VANCOUVER, May 23, 2018 /CNW/ - Bonterra Resources
Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (the
"Company" or "Bonterra") is pleased to announce that
it has entered into a letter of intent ("LOI") with
Beaufield Resources Inc. (TSX-V: BFD) ("Beaufield"), whereby
Beaufield has granted the Company an option to acquire a 70%
interest (the "Option") in 81 strategic mineral claims
totaling 3,590 hectares, located in the Urban Barry Greenstone
belt, Quebec, Canada, and known as
the Duke property (the
"Property").
![Bonterra Resources Inc. - 2018 Regional Exploration - Duke Property Joint Venture (CNW Group/Bonterra Resources Inc.) Bonterra Resources Inc. - 2018 Regional Exploration - Duke Property Joint Venture (CNW Group/Bonterra Resources Inc.)](https://mma.prnewswire.com/media/695723/Bonterra_Resources_Inc__Bonterra_to_Acquire_Strategic_Property_P.jpg)
The Property is an assemblage of contiguous mineral claims
located immediately adjacent to the northern boundaries of the
Company's Urban Barry properties
containing the Gladiator Deposit and extensions. This
includes a narrow inset of claims that interrupt the western
continuity of claims in the Gladiator region known as "The
Gap". This land package also contains numerous gold showings
with expansion potential including Lac Rouleau and Zone 18.
The general geology is considered to be similar to that of the
Gladiator area, with numerous occurrences of structurally
controlled shear hosted vein mineralization on or near mafic
volcanic contacts in proximity to both felsic and mafic intrusive
units.
"The ability to secure the strategic mineral claims
immediately north and to the west of the Gladiator Gold Deposit is
a significant milestone for the Company, as we continue to de-risk
and advance the project. The additional claims solidify our land
position within the Urban Barry Gold Camp, increase our property
portfolio significantly and provide new exciting regional
exploration targets that our technical team has identified. I wish
to congratulate the current management of Beaufield for having the
vision and understanding that proper exploration should never be
hindered by claim boundaries and for making a decision that will
greatly benefit shareholders of both companies," commented
Nav Dhaliwal, President and CEO of
Bonterra.
Dale Ginn, VP Exploration
added, "Seamless exploration of potential western and north
eastern extensions of the Gladiator Deposit is now possible without
hinderance of nearby property boundaries. Deeper drilling of
Gladiator will also be much more practical from land based
locations as we can now step further to the north with our collar
locations. The knowledge we have gained from the past few years of
successful exploration and expansion of the Gladiator and
surrounding region will most certainly be applied to the
Duke property with the same
intensity."
Under the terms of the LOI, which will be formalized by a
definitive agreement, Bonterra can earn a 70% interest in the
Property by issuing 4,000,000 common shares to Beaufield upon
acceptance of the transaction by the TSX Venture Exchange, paying
Beaufield a total of $750,000 in
equal amounts over a three-year period, and incurring a total of
$4,500,000 in exploration
expenditures on the Property over three years.
Upon completion of the Option, the parties will enter into a
joint venture agreement on standard industry terms.
The transaction is subject to the acceptance of the TSX Venture
Exchange.
Bonterra Resources Quick Facts:
- Well financed with approximately $65
million raised in past 14 months.
- Strong Shareholder Base including: Eric Sprott, Van
Eck, Kirkland Lake Gold
- Gladiator Gold Deposit:
-
- Deposit extension and resource expansion underway with
60,000 m completed in 2017 and
70,000 m planned for 2018.
- Advancing to the completion of an updated NI 43-101
Mineral Resource Estimate in the second half of 2018.
- Drilled dimensions of the Gladiator Gold Deposit are currently
outlined to a depth of 1,000 m below
surface, and a strike length of 1,200
m.
- Gladiator remains open in all directions, where at least six
distinct sub-parallel zones or mineralized horizons have been
identified.
- Drilling is currently focused on the continued expansion of
Gladiator Gold Deposit and exploration targets within the
10,541-hectare Urban-Barry property.
- Larder Lake Gold Property:
-
- 100% controlled 2,221-hectare in the Cadillac-Larder Break camp
in Ontario (refer to
March 17, 2016 news release highlighting historical gold
resource).
- Excellent access to three high grade gold deposits between
Kirkland Lake and Virginiatown.
Robert Gagnon, P.Geo., has
approved the information contained in this release. Mr.
Gagnon is a director of Bonterra and is a Qualified Person as
defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President &
CEO
Bonterra Resources Inc.
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.
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 Bonterra's
exploration and development plans. 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 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; increases in input costs;
litigation, legislative, 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. Bonterra disclaims
any intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events
or otherwise.
SOURCE Bonterra Resources Inc.