Bonterra Resources Inc (CVE:BTR) (OTCMKTS:BONXF) says recent drill results from ongoing exploration at its Quebec properties bode well for expanding the mineral resource there.
An NI 43-101 estimated resource, reported on May 28 this year, showed the Gladiator, Moroy and Barry projects to boast a combined resource of 55,000 ounces of gold in the higher confidence measured category, 643,000 ounces in indicated and around 1.405 million ounces of the yellow metal in inferred.
"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 mineralization footprint," said Greg Gibson, the firm's chairman in a statement on Wednesday.
At Gladiator, one holes has hit an impressive 101.1 g/t (grams per ton) gold over 3.9 m (meters) on the Barbeau zone, which lies around 50 m down-plunge of the known mineralization.
Another hole hit 8.1 g/t gold over 1.8 m on the North Zone.
At the Moroy deposit, which remains open at depth and along strike, the firm hit 12.8 g/t gold over 5.6 m in one hole and another showed 12.2 g/t of the precious metal over 5.4 m.
Drilling here has extended the known mineralization by 150 m down-plunge, while surface drilling also succeeded to extend the mineralization by 150 m, Bonterra said.
Extended known mineralization
Meanwhile, at Barry, current drilling has extended known mineralization along strike and at depth on multiples zones, Bonterra said.
One hole hit 8.7 g/t gold over 1.5 m and 6.1 g/t gold over 2m on zone H1, which is around 75 m deeper than known mineralization.
Bonterra's three gold deposits lie in the Urban-Barry greenstone belt, around 200 km northeast of Val d'Or, Quebec. It also has other regional targets.
The company also has 100% ownership of the Urban-Barry Mill, the only permitted gold mill in the region.
Shares in Bonterra in Toronto advanced over 5% to $2.05 before falling back to $1.99.
Contact Giles at [email protected]
Follow him on Twitter@Gile74