VANCOUVER,
Jan. 21, 2019
/CNW/ - Bonterra Resources Inc. (TSX-V: BTR, OTCQX:
BONXF, FSE: 9BR1) (the "Company" or
"Bonterra") is pleased to report ongoing
developments to its shareholders and investors and announce follow
up drill results of 12.4 g/t Au over 5.3m from the recently discovered Titan
Extension of the Gladiator Deposit. Bonterra's recent acquisition
of Metanor Resources Inc. and consolidation of the Company's
databases and management have resulted in broader exploration and
resource development plans. Bonterra will conduct a company-wide NI
43-101 mineral resource estimate for all its Urban Barry exploration assets, including the
Gladiator, Barry and Moroy deposits. The combined mineral resource
estimate is part of Bonterra's strategy to fast track the
development of the three deposits simultaneously, to optimize feed
to the Urban Barry Mill over the life of the three mines. In
order to concentrate on the exploration of all three deposits, the
Company's mining operations in Quebec will be placed on care and
maintenance.
Multiple new discoveries and extensions at the
Gladiator Deposit have significantly increased the strike
length of mineralization to nearly 5 km. Extensional drilling, made
possible by land access via the Duke
option agreement, has resulted in a dramatic increase in the
gold-bearing footprint at the Gladiator Deposit, especially in
proximity to former claim boundaries. Bonterra was previously
limited by these claim boundaries and has since been able to access
areas of the deposit that were formerly unavailable. Follow up
drilling to the recently discovered Titan Extension of the
Gladiator Deposit (see Bonterra news release dated November 20, 2018) has confirmed and expanded on
the initial discovery with drill hole BA-18-116 intersecting
12.4 g/t Au over 5.3 m. This
intersection is located approximately 2 km northeast of the
Gladiator Deposit along strike and is 200
m below surface. Drilling in 2019 will be focused on
resource expansion along strike and at depth as well as infilling
high-grade chutes of the main deposit below 400 m depth to further prove the continuity of
these new zones. Bonterra has determined that these new extensions
at Gladiator Deposit should be incorporated into the resource as
much as possible given that the Company has only recently gained
full access to drill these areas via the Duke option. The company-wide mineral resource
estimate will allow Bonterra to incorporate drill results from late
2018 and early 2019 at the Gladiator deposit into the study while
data is being prepared for the estimate at the Barry and Moroy
Deposits.
Bonterra has completed extensive geological modelling at
both the Barry and Moroy Deposits, which are now
being used to complete the upcoming mineral resource estimates.
The mineral resource estimate will be the first to evaluate
the high-grade underground mineralization at the Barry Deposit and
the recently discovered Moroy Deposit. The Barry Deposit is
1,300 m in strike length with a depth
component of 600 m. A small
underground ramp was developed in 2018 into the mineralized zones
for future bulk sample programs and underground drill stations. The
Moroy Deposit has demonstrated continuity and extension for up to
700 m in depth. The 11th
Level (350 m below surface) at Moroy
extends from Bachelor Mine workings to the known mineralized zone.
The Barry and Moroy deposits have been extensively drilled from
surface and underground drill stations and remain open in all
directions. The recent underground development work at both
projects will provide opportunity for the Company to determine and
extend ultimate strike lengths at various levels.
Bonterra is actively working with its independent resource
consultants to best utilize the early 2019 drill programs for
increasing indicated vs inferred mineral resources which are
required for potential economic, feasibility and mine planning
studies.
The Company would like to thank its shareholders and
investors for their continued support and confidence. We look
forward to a productive and successful 2019.
Bonterra Resources Quick Facts:
- Control of three high-grade gold deposits (Gladiator,
Moroy and Barry) and significant regional targets
- 100% ownership of the Urban-Barry Mill, the only
permitted gold mill in the region
- Strong shareholder base including:
Eric Sprott and Kirkland Lake Gold
- Company-wide NI 43-101 Mineral Resource Estimate underway
to include the Gladiator, Barry and Moroy deposits
Robert Gagnon, P.Geo., has
approved the information contained in this release. Mr.
Gagnon is a director of Bonterra and is a Qualified Person as
defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President
& CEO
Bonterra Resources Inc.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains "forward-looking information"
that is based on Bonterra's current expectations, estimates,
forecasts and projections. This forward-looking information
includes, among other things, statements with respect to Bonterra's
exploration and development plans. The words "will", "anticipated",
"plans" or other similar words and phrases are intended to identify
forward-looking information. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause Bonterra's actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking information. Such
factors include, but are not limited to: uncertainties related
exploration and development; the ability to raise sufficient
capital to fund exploration and development; changes in economic
conditions or financial markets; increases in input costs;
litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; technological
or operational difficulties or inability to obtain permits
encountered in connection with exploration activities; and labor
relations matters. This list is not exhaustive of the factors that
may affect our forward-looking information. These and other factors
should be considered carefully, and readers should not place undue
reliance on such forward-looking information. Bonterra disclaims
any intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events
or otherwise
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SOURCE Bonterra Resources Inc.