Business
Bonterra Provides Operational Update and Launches an Exploration Program at the Duke Property with Joint Venture Partner Osisko Mining
Val-d'Or, Quebec--(Newsfile Corp. - March 6, 2023) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX:...
About this update from Bonterra Resources, Inc.
[{"type":"text","content":"Bonterra Provides Operational Update and Launches an Exploration Program at the Duke Property with Joint Venture Partner Osisko MiningVal-d'Or, Quebec--(Newsfile Corp. - March 6, 2023) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (\"Bonterra\" or the \"Company\") a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in northern Quebec, Canada, provides the following operational updates:Inflation and further Cost Saving InitiativesIn response to the challenging inflationary pressures related to project development, specifically in northern Quebec, the Company continues to significantly reduce its fixed expenses. In addition to the cost saving initiatives announced in November 2022 (see press release dated November 23, 2022), the Company has completed the transition from processing most assays at its wholly owned laboratory to an external laboratory.Bonterra has also entered into an agreement for the rental of the Bachelor camp with the main contractor in charge of the construction of the proposed Kuikuhaacheu hydroelectric power transmission line from the Waswanipi substation to the Windfall gold project. The Company is also evaluating other cost-saving initiatives.Infill Drill Program at BarryOn September 7, 2022, the Company began a 125,000 metres (\"m\") drill program at the Barry underground deposit, which holds 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources according to the last mineral resources estimate (the \"2021 MRE\", see press release dated June 23, 2021). To date, 31,350 m of infill drilling (107 holes) has been completed, mainly in the upper half of the deposit.The challenging inflationary pressures related to project development have also led the Company to pause the infill drill program and engineering work related to the Barry underground deposit. However, geological interpretation work will continue at both the Barry and Gladiator deposits throughout the year.The two rigs formerly used for infill drilling will now be utilized for a targeted regional exploration program across the Company's 38,050 hectares land package, averaging about 1,400 m per month. This drill program will be focused primarily in the Urban-Barry property and to a lesser extent, th...