unités litho-stratigraphiques sont délimitées par deux failles majeures orientées N60 degrés sub-verticales : la faille Barry, sur laquelle le gîte de Gladiator est situé, entre la formation Lacroix et Chanceux; la faille de St Çyr se produit au contact entre les formations de Chanceux et de Macho où le gîte du Lac Rouleau est situé. La faille Rouleau parallèle aux failles St Cyr et Barry, délimitent un fort contraste magnétique dans la formation Macho créant une zone très prometteuse pour découvrir de nouveaux gîtes. La minéralisation sur la propriété Duke varie en style. Le gîte du lac Rouleau consiste en une diorite fortement altérée et cisaillée au contact entre des coulées mafiques et des tufs intermédiaires avec une minéralisation en pyrite et des veines de quartz fumé. Les indices Cominco, indice #4 et Centaur, encaissés dans un gabbro et son contact cisaillé avec les roches volcaniques, sont composés de brèches de quartz blanc associées à une forte altération carbonatée en séricite et fuchsite avec une pyritisation mineure. L’indice du Lac Morissette (Quesnel) est formé par une lentille de sulfures massifs avec un porphyre de quartz feldspaths. Le programme de forage d’exploration est conçu pour tester de nouvelles cibles le long du corridor entre les failles St Cyr et Rouleau ainsi que pour tester l’extension le long de la minéralisation connue.
Figure 2 – Duke Exploration Program and Airborne Magnetic field Survey Results – Diamond drill holes targets location
Quality Control and Reporting Protocols
The Company’s drill core gold analyses are performed at Activation Laboratories Ltd (“Actlabs”) based in Ste-Germaine-Boulé, Quebec. 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. Samples with visible gold are assayed by a metallic sieving method. Bonterra applies industry standard Quality Assurance/Quality Control (“QA/QC”). The geological team inserts blank certified samples and pulps duplicates in every batch of 20 samples. Actlabs routinely inserts certified samples (2 standards for gold, one duplicate and one blank) and results are reported in certificates of analysis. Approximately 5% of sample pulps grading more than 0.5 g/t are sent to secondary laboratories for check assay. Standards, blanks, and duplicates used by Bonterra and Actlabs are in compliance with QA/QC associated to a project at early exploration stage. A review of results is performed by Qualified Persons.
Qualified Person
Donald Trudel, P.Geo., (OGQ # 813) Director of Geology of the Company oversees all exploration activities on the Bonterra’s properties 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.
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 – December 12, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce more results from the ongoing infill drilling campaign at the Barry underground project. The Company commenced a 125,000 metres (“m”) drill program at the Barry underground deposit last August, which contains 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources, as stated in the last mineral resource estimate (the “2021 MRE”, see press release dated June 23, 2021). To date, 21,800 m (51 holes) of infill drilling has been completed from the surface, mainly in the upper half of the Barry underground deposit. Since the previous release dated November 15, 2022, assays from 11 holes have been received. Highlights from these assays are presented in the present release.
Highlights include:
21.9 g/t Au over 4.4 m, including 158.5 g/t Au over 0.5 m in hole MB-22-541
7.5 g/t Au over 2.8 m, including 30.3 g/t Au over 0.6 m in hole MB-22-542
13.0 g/t Au over 3.7 m, including 49.7 g/t Au over 0.5 m and 6.7 g/t Au over 3.9 m, including 27.2 g/t Au over 0.7 m and 4.3 g/t Au over 5.8 m, including 24.2 g/t Au over 0.5 m in hole MB-22-547A
8.1 g/t Au over 4.0 m, including 44.5 g/t Au over 0.7 m in hole MB-22-548
Marc André Pelletier, President and CEO commented: “The ongoing infill drill program at Barry is focused on the upper half of the underground deposit and continues to deliver high-grade results. It is common to intercept more than one lens of mineralization in a single drill hole at Barry. For example, numerous high-grade intercepts are reported across six different lenses in drill hole MB 22-547A; highlighted by 13.0 g/t Au over 3.7 m in lens AB17; 6.7 g/t Au over 3.9 m in lens 800; and 4.3 g/t Au over and 5.8 m in lens H11. The Company intends to continue infill drilling the Barry deposit next year with two diamond drills on surface at a rate of approximately 6,000 m per month.”
Diamond Drilling Results Highlights:
The ongoing infill drill program of the Barry underground project is designed to convert the Inferred resources from the 2021 MRE into Indicated resources by decreasing the drill spacing to 25 m. The program especially aims to delineate and expand high-grade mineralized shoots identified in the 2021 MRE. Results from recent assays, including those in this press release, underscore the economic potential of the underground mineralization with high-grade intersections between 100 m and 300 m below surface in well know mineralized lenses. For example, MB-22-541 reported 21.9 g/t Au over 4.4 m, including 158.5 g/t Au over 0.5 m in H8 Zone, 200 m below surface; MB-22-548 returned 8.1 g/t Au over 4.0 m, including 44.5 g/t Au over 0.7 m from the H3 Zone, 300 m below the surface; MB-22-547A returned 4.3 g/t Au over 5.8 m, including 24.2 g/t Au over 0.5 m from H11 Zone, 350 m below surface; 13.0 g/t over 3.7 m, including 49.7 g/t Au over 0.5 m 100 m below the surface from AB 17 Zone; and lastly MB-542 reported 7.5 g/t Au over 2.8 m, 100 m below the surface from the AB 01 Zone. These strong intercepts as well as certain intercepts highlighted in press releases throughout 2022 are shown on Figure 2.
