BonTerra Continues to Consolidate the Key Western and Southern Extensions of the Gladiator Gold Project
Vancouver, BC – March 14, 2016: BonTerra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the “Company” or “BonTerra”) is pleased to announce the continued consolidation of strategic property positions (totaling 1,582 hectares) to the west and south of its 100% owned Gladiator Gold Project. The Company has signed purchase agreements to acquire 100% of the Macho South Property (848 hectares), the Barry Property (395 hectares), and the Bailly Property (339 hectares) located in the Urban Barry Gold Camp, in the Souart and Barry Townships, Québec. BonTerra continues to evaluate other key properties in the camp to add to its controlling stake of known geological structures.
Strategic Reasons for Property Purchases:
- Extend the Gladiator Gold Project to cover a total of 25 kilometers of favourable greenstone belt lithology and structures that contain under explored gold showings;
- To completely fill in the gap between the Coliseum and Arena Properties that was partially filled with the recent acquisition of the Lac Barry Property (News release March 11, 2016), and;
- To provide gold exploration continuity 10 km eastward and 15 km southwestward from the 25,000-meter drill program on the Gladiator Gold Project at the western end of the Arena Property.
Nav Dhaliwal, President and CEO of BonTerra, stated: “BonTerra continues to consolidate key properties that are strategic to controlling the western and eastern key extensions of the Gladiator Gold Project. Over the past few weeks we have been able to increase our land position by over 170% to a total of 7,563 hectares, in Quebec’s next emerging gold camp. Our technical team continues to uncover and trace an exciting high-grade gold system at depth and along strike from the original resource model developed in 2012. The Urban Barry structures continue to be pieced together with our ongoing exploration program.”
All three properties, in addition to the recent acquisition of the Lac Barry Property, extend BonTerra’s coverage of favourable gold host environments southward and closer to the edge of the Urban-Barry greenstone belt. These four properties, together with BonTerra’s West and East Arena Properties, cover 25 kilometers of ideal greenstone belt lithology and known shear zones. Intersecting these shear zones near Archean greenstone belt edges can generate intense structural complexity gradients that represent exceptional gold exploration targets.
The Macho Property is located at the extreme southwestern end of BonTerra’s Gladiator Project, adjacent to and south of Oban Mining Corporations’ (“Oban”) recently acquired Souart Property. The Souart Property is located approximately 10 km southwest of Oban’s Windfall Lake gold deposit along an obvious SW-NE structural trend. BonTerra’s Macho Property lies at the intersection of the Windfall-Souart structure and the East-West trending extended Lac Barry structure that is covered by BonTerra claims over a strike length of 25 km.
BonTerra is currently drilling its Spartacus gold deposit on the western portion of its West Arena Property. This initial 25,000 meter 2016 Drill Program, together with follow-up exploration, including additional drilling, is fully funded with BonTerra’s current cash position of approximately $3 million. The geological information on BonTerra’s recent property acquisitions is currently added to the Gladiator Project technical database in order to establish exploration priorities.
A current property map can be viewed at: http://www.bonterraresources.com/images/PropertyMap_20160313.pdf
Property Acquisition Terms:
BonTerra has agreed to purchase an undivided 100% interest in the Macho South Property from an arm’s length third party for 1,200,000 common shares in the capital of BonTerra (the “Shares”), an undivided 100% interest in the Barry Property from an arm’s length third party for 800,000 Shares, and an undivided 100% interest in the Bailly Property from Laurier Gold Corporation for 250,000 Shares. Each of the properties are subject to a 2% NSR Royalty, where BonTerra has the right to purchase one-half of each NSR Royalty for $1,000,000. The acquisitions are subject to the approval of the TSX Venture Exchange.
Robert Gagnon, Geo. has approved the information contained in this release. Mr. Gagnon is a Director for BonTerra and is a Qualified Person as defined by NI 43-101.
BonTerra Resources Quick Facts:
- Using a 4 g/t Au cut-off grade, the project currently contains an inferred resource of 905,000 tonnes, grading 9.37 g/t Au for 273,000 ounces of gold. Of note, ~90% of the worlds operating mines have an average gold grade less than 8 g/t. Mineral Resource Estimate and technical report filed July 27, 2012, Snowden Mining Consultants.
- ~$3.5 million in cash as at January 1, 2016; ~55 million shares outstanding.
- 2016 Exploration Program underway – up to 25,000 meters utilizing minimum of two drill rigs at its 100% owned Gladiator Gold Project to expand current gold resource.
- Results to date include 14.1 g/t Au over 6.6m and 7.2 g/t Au over 7.7m
- 7,563-hectare property position in the Abitibi Greenstone Belt in mining-friendly Québec.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President & CEO
BonTerra Resources Inc.
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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.