Bonterra Provides a Corporate Update
Val-d'Or, Quebec--(Newsfile Corp. - June 30, 2020) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (the "Company" or "Bonterra") is pleased to provide a corporate update including the status of the bulk sampling program at Moroy.
On March 17, 2020, Bonterra announced the immediate suspension of all drilling at its Moroy, Gladiator, and Barry projects, and stopped the bulk-sampling program at Moroy due to the Covid-19 global pandemic. Since that time, the three camps and the Val-d'Or office have been on care and maintenance. Essential employees are maintaining the three sites, and the corporate office. Other employees assigned to geology, and environmental permitting are working remotely where possible.
The Company has developed procedures to protect its workers and the surrounding communities near the projects. These procedures will continue to evolve as more is known about Covid-19. Importantly, the Company is pleased to report no known cases on its projects.
Bonterra recently updated and submitted its health and safety procedures to the Quebec public health authority, the Cree Nation Government of Eeyou Istchee, and the Cree First Nation of Waswanipi and received approval to resume exploration at the Moroy project. The project is located 30 kilometres southwest from the Cree First Nation of Waswanipi. As a result of the approval, the Company now plans to resume the bulk-sampling program at Moroy.
Bulk Sampling Update
The bulk-sampling program at the Moroy project was initiated with the objective to verify the grade continuity in the mineral structure, and to reconcile between the resource grade of a specific area and the resulting mined grade at the mill.
The bulk-sampling is focused on the M1 shear on level 11, 440 metres below surface. The plan is to access the area through a track haulage drift from the Bachelor shaft located 900 metres north of Moroy. The M1 structure has a narrow subvertical configuration that the Company plans to mine using a long-hole-drilling mining method from sub-levels at 15-metre intervals.
In December 2019, the Ministry of Natural Resource issued the authorisation to extract 5,000 tonnes of mineralized material. The Company began the sampling program in January with long-hole drilling. The sector was drilled off when the Company put all activity on hold in March as a result of Covid-19. The blasting operations are planned to start in July, with the material hauled on level 11 to the material handling facilities at the Bachelor shaft. Once on surface, the mineralized material will be processed on site at the Bachelor mill under the monitoring of a third party engineering firm. The results of the bulk-sampling program will be published shortly after completion. The bulk-sampling is expected to be completed in Q3.
Exploration Drilling Activities - Winter 2020
Bonterra completed a combined total of 34,558 meters of drilling from twelve drill rigs during winter 2020 on its Gladiator, Barry and Moroy projects (See Table: Bonterra Project Drilling Metres - Winter 2020). On March 17, 2020, Bonterra suspended drilling on all of the projects and placed the three camps on care and maintenance due to the Covid-19 global pandemic. Drilling activities on the lake ice at Barry and Gladiator were partially restricted due to a mild winter resulting in a later program start and ended abruptly due to the pandemic, falling short of the planned 80,000 metres. Some drilling results remain pending where sampling and assaying was slowed due to Covid-19. Now that health protocols are in place, the Bachelor assay lab is running normally. The assay lab is currently focusing on the backlog from this winter and is expected to be caught up by the end of July.
|Bonterra Project Drilling Metres - Winter 2020|
|Project||Drilling Metres (m)||Drill Rigs|
|BTR 2020 Total||34,558||12|
As previously announced on April 21, 2020, Greg Gibson resigned as CEO of Bonterra effective today. While the Company continues its search for a permanent CEO, in the interim it has promoted Pascal Hamelin, VP, Operations to Interim CEO. The Board of Directors will continue its efforts in recruiting a new President and CEO who will lead the Company into the next phase of growth. The Board of Directors would like to thank Mr. Gibson for his significant contributions to the Company and wish him success in his future endeavours.
In addition, Mr. Jamie Lavigne, VP, Exploration, has resigned from the Company. Mr. Lavigne joined the Company on a consulting basis in the winter 2019 to assist with the completion of the mineral resource estimates on the Company's projects. Mr. Marc Ducharme will now assume the leadership role in the Company's exploration programs. Mr. Ducharme joined the Company in September 2019 as Principal Geologist. Mr. Ducharme has over 30 years of geological, exploration, and mining experience predominantly with gold mineralization in the Abitibi region of Quebec. Mr. Ducharme is credited with the discovery of the Kiena Deep orebody deposit in 2016, which is currently being prepared for mining by Wesdome Gold Mines Ltd. at their Kiena Mine in Val-d'Or.
Pascal Hamelin, Interim CEO and VP, Operations commented: "Bonterra has undergone significant changes recently and will continue to make changes where appropriate to maximize value for its shareholders. The Company thanks Greg and Jamie for their efforts and achievements while at Bonterra and looks forward to Marc taking a leadership role in the continued development of the Company's assets."
Pascal Hamelin, P.Eng. has approved the information contained in this release. Mr. Hamelin, Bonterra's VP Operations, is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
FOR ADDITIONAL INFORMATION:
Investor relations: Pascal Hamelin
2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9
819-825-8676 | Website: www.bonterraresources.com
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 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. This forward-looking information includes namely, information with respect to the planned exploration programs and the potential growth in mineral resources. Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit and such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. 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, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/58885