Bonanza Mining Corporation Announces its 2024 Exploration Plans for the MC Property adjacent to the Premier Gold Mine Property
Bonanza Mining Corporation
423 East 10th Street
North Vancouver, B.C.
V7L 2E5
Trading Symbol: TSX-V: BNZ
Email: [email protected] and
Telephone: 604-619-0225
Fax: 604-980-6264
Website: www.bonanzamining.com
Bonanza Mining Corporation Announces its 2024 Exploration Plans for the MC Property adjacent
to the Premier Gold Mine Property
February 27, 2024 – Vancouver, British Columbia: Bonanza Mining Corporation (“Bonanza”) (TSX-
V: BNZ) is pleased to announce the following regarding its MC Property:
MC Property
The MC property is located in the heart of the Stewart mining camp on the top and eastern slope of Bear
River ridge approximately 12 km north of Stewart BC. Ascot Resources Ltd.’s (“Ascot’s”) Premier gold
mine and mill are located on the western slope of Bear Ridge. The area north of Stewart has been described
as “One of the most important mineral trends of northwestern British Columbia.”
In a news release dated February 20, 2024, Ascot reported that project construction of its Premier Gold
Project (“PGP”) was 90% comple te and that “numerous pre -commissioning activities in the mill had
commenced”. Ascot also reported that it “anticipates introducing first ore into the mill by the end of March
2024, and pouring first gold in April”. To support the construction and ramp-up of the PGP, Ascot has also
raised an additional US$50 million of debt and an additional CAD$29 million of equity. This is excellent
news for Bonanza and for the exploration of Bonanza’s MC property once the PGP is put into production.
In 2023 Ascot also conducted additional exploration drilling for resource expansion as well as infill drilling
of the initial mining areas at the Big Missouri, Silver Coin, Martha Ellen and Premier deposits. Ascot
reported intersecting high -grade gold mineralization in these pr ograms in various news releases in 2023
and 2024.
Bonanza’s MC Property, located three km east of the PGP mill, hosts seventeen historical gold, silver, lead,
zinc and copper mineral occurrences, some of which have been explored by trenching and short adits in the
1920s, 1930s and 1979 as well as by historical soil and rock sampling programs from the 1960’s to 2011.
There have only been four drill holes cored on the property, one of which was abandoned in significant
mineralization due to mechanical difficulties with the drill while the other three holes intersected wide
intervals of anomalous multi-element enriched sub-ore grade zones.
Starting in 2017 Bonanza conducted a 3D IP survey, a ground magnetic survey as well as soil and rock
sampling programs which outlined two signific ant IP chargeability anomalies and a multi -element soil
anomaly associated with in situ gold, silver, lead, zinc, and copper-bearing quartz, carbonate veins.
Six rock samples collected from quartz veins within the soil anomaly assayed over 1.0 g/t gold and fifteen
rock samples assayed over 20 g/t silver. The assay results from twenty-seven rock samples collected within
the soil anomaly assayed up to 10.5 g/t gold, 1,503 g/t silver, 5.31% lead, 5.72% zinc and 0.67% copper.
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Neither of these compelling mineral ized geochemical and geophysical targets have ever been drill tested
and represent potential to discover significant gold-silver mineralization.
A 2020 43-101 report on the MC property recommended a phase one drill program consisting of coring
1,000 meters in several holes to test the IP chargeability anomalies and gold, silver-bearing quartz-carbonate
veins within the multi-element soil anomaly. Depending on positive results from the phase one drill program
a phase two 2,000 meters follow-up drill program was also recommended.
A five-year drilling permit has been issued to Bonanza and discussions have been initiated with a geological
consulting company to plan and conduct a drilling program this Summer, which will be designed to test the
large IP chargeability anomaly on the northern part of the MC property that was outlined by Bonanza ’s
2017 IP survey. (Bonanza is currently planning on completing a private placement to finance this drilling.)
This IP anomaly is associated with the historical Dalhousie copper, gold, magnetite mineral showings that
were blast trenched and sampled by a previous company in 1979 (A.R # 7841). Three of their chip samples
respectively returned 0.44 oz/t gold, 0.2 oz/t silver and 0.3% copper over six meters, 0.12 oz/t gold, 0.2 oz/t
silver and 1.0% copper over three meters and 0.24 oz/t gold, 0.5 oz/t silver and 1.9% copper over three
meters.
The drilling will also test the system of poly -metallic quartz/carbonate veins on the southern part of the
property that were located and sampled in 2017 and 2019. The main mineralized vein structure has a strike
length of over 1 km and lies within an associated multi-element, > 1 km long by 150 m – 200 m wide, soil
anomaly coincidently enriched in gold (>50 ppb), silver (>3 ppm), lead (>300 ppm), zinc (>300 ppm),
copper (>50 ppm) and arsenic (>20 ppm).
Qualified Person
Technical information in this news release has been approved by Christopher Graf, P. Eng., the Vice -
President Exploration, as well as a Director of Bonanza and a Qualified Person for the purposes of National
Instrument 43-101.
For further information, please contact:
Bonanza Mining Corporation
423 East 10th Street
North Vancouver, B.C. V7L 2E5
Attention: Alfredo De Lucrezia, President, CEO and Director
Tel: 604-619-0225
Email: [email protected]
or
Chris Graf, Vice-President, Exploration
Tel: 250-429-3572
Email: [email protected]
or
Drew Burgess, Director
Tel: 403-383-8254
Email: [email protected]
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Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities laws.
Readers are cautioned to not place undue reliance on forward -looking information. Actual results and
developments may differ materially from those contemplated by these statements. The stateme nts in this
press release are made as of the date of this press release. The Company undertakes no obligation to update
forward-looking information, except as required by securities laws.
Neither the 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 press
release.