VAL-D'OR, QC, May 28, 2019 /CNW/ - Bonterra Resources
Inc. (TSX-V: BTR, OTCQX: BONXF, FSE:
9BR1) ("Bonterra" or the "Company") is
pleased to announce results of the recently completed NI 43-101
Mineral Resource Estimates for the Gladiator, Barry, and Moroy
deposits located in the Urban-Barry Camp, QC. Highlights of
the Mineral Resource Estimates for Gladiator include:
- Indicated Resources of 743,000 tonnes at an average grade of
8.46 grams per tonne Au totaling 202,000 ounces Au.
- Inferred resources of 3,065,000 tonnes at an average grade of
9.10 grams per tonne Au totaling 897,000 ounces Au.
The results of the Mineral Resource Estimates for the Gladiator,
Barry, and Moroy deposits are summarized in table 1. The
Mineral Resource Estimates for the Gladiator and Barry deposits are
reported at a 3.5 gram per tonne Au cut-off grade. The
Mineral Resource Estimate for the Moroy deposit is reported at a
3.0 gram per tonne cut-off grade. The resource models are
tabulated at various cut-off grades in tables 2 – 4 below.
The Mineral Resource Estimates have been prepared by SGS Geological
Services, Blainville, QC, and has
been reviewed internally by the Corporation. The full technical
report, which is being prepared in accordance with National
Instrument 43-101 ("NI-43-101"), will be available on SEDAR
(www.sedar.com) under the Corporation's issuer profile within 45
days. The effective date of the current mineral resource estimate
is May 24, 2019.
Table 1. Mineral Resource Estimate
(effective May 24, 2019)
|
|
|
|
Deposit
|
Measured
|
Indicated
|
Inferred
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
Gladiator
|
|
|
|
743,000
|
8.46
|
202,000
|
3,065,000
|
9.10
|
897,000
|
Barry
|
|
|
|
2,052,000
|
5.84
|
385,000
|
2,740,000
|
5.14
|
453,000
|
Moroy
|
302,000
|
5.66
|
55,000
|
365,000
|
4.77
|
56,000
|
396,000
|
4.32
|
55,000
|
Total
|
302,005
|
5.66
|
55,000
|
3,160,000
|
6.33
|
643,000
|
6,201,000
|
7.04
|
1,405,000
|
- The classification of the current Mineral Resource Estimates
into Measured, Indicated and Inferred are consistent with current
2014 CIM Definition Standards - For Mineral Resources and Mineral
Reserves
- Mineral resources which are not mineral reserves do not have
demonstrated economic viability. An Inferred Mineral Resource has a
lower level of confidence than that applying to a Measured and
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration.
- All figures are rounded to reflect the relative accuracy of
the estimate. Composites have been capped where
appropriate.
- Resources are presented undiluted and in situ and are
considered to have reasonable prospects for economic extraction. In
order to meet this requirement, the Gladiator, Barry and Moroy
Deposit mineralization are considered amenable for underground
extraction.
- Underground mineral resources are reported at a cut-off
grade of 3.5 g/t Au for Gladiator and Barry, and 3.0 for Moroy.
Cut-off grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of
US$0.75, gold recoveries of 93% -
95%, and reasonable mining, processing and transportation
costs.
- High grade capping was done on composite data. Capping
values of 30 to 55 g/t Au were applied to all 3D grade controlled
wireframe models. A fixed specific gravity value of 2.82 was
used to estimate the tonnage from block model volumes for Moroy and
Barry, and 2.78 for Gladiator.
- Mineral Resources for Barry and Moroy are exclusive of
material that has been mined.
Greg Gibson, Executive Chairman and Interim CEO
of Bonterra commented: "We are pleased with the
current mineral resource estimates on our
three Urban-Barry gold deposits. The mineral
resources delineated to date are a mere
snapshot in time with further indications of
continued expansion potential along strike and at depth for the
three deposits."
