Bonterra Resources Inc. (BONXF)

[NYBob]

Gold producer Kirkland Lake Gold increases stake in Bonterra Resources
Kirkland Lake, which is also backed by mining impresario Eric Sprott, increased its holdings in Bonterra to around 11.3% or 8.5 million shares



Kirkland Lake Gold - Gold producer Kirkland Lake Gold increases stake in Bonterra Resources
Bonterra recently closed a C$32 million financing to fund ongoing exploration at the company’s Quebec assets
Mining giant Kirkland Lake Gold Ltd (TSE:KL) (NYSE:KL) has boosted its stake in Canadian gold explorer Bonterra Resources Inc (CVE:BTR), which recently closed a C$32 million financing to fund ongoing exploration at its Quebec assets.

Kirkland Lake, which has a market capitalization of over C$12 billion, acquired a further 2 million units of Bonterra at C$2.50 each for a total cash payment of C$5 million. Each unit consists of one share and one-half of one warrant entitling the gold producer to acquire an additional share at C$3.10 until August 20, 2021.

The gold producer, which is also backed by mining impresario Eric Sprott, increased its holdings in Bonterra to around 11.3% or 8.5 million shares from 10.2% or 6.5 million shares.Sprott owns around 5.2 million shares of Bonterra, or just over 8% of the company.

READ: Bonterra Resources raises C$32 million to bolster Quebec projects
Kirkland Lake Gold has a long-term view of the investment, it said in a statement.

Bonterra has been advancing its gold projects in Quebec, which include the Gladiator, Barry and Moroy deposits as well as significant regional targets. It also has 100% ownership of the Urban-Barry Mill, the only permitted gold mill in the region.

Recent drilling at the Gladiator and Barry projects in Quebec intersected high-grade gold.

Drilling at Gladiator revealed intercepts of 18.5 grams per ton gold (g/t) over 3 metres in one hole, while another hit 13 g/t gold over 3 metres. At Barry, one drill hole intersected 11.6 g/t gold over 2.9 metres, extending the zone more than 50 metres to the west.

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https://ca.proactiveinvestors.com/companies/news/901328/gold-producer-kirkland-lake-gold-increases-stake-in-bonterra-resources-901328.html