VAL-D'OR, QC, May 1, 2019 /CNW/ - Bonterra Resources
Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) ("Bonterra"
or the "Company") is pleased to provide this update of
its activities on the Company's advanced exploration projects
located in the Urban-Barry Camp near Val-d'Or, Québec.
Activities highlights
- Completed 15,947 metres of infill and exploration diamond
drilling during the quarter ended February
28, 2019
- Four drill rigs are currently active on the Gladiator, Barry
and Moroy projects
- Retained the services of SGS Geostat to complete a NI 43-101
resource estimate and technical report on three deposits
- Nearing completion on an environmental impact assessment for
the Urban-Barry mill expansion from 800 to 2,400 tonnes per day
- Engaged two engineering firms, one commissioned to design the
mill expansion, and one to increase the capacity of the tailings
storage facility to 10 million tonnes
Q3 Exploration Summary
During the quarter ended February 28,
2019, Bonterra completed an aggregate of 15,947 metres of
infill and exploration diamond drilling on Gladiator, Barry and
Moroy.
At Gladiator, 9,226 metres of diamond drilling were completed.
The drilling has extended the Gladiator Gold deposit along strike
by 200 m on the Rivage zone and by
250 m on the Barbeau
zone. Rivage and Barbeau remain open at depth and along
strike. Diamond drilling has also confirmed the
northeasterly-trending ore chute on the Main and North Zones that
remain open at depth.
At Barry, 2,902 metres of diamond drilling were completed
underground from Level 100. This drilling was successful in
confirming the multiple gold zones utilizing 20- to 30-metre drill
spacings, mainly on Level 100. Most of the drill holes intersected
gold mineralization where it was anticipated validating the
geological model at this level prior to the upcoming resource
estimate. All zones at Barry remain open at depth and along
strike.
At Moroy, 3,819 metres of underground definition diamond
drilling were completed, confirming the continuity of M1 and M2
zones with shorter drill spacing. Higher grades and thicker
mineralized drill-core intersections are promising.
Q4 Exploration Forecast
The Company has retained the services of SGS Geostat of
Blainville, Québec, to complete a
mineral estimate and a NI 43-101 compliant technical report on the
three projects. SGS has been provided with the Company's drilling
results up to March 31, 2019. SGS is
actively working on the review of previous work, validation of the
drill hole database and QA/QC data, and the creation of appropriate
block models for all three projects. The Company has been informed
that the target date for the completion of the resource estimate is
around the end of May 2019.
Bonterra is currently conducting a drilling program with a
combined total of 15,000 metres planned on the Gladiator, Barry and
Moroy deposits. This next phase aims to test geological targets
outside of the known mineralized zones.
One surface rig is currently active on the Titan Zone. The
Company recently observed visible gold from Titan drill core. Titan
is interpreted as the northeastern extension of the Gladiator Zone,
where three new sub-vertical gold-bearing zones have been
identified and remain open in all directions.
One surface rig is active at Barry targeting mineralization
along strike and at depth. Three holes have been completed to date,
intercepting zones with visible gold and semi-massive sulfide
mineralization.
Two rigs are currently active on the Moroy Deposit, one at
surface testing the up-plunge potential from surface to a depth of
400 metres, and the second testing, from an underground drilling
platform, the down-plunge extension below a depth of 600 metres. To
date, several typical hematized and mineralized drill intercepts
have been observed.
Permitting and Engineering
The Company is finalizing the environmental impact assessment
for the Urban-Barry mill expansion to increase the throughput
capacity from 800 to 2,400 tonnes per day (tpd). The plan is
to create a regional Urban-Barry mill to process the ores from
other potential satellite deposits. The Barry and Moroy projects
would likely be the first two projects to fit this business
model.
The Company is currently proceeding with the engineering design
of the 2,400 tpd expansion as the permitting process
continues. Two engineering firms are working on this project:
one firm is focusing on the tailings dam design to contain 10
million tonnes of material over 12 years and the other firm is
designing the mill modification to process 2,400 tpd while
maintaining gold recovery levels above 95%. This latter firm
is also designing a new gravity circuit to accept the feed from the
Barry project.
Care and maintenance of the underground facilities, and mine
design
The Company has placed its underground operations on care and
maintenance. The Company is currently designing the
underground workings with the preliminary resource model at Moroy.
The mine design will be adjusted once the resource model is
finalized. The mine design at Barry will start once the resource
model has been completed.
Management and Board Changes
Bonterra recently made changes to its board of directors with
the addition of Akiba Leisman, a
consultant at Wexford Capital LP, and Matthew Happyjack, President and CEO of Air
Creebec. Mr. Leisman brings a wealth of experience to the board in
the sectors of capital markets and mine finance. Mr. Happyjack has
a strong background in business management and operations,
particularly in the Val-d'Or
region. In addition, the Company has retained the services of a
well-known consulting resource geologist to work with SGS Geostat
on the completion of the mineral resource estimate.
Qualified Person
Pascal Hamelin, P. Eng., VP
Operations, is the Qualified Person under NI 43-101, responsible
for reviewing and approving the technical information contained in
this news release.
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 release.
Cautionary and Forward-Looking Statements
This press release contains "forward-looking information"
that is based on Bonterra's current expectations. The words "will",
"anticipated", "plans" or other similar words and phrases are
intended to identify forward-looking
information. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may
cause Bonterra's actual achievements to be materially different
from those expressed or implied by such forward-looking
information. Such factors include but are not limited to
uncertainties of the outcome of legal proceedings. 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. Bonterra disclaims any intention or obligation to
update or revise forward-looking information, whether as a result
of new information, future events or otherwise.
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SOURCE Bonterra Resources Inc.