ABOUT THE GLADIATOR, BARRY, AND MOROY DEPOSITS
The Gladiator, Barry, and Moroy deposits are located in the
Urban-Barry greenstone belt, approximately 200 km northeast of
Val d'Or, QC. The Moroy
deposit is located on the Bachelor property which includes the
Bachelor deposit and the Urban-Barry mill. The Gladiator and
Barry deposits are located on the Urban-Barry property,
approximately 125 and 110 kilometres respectively, from the
Urban-Barry mill (see Figure 1).
The Moroy deposit is a shear hosted gold deposit comprised of
multiple, sub-parallel, gold bearing zones dipping moderately to
steeply to the North. Moroy mineralization consists of disseminated
sulfides within silica-hematite alteration located at the contacts
of syenitic dykes. The Moroy deposit is located approximately
600 metres south of the Bachelor deposit and has been accessed
underground from the Bachelor mine. The Moroy deposit has
been delineated over strike length of approximately 400 metres and
remains open for expansion.
The Barry deposit is a shear-hosted gold deposit with multiple
parallel, sub-vertical, shear zones and a second set of veins
dipping 50 to 60 degrees to the south. The gold mineralization
consists of disseminated sulfides within the shear zones and the
veins with local visible gold. The Barry deposit has been
delineated over 1 kilometres along strike and 600 metres
vertical. The deposit remains open for expansion.
The Gladiator deposit occurs within a major shear corridor and
is a quartz vein hosted gold deposit consisting of several steeply
south dipping vein and shear structures. Mineralization at
Gladiator consists dominantly of free gold in quartz veins.
Gladiator is currently defined over a 1.5 kilometres strike
length and to a vertical depth of 800 metres. The Gladiator
deposit remains open at depth and along strike.
The Company currently has five drills operating on the Bachelor
and Urban-Barry properties. These drills are testing a
combination of resource expansion and earlier stage exploration
targets.
Table 2. Gladiator Mineral Resource
Estimate tabulated at various cut off grades
Cut-off
(Au g/t)
|
Indicated
|
Inferred
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
2
|
1,244,000
|
6.13
|
245,000
|
5,079,000
|
6.53
|
1,067,000
|
2.5
|
1,019,000
|
6.99
|
229,000
|
4,162,000
|
7.48
|
1,001,000
|
3
|
859,000
|
7.78
|
215,000
|
3,511,000
|
8.35
|
943,000
|
3.5
|
743,000
|
8.46
|
202,000
|
3,065,000
|
9.10
|
897,000
|
4
|
653,000
|
9.10
|
191,000
|
2,696,000
|
9.83
|
852,000
|
Values in this table are reported to illustrate the
sensitivity of the block model to cut-off grade relative to the
base case resource estimate. The Gladiator Resource Estimate
is based on a cut-off grade of 3.5 g/t Au (see table 1) and values
presented here above and below the base case should not be
interpreted as a mineral resource statement.
Table 3. Barry Mineral Resource
Estimate tabulated at various cut off grades
Cut-off
(Au g/t)
|
Indicated
|
Inferred
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
2
|
4,507,000
|
4.11
|
595,000
|
5,716,000
|
3.87
|
712,000
|
2.5
|
3,449,000
|
4.67
|
518,000
|
4,577,000
|
4.28
|
630,000
|
3
|
2,662,000
|
5.25
|
449,000
|
3,675,000
|
4.66
|
551,000
|
3.5
|
2,052,000
|
5.84
|
385,000
|
2,740,000
|
5.14
|
453,000
|
4
|
1,587,000
|
6.47
|
330,000
|
2,127,000
|
5.54
|
379,000
|
Values in this table are reported to illustrate the
sensitivity of the block model to cut-off grade relative to the
base case resource estimate. The Barry Resource Estimate is
based on a cut-off grade of 3.5 g/t Au (see table 1) and values
presented here above and below the base case should not be
interpreted as a mineral resource statement. Mineral
Resources are exclusive of material that has been mined.
