Val-d'Or, Quebec--(Newsfile Corp. - August 27, 2024) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") announces the start of a diamond drilling program at its 100% owned Desmaraisville South project. Several prospective geological, geophysical and drill targets have been identified throughout the year and have been prioritized following last summer's field work carried out by Bonterra's geology team (see Figure 1 for the location of the drill targets). A drill rig has been mobilized to site and the Company plans to drill from 4,000 to 6,000 meters ("m") before the end of the year. Please refer to the press releases dated May 16, 2024, February 27, 2024, February 5, 2024, December 14, 2023, and December 4, 2023, for exploration updates on the Desmaraisville North and South projects and the surrounding area.
Marc-André Pelletier, President and CEO commented: "The commencement of exploration at our 100% owned Desmaraisville South project follows the diligent efforts of our geologists to design an optimal drilling program targeting several promising areas. Our primary goal for this campaign is to discover new mineralized lenses within 15 kilometers of the Bachelor Mill Complex. Concurrently, the Company is considering an update to the 2021 mineral resource estimate (the "2021 MRE") for the Barry and Gladiator deposits (see press release dated June 23, 2021). Since the 2021 MRE, Bonterra has completed over 100,000 m of diamond drilling in and around the Barry and Gladiator deposits. This exploration comes amid a favorable increase in the price of gold, which was assumed at US$1,600 per ounce in the 2021 MRE.
At our Phoenix JV, the compilation work continues following the 60,000 m drill campaign that was completed in July. Drilling activities are expected to continue later this year with Gold Fields as the operator of the Phoenix JV."
Figure 1: Desmaraisville South Project, Prospective Drill Targets
M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, oversees all exploration activities on the Desmaraisville 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 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 an earn in and a joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. In August 2024, Gold Fields Limited announced the acquisition of Osisko Mining for C$2.16 billion. Over the next three years, Osisko Mining (now Gold Fields) can earn a 70% interest by incurring $30 million in work expenditures. This strategic transaction highlights Bonterra's commitment to advancing its exploration assets in a fast growing and consolidating gold camp.
2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9 819-825-8678 | Website: www.btrgold.com
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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 a joint venture agreement with Osisko Mining announced on November 28, 2023, and the acquisition of Osisko Mining by Gold Fields announced on August 12, 2024. 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 spacing 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.
