Bonterra Announces Start of Exploration Drilling as Part of the Option Agreement with Osisko Mining
Bonterra Announces Start of Exploration
Drilling as Part of the Option Agreement with
Osisko Mining
Val-d'Or, Quebec--(Newsfile Corp. - January 18, 2024) -
Bonterra Resources Inc. (TSXV: BTR)
(OTCQX: BONXF) (FSE: 9BR2)
("
Bonterra
" or the "
Company
") is pleased to announce that
exploration drilling has started on the newly named Phoenix JV (formerly known as the Urban-Barry
Property) (the "
Project
") as part of the definitive earn-in and joint venture agreement (the "
Agreement
")
with Osisko Mining Inc. ("
Osisko
" or the "
Operator
"). Under the Agreement, Osisko has the right to
acquire up to a 70% interest in the Project by spending $30 million in work expenditures, with a minimum
spending commitment of $10 million per year over a three-year period (see press release dated
November 28, 2023).
Osisko plans to drill over 35,000 meters ("
m
") on the Project in 2024, which Osisko expects will meet its
minimum spending commitment of $10 million per year under the Agreement. The Operator has
identified multiple targets on the Project, including the Moss target, which is located only five kilometres
south-west from the Windfall Gold deposit and shows a similar geological character to the Lynx Zone.
The Moss target will be tested along the Mazères Fault that runs across both the Lynx Zone and the
Moss target.
Osisko plans to mobilize up to five drill rigs during the year, primarily along the Mazères Fault on the east
and west sides of the Gladiator and Barry deposits and the Moss target (see Figure 1).
Figure 1 - Plan View of Target Areas on the Phoenix JV
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/194588_248d73e0343508d9_001full.jpg
Marc-André Pelletier, Chief Executive Officer, and President of the Company commented "The start of
exploration drilling by Osisko represents an important milestone in the development of the Project. With
a $10 million exploration budget in 2024 and leveraging Osisko's expertise in this exciting new gold
camp, we believe we are well positioned for significant exploration success. In addition, the Company
intends to continue exploring its 100%-owned Desmaraisville Property near the Bachelor Mill Complex in
2024. Compilation work from the 15,000 m drill program carried out in 2023 is ongoing and drilling
results are expected to be released throughout Q1 2024. Last year's exploration drilling combined with
two geophysical surveys, also conducted in 2023, are expected to generate additional and promising
drill targets to be tested later this year."
Qualified Person
M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, has reviewed and approved
the information contained in this press release.
ABOUT BONTERRA
Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets
anchored by a central milling facility in Quebec, Canada. The Company's assets include the Gladiator,
Barry, Moroy, and Bachelor gold deposits, which collectively hold 1.24 million ounces in Measured and
Indicated categories and 1.78 million ounces in the Inferred category.
In November 2023, the Company entered into a earn-in and joint venture agreement with Osisko Mining
Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. Over the next three
years, Osisko can earn a 70% interest by incurring $30 million in work expenditures. This strategic
transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant
step towards development.
FOR ADDITIONAL INFORMATION
Marc-André Pelletier, President & CEO
2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9
819-825-8678 | Website:
www.btrgold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Caution regarding forward-looking statements
This press release contains "forward-looking information" that is based on Bonterra's current
expectations, estimates, forecasts, and projections. This forward-looking information includes, among
other things, statements with respect to the earn-in and joint venture agreement with Osisko Mining
announced on November 28, 2023. The words "will," "anticipated," "plans" or other similar words and
phrases are intended to identify forward-looking information. This forward-looking information includes
namely information with respect to the planned exploration programs and the potential growth in mineral
resources. Exploration results that include drill results on wide spacings may not be indicative of the
occurrence of a mineral deposit and such results do not provide assurance that further work will establish
sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a
category of mineral resource. The potential quantities and grades of drilling targets are conceptual in
nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if
further exploration will result in the targets being delineated as mineral resources. Forward-looking
information is subject to known and unknown risks, uncertainties and other factors that may cause
Bonterra's actual results, level of activity, performance, or achievements to be materially different from
those expressed or implied by such forward-looking information. Such factors include but are not limited
to: uncertainties related exploration and development; the ability to raise sufficient capital to fund
exploration and development; changes in economic conditions or financial markets, environmental and
other judicial, regulatory, political, and competitive developments; technological or operational difficulties
or inability to obtain permits encountered in connection with exploration activities; and labour relations
matters. This list is not exhaustive of the factors that may affect our forward-looking information. These
and other factors should be considered carefully, and readers should not place undue reliance on such
forward-looking information.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/194588