Table 4. Moroy Mineral Resource
Estimate tabulated at various cut off grades
Cut-off
(Au g/t)
|
Measured &
Indicated
|
Inferred
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
Tonnes
|
Au
(g/t)
|
Ounces
Au
|
2
|
1,017,004
|
4.25
|
139,000
|
701,000
|
3.55
|
80,000
|
2.5
|
840,004
|
4.70
|
127,000
|
563,000
|
3.87
|
70,000
|
3
|
667,005
|
5.17
|
111,000
|
396,000
|
4.32
|
55,000
|
3.5
|
531,005
|
5.68
|
97,000
|
271,000
|
4.93
|
43,000
|
4
|
432,006
|
6.19
|
86,000
|
202,000
|
5.23
|
34,000
|
Values in this table are reported to illustrate the
sensitivity of the block model to cut-off grade relative to the
base case resource estimate. The Moroy Resource Estimate is
based on a cut-off grade of 3.0 g/t Au (see table 1) and values
presented here above and below the base case should not be
interpreted as a mineral resource statement. Mineral
Resources are exclusive of material that has been mined.
Qualified Persons
The Mineral Resource Estimates presented in this news release
were estimated by Allan Armitage,
Ph.D., P. Geo. ("Armitage"), and Olivier
Vadnais-Leblanc, B.Sc., géo. ("Vadnais-Leblanc"), both of
SGS Geological Services. Armitage and Vadnais-Leblanc are
independent Qualified Persons as defined by NI 43-101.
Pascal Hamelin, ing., P.Eng., VP
Operations for Bonterra is a Qualified Person under NI 43-101 and
has reviewed and approved the contents of this release.
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.
Cautionary and Forward-Looking Statements
This news release contains "forward-looking information"
within the meaning of the applicable Canadian securities
legislation that is based on expectations, estimates, projections
and interpretations as at the date of this news release. Any
statement that involves predictions, expectations, interpretations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often, but not always, using phrases such as
"expects", or "does not expect", "is expected", "interpreted",
"management's view", "anticipates" or "does not anticipate",
"plans", "budget", "scheduled", "forecasts", "estimates",
"believes" or "intends" or variations of such words and phrases or
stating that certain actions, events or results "may" or "could",
"would", "might" or "will" be taken to occur or be achieved) are
not statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information. This news release contains the forward-looking
information pertaining to, among other things, the timing and
ability of Bonterra to file a technical report in respect of this
mineral resource estimate; the prospects, if any, of the Gladiator,
Barry, and Moroy deposits; the parameters used for this mineral
resource estimate; upgrading a inferred mineral resource to a
measured mineral resource or indicated mineral resource category;
the deposit remaining open along strike and at depth; future
drilling at the Gladiator, Barry, and Moroy deposits; the
significance of historic exploration activities and results. Such
factors include, among others, risks relating to the ability of
exploration activities (including drill results) to accurately
predict mineralization; errors in management's geological
modelling; the ability of Bonterra to complete further exploration
activities, including drilling; property interests in the
Gladiator, Barry and Moroy deposit; the ability of the Corporation
to obtain required approvals and complete transactions on terms
announced; the results of exploration activities; risks relating to
mining activities; the global economic climate; metal prices;
dilution; environmental risks; and community and non-governmental
actions. Although the forward-looking information contained in this
news release is based upon what management believes, or believed at
the time, to be reasonable assumptions, Bonterra cannot assure
shareholders and prospective purchasers of securities of the
Corporation that actual results will be consistent with such
forward-looking information, as there may be other factors that
cause results not to be as anticipated, estimated or intended, and
neither Bonterra nor any other person assumes responsibility for
the accuracy and completeness of any such forward-looking
information. Bonterra does not undertake, and assumes no
obligation, to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by law.
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SOURCE Bonterra Resources Inc.