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Bonterra busy drilling to expand new resource

Well-funded explorer Bonterra Resources (TSXV: BTR) has reported hits including 3.9m at 101.1g/t gold in step-out drilling, as it works to expand the recently-established resource at its Gladiator, Moroy and Barry projects in Quebec.
Bonterra busy drilling to expand new resource Bonterra busy drilling to expand new resource Bonterra busy drilling to expand new resource Bonterra busy drilling to expand new resource Bonterra busy drilling to expand new resource

Bonterra’s Barry project in Quebec

Staff reporter

It announced a resource for the combined projects two weeks ago, comprising a measured 302,000 tonnes at 5.66g/t gold for 55,000 ounces, plus an indicated 643,000oz and an inferred 1.4 million ounces.

Bonterra, which merged with Metanor Resources last year, is aiming to take advantage of its Urban Barry mill, where it is planning to expand capacity from 800 tonnes per day to 2,400tpd.

The above-mentioned intercept was from Gladiator and another highlight was 5.4m at 12.2g/t from 70.5m at Moroy, which extended mineralisation by 150m downplunge.

"The company now has five drill rigs working on the current exploration drilling program on its three projects with multiple targets currently being tested to expand the gold mineralisation footprint," chairman and interim CEO Greg Gibson said.

Bonterra said last month it was contesting claims by former CEO Navjit Dhaliwal and director Richard Dale Ginn, who were both seeking about C$1 million (US$0.75 million), alleging a contractual breach in relation to their February resignations.

The company had raised $36.7 million (US$27.5 million) in an increased private placement in March and lists Eric Sprott, Van Eck and Kirkland Lake Gold among its key shareholders.
 
The March placement was at $2.67 per flow-through share and $1.95 per share.

Bonterra shares have slid from $4.90 in September to $1.46 in April, and were unchanged yesterday at $1.95.

At that price, it is capitalised at $90.6 million (US$68 million).