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Deep Drilling at Phoenix JV Yields High-Grade Lynx-Type Mineralization at Moss Target, Highlighted by 38.3 g/t Au over 1.1 m and 7.37 g/t Au over 4.2
Val-d'Or, Quebec--(Newsfile Corp. - August 6, 2024) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX...
About this update from Bonterra Resources, Inc.
[{"type":"text","content":"Deep Drilling at Phoenix JV Yields High-Grade Lynx-Type Mineralization at Moss Target, Highlighted by 38.3 g/t Au over 1.1 m and 7.37 g/t Au over 4.2Val-d'Or, Quebec--(Newsfile Corp. - August 6, 2024) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) (\"Bonterra\" or the \"Company\") is pleased to announce additional drill results on the Phoenix JV (formerly known as the Urban-Barry Property) (the \"Project\"). The Project is under a definitive earn-in and joint venture agreement (the \"Agreement\") with Osisko Mining Inc. (\"Osisko Mining\"). Under the Agreement, Osisko Mining has the right to acquire up to a 70% interest in the Project by spending $30 million in work expenditures, with a minimum spending commitment of $10 million per year over a three-year period (see press release dated November 28, 2023, for more details).To date, approximately 60,000 meters (\"m\") have been drilled on the Project, including 37,000 m solely on the Moss Target where mineralization similar to the high-grade Lynx Zone has been confirmed at depth by Osisko Mining (see release dated April 15, 2024). Diamond drilling activities are now completed and will resume later this year once all assays are received and the compilation and interpretation work are available. Importantly, total expenditures on the Project will exceed the minimum annual spending commitment of $10 million outlined in the Agreement. Highlights at the Moss Target:38.33 g/t Au over 1.1 m, including 69.6 g/t Au over 0.6 m in hole OSK-PHX-24-078 7.37 g/t Au over 4.2 m, including 28.6 g/t Au over 0.4 m in hole OSK-PHX-24-09614.35 g/t Au over 1.6 m, including 29.6 g/t Au over 0.7 m in hole OSK-PHX-24-08224.14 g/t Au over 1.4 m, including 48.1 g/t Au over 0.7 m in hole OSK-PHX-24-07242.1 g/t Au over 0.8 m in hole OSK-PHX-24-08075.8 g/t Au over 0.4 m in hole OSK-PHX-24-049Marc-André Pelletier, President and CEO commented: \"We are very pleased to report, in collaboration with our partner Osisko Mining, the discovery of high-grade Lynx-type mineralization at depth at the Moss target. Notably, the mineralization remains open and will be the subject of future work within the framework of our agreement. The presence of grey quartz-pyrite veins with visible gold, combined with intense sericite-pyrite and silica altered rock, indicates wider mineralization, as observed in ...