Bonterra Resources Inc. [BTR-TSXV; BONXF-OTCQX; 9BR2-FSE] reported more results from the now completed infill and expansion drilling campaign at the 100%-owned Barry underground project, Quebec, which holds 500,000 ounces of measured and indicated mineral resources and 700,000 ounces of inferred mineral resources according to the last mineral resources estimate.
The primary goal of this campaign was to convert mineral resources to a higher confidence category and enhance the interpretation and grade continuity of the mineralization, primarily in the upper section of the deposit. In total, 31,349 metres (91 holes) of infill drilling has been completed from surface since August 2022. The company has received assays for 89 holes so far, including the holes disclosed in this release. To date, 1,619 samples are pending results.
Highlights include 8.2 g/t Au over 8.2 m, including 16.6 g/t Au over 3.4 m and 54.5 g/t Au over 0.5 m in hole MB-23-593A5.0 g/t Au over 7.2 m, including 23.0 g/t Au over 0.7 m and 16.2 g/t Au over 0.6 m in hole MB-23-5997.2 g/t Au over 3.7 m, including 30.0 g/t Au over 0.5 m in hole MB-23-601A6.4 g/t Au over 2.9 m, including 16.9 g/t Au over 1.0 m in hole MB-23-611
In addition to the cost saving initiatives announced in November 2022 and March 2023, the company implemented a new working schedule at the Barry site in April 2023 and expects to reduce fixed camp costs by 50% or approximately $0.5 million in 2023. Also, the company received proceeds of $0.4 M in Q1 2023 from the rental of the Bachelor camp during the construction of the proposed Kuikuhaacheu hydroelectric power transmission line from the Waswanipi substation to the Windfall gold project, which is approximately 15 km from Bonterra’s Barry and Gladiator deposits. More revenue is expected for the rest of the year.
Finally, the company is currently undertaking the cleaning of the Bachelor Mill to recover the gold trapped in the circuit from past production activity. This work is expected to take place in the ensuing months and the revenue generated is expected to support the Company’s exploration activities.
Marc Andre Pelletier, President and CEO commented: “Several revenue-generating and cost-cutting initiatives are currently underway to bolster our operations and facilitate our renewed focus on exploration in the Urban-Barry camp. We share the same belief as our neighbors, Gold Fields and Osisko Mining, in the untapped potential for new discoveries within the Urban-Barry camp. The findings announced today provide further confirmation of the Barry deposit’s depth potential, with the 800 Zone remaining open down plunge to the East. We are pleased with the progress of our ongoing drill campaigns at Panache South and Barry North-East, following our updated work schedule, and we thank our employees for their flexibility.”
The company has allocated one drill rig to its Barry North-East regional exploration program, which consists of 11 drill holes covering 3,200 metres. This program targets induced polarization anomalies along the Mazeres fault corridor, located 3 km northeast of the Barry deposit. So far, four drill holes covering 1,654 m have been completed.
The company also commenced a 3,500 metre exploration and follow-up drill program at the Panache South target area. The program is currently testing targets North of historical showing of 12.9 g/t Au over 0.5 metres and 3.2 g/t Au over 0.4 metres. So far, two drill holes totalling 909 metres have been completed.
The latest infill drilling results from the 800 Zone demonstrate the continuity of the mineralization. Hole MB-23-593A returned results of 8.2 g/t Au over 8.2 metres including 54.5 g/t Au over 0.5 metres. All the results confirm the plunge of the gold trend, its extension at depth and the potential to increase the mineral resources for the 800 Zone.
The Barry North-East and the Panache South properties are located on the west portion of the Urban-Barry camp, in the Macho mafic volcanic formation, where the Barry deposit and Moss showings occur along the Mazeres fault system striking N60 toward the Osisko Mining’s Windfall deposit. The Panache showing located in the northeast portion of the area occurs along the Milner fault which also hosts the Fox and Fox West Zones owned by Osisko Mining.
Bonterra has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region.