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Bonterra Completes Option Earn-In on the Duke Property and Provides New Drilling Results
Val-d'Or, Quebec--(Newsfile Corp. - July 13, 2021) - Bonterra Resources Inc. (TSXV: BTR) (OTC...
About this update from Bonterra Resources, Inc.
[{"type":"text","content":"Bonterra Completes Option Earn-In on the Duke Property and Provides New Drilling ResultsVal-d'Or, Quebec--(Newsfile Corp. - July 13, 2021) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (\"Bonterra\" or the \"Company\") is pleased to announce the completion of the option earn-in requirements to acquire a 70% interest in 81 strategic mineral claims totaling 3,590 hectares adjacent to the Company's Gladiator Project (the \"Duke Property\") and convert the option agreement into a joint venture agreement (the \"JV\"). In addition, Bonterra is pleased to provide an update on results from the ongoing drilling campaign on the Duke Property.In July 2018, Bonterra signed the option agreement on the Duke Property (the \"Duke Option\") with Beaufield Resources Inc. (See Figure 1 and the Bonterra press release dated July 9, 2018). Following the execution of the Duke Option, Osisko Mining Inc. (\"Osisko\") acquired Beaufield Resources Inc. in August 2018.Bonterra has now satisfied all of the terms under the Duke Option and has sent the notice of exercise of the Duke Option to Osisko. Following this notice, the joint venture agreement is deemed formed as set out in the Duke Option.The key points of the JV are as follows:70% interest of all mineral claims titles will be transferred to Bonterra.Respective participating interest, and deemed contributions to past expenditures shall be allocated as follows:Bonterra - 70%, with a deemed contribution of $7,000,000Osisko - 30%, with a deemed contribution of $3,000,000Bonterra will start as the operator of the JV.Upon signature of the JV, creation of a management committee with the operator entitled to appoint three members to the committee and the non-operator entitled to appoint two members to the committee.In the coming weeks, Bonterra and Osisko will work together to finalize the terms of the JV, create the management committee, and set an exploration budget for the Duke Property.As part of the work commitment to exercise the Duke Option, Bonterra has drilled 65 holes representing a total of 23,775 metres (\"m\") at the Duke Property since January 2020. Results from 52 drill holes have been received thus far. Results from the remaining 13 holes are pending (See Table 1 and Figures 1 and 2). Recent drilling at the Duke Property has expanded existing gold mineralization of Zone 18 ...