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'I can appreciate the level of frustration caused by the lack of news…'

Bonterra Resources (TSXV: BTR) has moved to allay any concerns about a recent lack of news, saying “a great deal of work had been completed” since its 2018 merger with Metanor and ahead of its upcoming resource expansion drilling programme.
'I can appreciate the level of frustration caused by the lack of news…' 'I can appreciate the level of frustration caused by the lack of news…' 'I can appreciate the level of frustration caused by the lack of news…' 'I can appreciate the level of frustration caused by the lack of news…' 'I can appreciate the level of frustration caused by the lack of news…'

Winter drilling at Bonterra’s Gladiator deposit in Quebec

Staff reporter

"I can appreciate the level of frustration caused by the lack of news over the summer months, however I can ensure that there has been an immense amount of work completed in an effort to better position the company going forward," CEO Greg Gibson said.

He had held the role on an interim basis since February and was appointed on a permanent basis in September.

The well-funded company is planning updates for the geological models at its three key gold deposits, Gladiator, Barry and Moroy in Quebec's Urban-Barry camp.

The trio have a combined resource of 55,000 ounces measured, 643,000oz indicated and 1.4 million ounces inferred, according to a May update.

Bonterra said 81,000m of drilling was planned for an autumn and winter programme, weather permitting, to focus on resource expansion and to follow-up on historical intercepts and summer exploration work.

It was also planning exploration at the Duke option property and said permitting for the Bachelor-Moroy mill and tailings expansion was ongoing and on schedule.

Gibson said the company was committed to growing and developing Gladiator, Barry and Moroy but also had other highly prospective targets which warranted their attention.

"This being said, we will entertain several options in an effort to unlock the potential value that these targets may offer, including partnerships or joint ventures," he said.

Dual-listed miner Kirkland Lake Gold increased its stake in Bonterra to 11.3% on a non-diluted basis through a C$5 million (US$3.8 million) private placement and share purchase in August at $2.50 per unit.

Bonterra had days earlier closed a $32 million (US$24.3 million) placement at $2.50 per unit, $3 per flow-through unit and $4.30 per super flow-through unit.

Its shares have ranged from $1.46-$3.80 over the past year and closed down 5c to $2.17 yesterday, capitalising it at $139 million (US$105.6 million).