Bonterra Provides Exploration Update and Engages Dr. Michel Jebrak to Provide Technical Advice
Bonterra Provides Exploration Update and
Engages Dr. Michel Jebrak to Provide
Technical Advice
Val-d'Or, Quebec--(Newsfile Corp. - May 16, 2024) -
Bonterra Resources Inc. (TSXV: BTR)
(OTCQX: BONXF) (FSE: 9BR2) (
"
Bonterra
" or the "
Company
"
)
is pleased to provide an update at its
100% owned Desmaraisville project. The Company has now completed the compilation and
interpretation of the results from the 2023 15,000 meters ("
m
") drill program and as well the analysis of
the two geophysical surveys completed in November and December 2023. Several prospective
geological, geophysical and drill targets have been identified and will be subject of field work in the
coming weeks. The purpose of the field work is to prioritize drill targets in preparation for a 9,000 m
diamond drill program scheduled later this year. Please refer to the press releases dated December 4,
2023, December 14, 2023, February 5, 2024, and February 27, 2024, for exploration updates on the
Desmaraisville North and South projects and the surrounding area.
The Company is pleased to announce that it has retained the services of Dr. Michel Jébrak for technical
support on the upcoming drilling campaign. Dr. Jébrak is a well-known professional geologist with a
deep understanding of the Desmaraisville camp geology, gained from prior work in the region. He is an
emeritus professor at University of Quebec's Department of Earth and Atmospheric Sciences. He is a
former Vice-President for Research and Creation at UQAM and holder of the UQAT-UQAM Mining
Entrepreneurship Chair.
Marc-André Pelletier, President and CEO commented: "We are excited to commence field work at our
100% owned Desmaraisville project under the guidance of Dr. Michel Jébrak. Over the next few weeks,
our focus will be on investigating multiple high-grade gold values and new types of mineralization, all
within four kilometers from the Bachelor Mill. Importantly, Dr. Jébrak's expertise promises to offer
insights into the exploration potential of the property.
"At our Phoenix JV, operated by Osisko Mining Inc. ("
Osisko Mining
"), exploration efforts are
progressing well, with approximately 35,000 m drilled to date. Currently, two drill rigs are focused on
regional targets, while five are dedicated to the Moss target, bringing the total of operational rigs on the
Phoenix JV to seven."
Highlights of the Field Work
At the Desmaraisville South and North Properties, the field work is scheduled to commence late May
2024. The field programs will consist to: 1) evaluate several gold showings located within or at vicinity of
the Opawica-Guercheville and the Wedding-Lamarck corridor of deformation where previous exploration
works have returned very high-grade gold intersections in drilling and
channel sample with values of
234.0 g/t over 0.4 m and 582.0 g/t Au over 0.53 m respectively,
2) map and sample outcropping areas with potential near surface gold bearing structures on both
properties, 3) assess low-density circular features (Bouguer anomalies possibly corresponding to late
felsic intrusions like the O'Brien Syenite Intrusion) interpreted from the high-resolution airborne gravity
survey, 4) evaluate OreVision® 2D IP conductors and resistivity anomalies at the Desmaraisville South
Property and 5) map and re-sample old gold bearing trenches to better assess their gold potential
(Figure 1). Any positive results from these programs will help the Company to better focus and prioritize
its diamond drill targets. The proposed 9,000 m drill program will commence later this year.
Figure 1: Desmaraisville South Property, Geology, Corridors of Deformation and Gold
Showings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/209376_7bb6f58134f429ea_001full.jpg
Brokered Private Placement Updates
Following the closing of the brokered private placement for proceeds of $8,541,250 (see press release
of May 3, 2024), the Company paid a syndicate of agents led by Eight Capital, who acted as lead agent
and sole bookrunner and that included Cormark Securities Inc. (collectively, the "
Agents
"), cash
commissions of $549,037 and issued to the Agents compensation options and warrants to purchase an
aggregate of 2,004,500 common shares of the Company at a price of $0.25 per share exercisable for a
period of four years from closing.
The compensation options and warrants issued to the Agents', and the
common shares issuable upon exercise such options and warrants, are subject to a four month hold
period in Canada that expires September 3, 2024.
Qualified Person
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 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/209376