VANCOUVER, Oct. 10, 2018 /CNW/ - Bonterra Resources
Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR1) (the "Company" or
"Bonterra") is pleased to provide a corporate update following
the completion of the acquisition of Metanor Resources Inc. and
plans to develop the exploration and mining assets in the Urban
Barry. With the recent consolidation of mill, mine, pre-production
and exploration assets, Bonterra intends to accelerate development
of the Gladiator, Moroy and Barry deposits, while expanding the
capacity of the Urban Barry Mill.
The Urban Barry Mill is the only permitted mill in the
region, with more than 15 high-grade gold deposits within a 110 km
radius of the mill site. The mill is accessible by a paved highway
with a network of logging roads linking the other properties in the
area to feed the mill. Bonterra will undertake a mill expansion
project in order to increase the production capacity of the Urban
Barry mill from 1,200 tpd to 2,400 tpd. Construction on the mill
expansion is expected to be completed in 2019, allowing a shortened
timeline to production for the Barry, Moroy and Gladiator
deposits.
The Barry Deposit is permitted for initial mine
development access and bulk sampling, with decline and cross cut
development currently underway. Recent drilling has resulted in the
expansion of high-grade areas down plunge at each known strike
extent. Bonterra expects to rapidly increase the size of the Barry
Deposit especially at depth, given that very little drilling has
previously taken place below 300 meters depth over a one km strike
length. An updated mineral resource estimate is expected for Q4
2018.
The Moroy Deposit is a recent discovery at the Urban
Barry Mill property with access via the Bachelor Lake Mine. Current
development consists of three sub-drifts and a series of raises,
accessed from the 11th level at Bachelor Lake. Extensive
drill information exists from surface as well as from the
11th level to a depth of approximately 2,000 feet,
effectively resulting in the existence of two unmined parallel
mineralized zones that have not as of yet been quantified.
Exploration and development continue at the Moroy deposit with a
mineral resource estimate planned to be completed early in
2019.
Bonterra will update the mineral resource estimate at the
Gladiator Deposit over the next month. The Company is
initiating permitting in order to develop a decline and complete a
bulk sample at the deposit over the next year. With significant
exploration potential for expansion, drilling will continue at the
deposit, which remains open in all directions. Bonterra recently
discovered a new high-grade gold zone 200
m to the north of the deposit with 27.4 g/t Au over
7.0 m (see Bonterra news release
dated September 19, 2018). The recent
option agreement with Beaufield Resources on the Duke property has allowed for larger step out
drilling at the deposit. Other showings and mineralized zones are
also being prioritized for upcoming drilling including the Two
Lions Zone and the Moss showings.
Please see
http://www.bonterraresources.com/_resources/corporate-presentation.pdf
for the Company's updated corporate presentation.
Bonterra Resources Quick Facts:
- Control of three advanced high-grade gold deposits (Gladiator,
Moroy, Barry) and significant regional targets
- 100% ownership of the Urban-Barry Mill, the only permitted gold
mill in the region
- Strong shareholder base including: Eric
Sprott and Kirkland Lake
Gold
- New NI 43-101 Mineral Resource Estimate anticipated in 2018 for
the Gladiator and Barry Deposits
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 labor
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.