with Kirkland Lake Gold more involved it will add more knowledge to BONXF exploration and gold production - Let's get it back UP and much higher for its very undervalued and oversold - it should be a 10 bagger and better from here and that's why KL taking more positions :-))
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.
Val-d’Or, QC – July 22, 2019 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce drill results from its ongoing exploration campaign at the Gladiator and Barry Projects. Results released are derived from step-out drilling that intersected mineralized zones situated outside of known mineral resources on both projects.
Gladiator Recent drilling on the Barbeau Zone, at Gladiator, has extended the mineralization to a depth of 50 meters: Hole BA-19-41 intersected 18.5 g/t Au over 3.0 m and hole BA-19-42 intersected 13.0 g/t Au over 3.0 m, extending the Barbeau Zone by more than 50 meters at depth in mineralized quartz veins with visible Gold. Drill hole BA-19-39 also intersected high-grade mineralization with 7.8 g/t Au over 4.9 m and 12.1 g/t Au over 3.0 m on the South Zone. (See map and sections)
Barry Drilling at Barry focused on the extension of the H1 Zone on the western limit of the deposit. Hole MB-19-218 intersected 12.7 g/t Au over 1.8 meters in mineralized shear zone extending H1 Zone more than 50 meters to the west. Drill hole MB-19-216 extended H1 zone by more than 100 meters at depth intersecting 11.6 g/t Au over 2.9 m. Hole MB-19-219 also intersected the H1 zone at depth with 4.9 g/t Au over 4.1 m. (See map and sections)
Bonterra continues its summer drilling campaign at the Urban Barry Camp with two drill rigs at Moroy, one at Barry and one at Gladiator. The Company will shortly mobilize an additional mobile heli-portable diamond drill rig to drill-test regional exploration targets on the Gladiator Project.
*Stated lengths are core lengths as drilled. True mineralization widths vary and average between 60 and 80 percent drilled widths. Core axis angles of the intersection contacts and surrounding rock units average 55 to 70 degrees.
Quality Control and Reporting Protocols
Bonterra estimates that the actual thicknesses of the mineralized intersections are between 60% and 80% of the core lengths. No capping grade is used at this stage. The Company uses a rigorous QA-QC analytical program according to industry standards. The analytical results were done by pyroanalysis (A.A.) at the mine laboratory. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. The company’s QA-QC analytical verification program requires that a minimum of 5% of the samples be audited at an independent laboratory. These audit assays were sent to ALS laboratory located in Val-d’Or, Quebec. The results of the audits are consistent with those obtained.
Bonterra Resources Quick Facts:
Control of three high-grade gold deposits (Gladiator, Barry and Moroy) and significant regional targets 100% ownership of the Urban-Barry Mill, the only permitted gold mill in the region Strong shareholder base including Eric Sprott and Kirkland Lake Gold Property-wide NI 43-101 Mineral Resource Estimate recently updated with a combined resource of 55,000 Oz Au Measured, 643,000 Oz Au Indicated and 1,405,000 Oz Au Inferred. Pascal Hamelin, P.Eng. has approved the information contained in this release. Mr. Hamelin, Bonterra’s VP Operatons, is a Qualified Person as defined by NI 43-101.
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