VANCOUVER, July 9, 2018 /CNW/ - Bonterra Resources
Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (the
"Company" or "Bonterra") is pleased to announce that
further to its news release of May 23,
2018, it has now completed and entered into an Option
Agreement 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, and known as the Duke property (the "Property").
Under the terms of the Option 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.
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.
"We look forward to working with the Beaufield team in fully
exploring the Duke lands with greatly
enhanced benefits of shared experience and open claim boundaries,
as well, the potential Gladiator Deposit extensions can now be
efficiently defined and expanded. Upon completion of the
recently announced acquisition of Metanor, Bonterra has not only
cemented its hold on a number of developing new deposits in the
region, it will also own the only operating and expandable mill in
the Urban Barry camp." commented Nav
Dhaliwal, President and CEO of Bonterra.
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, such acceptance to be sought forthwith.
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.
Dale Ginn, P.Geo. has approved
the technical information contained in this release. Mr. Ginn is a
Director and Vice President of Exploration of Bonterra and is a
Qualified Person as defined by National Instrument 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 and proposed acquisition
of Metanor. 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.
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SOURCE Bonterra Resources Inc.