The sub-vertical 800 Zone and its surrounding H-series zones continue to provide high-grade drilling results as highlighted by hole MB-22-547A returning 6.7 g/t Au over 3.9 m, including 27.2 g/t Au over 0.7 m and hole MB-22-542 returning 2.6 g/t Au over 4.2, including 14.5 g/t Au over 0.5 m (Figures 3 and 4).
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 at 50-65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 700 m below surface and remains open for expansion.
Diamond Drill Hole Results Table:
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 the Company’s Bachelor Mine analytical laboratory (the “Laboratory”) and at AGAT Laboratories in Val d’Or. The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish at Bachelor Mine Laboratory and with gravimetric finish for assay above 10 g/t Au at 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 10% of samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d’Or, Quebec. The verifications show a high degree of correlation with the Laboratory’s results.
Qualified Person
Donald Trudel, P.Geo., (OGQ # 813) Director of Geology of the Company oversees all exploration activities on the 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.
Cautionary and Forward-Looking Statements
This press release contains “forward-looking information” that is based on Bonterra’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra’s exploration and development plans 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 – November 23, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in northern Quebec, Canada, provides the following operational updates:
Cost Saving Initiatives
The Company is pleased to announce that it has completed the process of putting the underground infrastructure at the Bachelor-Moroy deposit under long-term care and maintenance (see press release dated September 7, 2022). All useable equipment, spare parts and consumables have been relocated to surface safely. Flooding of the underground infrastructure is in progress and the site remains in compliance with all applicable governmental regulations.
With respect to permitting and considering the aforementioned changes, the Company has revised the scope of the expansion for the Bachelor Mill Complex and reports that it has submitted answers to the second stage of questions to COMEX (Environmental and Social Impact Review Committee). The revised expansion project considers a daily throughput of 1,800 tonnes per day (“tpd”) (compared to 2,400 tpd in the original expansion request) and maintains the same capacity for the tailings management facility of an additional 8 million tonnes. At the revised throughput of 1,800 tpd, the Company may be eligible to permit the expansion through a more streamlined process. The Company intends to continue to work in close collaboration with the regulatory authorities and local stakeholders throughout the permitting process.
Pre-Feasibility Study (“PFS”) Update
The Company has undertaken a PFS on the Barry open pit project following the release of a positive preliminary economic assessment (“PEA”) earlier this year (see press release dated June 13, 2022). Several technical milestones have been achieved since the commencement of the PFS including 25,000 meters (“m”) of infill drilling at the open pit deposit and geochemistry, hydrogeology and geotechnical analysis at both the Barry and Bachelor Mill Complex.
Although a significant amount of progress on technical matters has been made as part of the PFS, the inability to receive timely and reasonable quotes from mining contractors, suppliers and other service providers has created a challenging environment to adequately assess the economics of the Barry open pit project. This is in addition to significant cost escalation that is prevalent throughout the mining sector. This has led the Company to re-evaluate the development plan at Barry. Specifically, the Company is planning to first complete an infill drilling program on the upper half (above 300 m elevation) of the underground portion of the Barry deposit to determine whether the higher-grade mineralization from the underground, combined with a likely larger scale operation, generates a more economically robust development.
Two drill rigs are presently in operation at Barry at a rate of 6,000 m per month (see press release dated November 15, 2022). The drilling is focused on the upper half of the underground deposit at Barry. To date, 15,900 m of infill drilling has been completed targeting the underground.
Marc André Pelletier, President and CEO commented: “Challenges in preparing the PFS as a result of inflationary pressures on energy, equipment, and labour costs are affecting the entire mining industry, especially in northern Quebec. Rather than join the ranks of mining companies that are developing assets in this challenging environment, Bonterra has decided to re-evaluate the development plan at Barry. Importantly, all the technical work carried out to date is expected to form a solid foundation for future mine development and especially for advancing the permitting.
With the Bachelor-Moroy deposit underground infrastructure under long-term care and maintenance, the Company is on track to reduce its maintenance costs and expects to reallocate those financial resources towards advancing the development of the Barry project. Other cost saving initiatives are also being considered to further reduce costs.’’
Qualified Persons
The technical content of this release has been reviewed and approved by Marc-André Pelletier, Eng, President, and Chief Executive Officer; a Qualified Person as defined in National Instrument 43-101 -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.
FOR ADDITIONAL INFORMATION
Marc-Andre 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.
Cautionary and Forward-Looking Statements
This press release contains “forward-looking information” that is based on Bonterra’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra’s exploration and development plans 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.
