Bonterra, which raised C$40 million of equity funds last year, completed 60,000m of drilling in 2017 and has budgeted for 70,000m this year.
The market is waiting for the company to report an updated NI 43-101 resource for Gladiator, earmarked for the second half of this year, and has marked the company up almost 60% in the past 12 months. Its shares are off, though, over the past month or so (down 8.5%). Bonterra had a market capitalisation this week of C$104 million.
Gladiator has a 2012 inferred resource of 905,000 tonnes grading 9.37g/t but drilling had expanded its dimensions to 1,200m along strike - on four horizons, the North, Footwall, Main and South horizons - and down to about 1,000m below surface.
"Recent drill results highlight both the predictability of the mineralized zones and the potential for further expansion of high grade ore shoots at depth," Ginn said.
"The current step-out drilling demonstrates the potential to expand the Gladiator deposit, which remains open in all directions."
Bonterra said latest drilling extended the North, Footwall and Main Zones 200m down-plunge to the east with intercepts including 1.9m of 6.2g/t, 3.5m of 4.8g/t, and 1.8m of 4.9g/t. Hole BA-17-45B intersected the Main and South Zones 650m below surface with 3.3m grading 15.8g/t, while Hole BA-17-46 returned 3.1m of 26.7g/t in the North Zone 3m of 8.8g/t in the Main Zone.