BonTerra Expands Land Position and Acquires Strategic Properties in Urban Barry Gold Camp in Québec
Vancouver, BC – March 15, 2017 – BonTerra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the “Company” or “BonTerra”) is pleased to announce that it has entered into an agreement to acquire a 100% interest in the Thubiére Gold Property, located in the Urban-Barry Gold Camp, Barry Township, Québec (the “Thubiére Property”). BonTerra continues to evaluate other key strategic properties in the Urban-Barry Gold Camp to add to its controlling stake of known geological structures.
The Thubiére Property (6 Claims covering 338 Ha) is a strategic acquisition to the northwest of the Arena Property and is surrounded by a large land position 100% controlled by Osisko Mining Inc. Total consideration for acquisition of the Thubiére Property is $5,000 and 150,000 common shares.
Nav Dhaliwal, President and CEO of BonTerra, stated: “We continue to review various projects that are strategic to Bonterra’s focus of building a significant high-grade gold resource in the Urban-Barry Camp. The Thubiére Property is a strategic large land position that historically has delivered positive gold drill results.”
The Thubiére Property covers a poorly explored gold zone that occurs within fractured and faulted granodiorites, biotitic amphibolites and diorites. Gold mineralization is hosted in pyrite-pyrrhotite sulfide stringers. Historical diamond drill results (1988) returned up to 13.7 g/t Au over 1.2 m; 10.98 g/t Au over 1.83 m and 74.8 g/t Au over 0.61 m. Several extension targets are identified with Induce polarization historical survey that can be gold bearing sulfides.**
Although poorly explored to-date, the historical work strongly supports a pattern of future exploration along the main fault and specifically in areas where porphyritic felsic intrusives are recorded to exist. This gold-fault-felsic intrusive association is beginning to emerge as a useful gold pathfinder Urban Barry greenstone belt of Québec, based on recent discoveries.
In addition, BonTerra has staked four mineral claims at the north edge of Lacroix Lake block in the Gladiator Gold Project. The Company has also entered into an agreement to purchase a 100% interest in claims consisting of 225.8 Ha contiguous to the claims newly acquired through staking. Under the terms of the agreement, the Company must pay CDN$10,000 and issue 150,000 common shares upon TSX Venture Exchange acceptance of the transaction.
BonTerra has also entered into an agreement to purchase a 100% interest in one mineral claim consisting of 56.48 Ha in the McVittie Township, Larder Lake Mining Division, Ontario. As consideration for the claim, the Company will issue 100,000 common shares upon TSX Venture Exchange acceptance of the transaction. The vendors will retain a 2% net smelter returns royalty on the property, one-half of which can be purchased by the Company for CDN$750,000.
All property agreements outlined herein are subject to the acceptance of the TSX Venture Exchange.
Dale Ginn, P.Geo. has approved the information contained in this release. Mr. Ginn is a Director and Vice-President Exploration for BonTerra and is a Qualified Person as defined by NI 43-101.
BonTerra Resources Quick Facts:
- Well Financed with close to $15M in its treasury and no debt.
- Resource Expansion and Development Program underway at its 100% controlled 8,126-hectare Gladiator Gold Project in the Urban-Barry Camp in Québec with up to 40,000 meters utilizing minimum of four drill rigs.
- Resource Development and Exploration Program underway at its 100% controlled 2,221-hectare Larder Lake Gold Property in the Cadillac-Larder Break camp in Ontario (refer to March 17, 2016 news release highlighting historical gold resource).
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President & CEO
BonTerra Resources Inc.
**Readers are cautioned that a "qualified person" (as defined by National Instrument 43-101) has not yet completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon. The potential quality and grade of this exploration target is conceptual in nature, as there has been insufficient exploration to define a mineral resource It is uncertain if further exploration will result in the target being delineated as a mineral resource.
Neither the 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 news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future renunciation of Canadian Exploration Expenses that are flow-through mining expenditures, the tax treatment of the Flow-Through Shares, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the Flow-Through Shares, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward looking statements except as required by applicable law.