Deep Drilling at Phoenix JV Yields High-Grade Lynx-Type Mineralization at Moss Target, Highlighted by 38.3 g/t Au over 1.1 m and 7.37 g/t Au over 4.2
Deep Drilling at Phoenix JV Yields High-Grade
Lynx-Type Mineralization at Moss Target,
Highlighted by 38.3 g/t Au over 1.1 m and 7.37
g/t Au over 4.2
Val-d'Or, Quebec--(Newsfile Corp. - August 6, 2024) -
Bonterra Resources Inc. (TSXV: BTR)
(OTCQX: BONXF) (FSE: 9BR2) (
"
Bonterra
" or the "
Company
"
)
is pleased to announce additional
drill results on the Phoenix JV (formerly known as the Urban-Barry Property) (the "
Project
"). The Project
is under a definitive earn-in and joint venture agreement (the "
Agreement
") with Osisko Mining Inc.
("
Osisko Mining
"). Under the Agreement, Osisko Mining 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, for more details).
To date, approximately 60,000 meters ("
m
") have been drilled on the Project, including 37,000 m solely
on the Moss Target where mineralization similar to the high-grade Lynx Zone has been confirmed at
depth by Osisko Mining (see release dated April 15, 2024).
Diamond drilling activities are now completed and will resume later this year once all assays are
received and the compilation and interpretation work are available. Importantly, total expenditures on the
Project will exceed the minimum annual spending commitment of $10 million outlined in the Agreement.
Highlights at the Moss Target:
38.33 g/t Au over 1.1 m, including 69.6 g/t Au over 0.6 m in hole OSK-PHX-24-078
7.37 g/t Au over 4.2 m, including 28.6 g/t Au over 0.4 m in hole OSK-PHX-24-096
14.35 g/t Au over 1.6 m, including 29.6 g/t Au over 0.7 m in hole OSK-PHX-24-082
24.14 g/t Au over 1.4 m, including 48.1 g/t Au over 0.7 m in hole OSK-PHX-24-072
42.1 g/t Au over 0.8 m in hole OSK-PHX-24-080
75.8 g/t Au over 0.4 m in hole OSK-PHX-24-049
Marc-André Pelletier, President and CEO commented: "We are very pleased to report, in collaboration
with our partner Osisko Mining, the discovery of high-grade Lynx-type mineralization at depth at the Moss
target. Notably, the mineralization remains open and will be the subject of future work within the
framework of our agreement. The presence of grey quartz-pyrite veins with visible gold, combined with
intense sericite-pyrite and silica altered rock, indicates wider mineralization, as observed in drill holes
OSK-PHX-078 and OSK-PHX-096.
We look forward to resuming exploration work on the Phoenix JV later this year.
At our Desmaraisville project, fieldwork is progressing well, and our geology team is working to generate
prospective drill targets for exploration. A 6,000 m drill program is planned to start in September
focusing on the most promising targets."
Figure 1- Phoenix JV Project - Surface Plan View with Completed Drill holes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/218821_1a9f7fdce467cbcd_001full.jpg
Figure 2 - Phoenix JV Project - Surface Plan View with Completed Drill holes at the Moss
Target
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/218821_1a9f7fdce467cbcd_002full.jpg
Figure 3 - Longitudinal View of the Moss Target with Best Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/218821_1a9f7fdce467cbcd_003full.jpg
Table 1: Drill Hole Locations - Phoenix JV, Moss Target
Hole ID
Easting
Northing
Elevation (m)
Azimuth
(°)
Dip
(°)
Length (m)
OSK-PHX-24-035
448908
5432156
398
323
-56
408
OSK-PHX-24-045
448032
5431570
406
315
-48
396
OSK-PHX-24-049
447524
5432255
410
320
-49
444
OSK-PHX-24-057
447804
5431538
401
317
-51
303
OSK-PHX-24-058
448904
5432156
398
320
-47
376
OSK-PHX-24-063
448905
5432155
398
330
-60
411
OSK-PHX-24-064
448096
5431475
400
321
-48
564
OSK-PHX-24-069
448904
5432155
398
310
-47
429
OSK-PHX-24-070
448905
5432154
398
333
-69
516
OSK-PHX-24-072
448209
5431504
399
316
-49
600
OSK-PHX-24-078
448744
5431269
399
320
-50
1,173
OSK-PHX-24-080
447591
5431267
399
330
-60
510
OSK-PHX-24-082
448655
5431775
397
321
-49
687
OSK-PHX-24-096
448941
5431312
399
323
-50
1,230
UTM Coordinates, System: NAD83 Zone 18N
Table 2: Significant Mineralized Intersections from Drilling on the Moss Target
Hole ID
Including
From (m)
To (m)
Length (m)
Grade (Au g/t)
Metal Factor
(length x grade)
OSK-PHX-24-035
200.4
200.7
0.3
44.1
13.23
287.2
288.8
1.6
5.83
9.33
Including
287.5
288.1
0.6
14.1
8.43
OSK-PHX-24-045
198.0
199.0
1.0
6.15
6.15
OSK-PHX-24-049
185.4
185.8
0.3
75.8*
30.32
OSK-PHX-24-057
54.3
55.3
1.0
5.85
5.85
OSK-PHX-24-058
54.0
55.0
1.0
7.98
7.98
OSK-PHX-24-063
288.2
290.3
2.1
3.98
8.35
Including
290.0
290.3
0.3
8.89
2.67
OSK-PHX-24-064
351.0
353.0
2.0
4.68
9.36
Including
352.5
353.0
0.5
8.47
4.24
OSK-PHX-24-069
264.3
265.3
1
18.45
18.45
Including
264.7
265.3
0.6
29.1*
17.46
OSK-PHX-24-070
240.0
241.1
1.1
7.73
8.51
Including
240.7
241.1
0.4
18.9
7.56
OSK-PHX-24-072
334.3
335.7
1.4
24.14
33.80
Including
335.0
335.7
0.7
48.1
33.67
OSK-PHX-24-078
844.4
845.5
1.1
38.33*
42.17
Including
844.4
845.0
0.6
69.6
41.76
OSK-PHX-24-080
329.1
329.9
0.8
42.1*
33.68
OSK-PHX-24-082
155.3
158.0
2.7
2.17
5.86
314.7
316.3
1.6
14.35
22.95
Including
315.6
316.3
0.7
29.6
20.72
OSK-PHX-24-096
930.6
934.8
4.2
7.37*
30.97
Including
930.6
931.0
0.4
28.6
11.44
* Visible Gold Grains
1)
True width determination is currently unknown but is estimated from 55 to 80% of the reported core
length interval for the zone.
2)
Assays are uncut except where indicated.
3)
Intercepts have not been correlated to individual zones or vein domains at this time.
Quality Control and Reporting Protocols (adopted by Osisko Mining)
NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-
assaying-AA finish or gravimetric finish at ALS Laboratories in Val-d'Or, Québec, or Vancouver, British
Colombia. The 1-kilogram screen assay method is selected by the geologist when samples contain
coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also
analyzed for multi-elements, including silver, using Four Acid Digestion-ICP-MS method at ALS
Laboratories. Drill program design, Quality Assurance/Quality Control ("
QA/QC
") and interpretation of
results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and
industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes
by Osisko Mining as well as the lab.
Qualified Person
M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, has reviewed and approved
the technical 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 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, Québec 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/218821