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Bonterra announces encouraging results at Phoenix JV with Osisko Mining

Apr 15, 2024

"Today's results are very encouraging and demonstrate geological similarities to the Windfall gold deposit," said Marc-André Pelletier, President and CEO.

"Notably, most of the drill hole intercepts at Moss are within 400 m below surface, with additional drilling planned to confirm mineralization continuity at depth. Osisko Mining intends to mobilize one additional drill rig in the next few months, bringing the total to six operational rigs at the Moss target. Although it's still early in the discovery process, we're excited by the results thus far and impressed by Osisko Mining's commitment to accelerating the development of the Urban-Barry mining camp, where nearly ten million ounces have already been identified to date."

Bonterra Resources Inc. announced encouraging drill results and an update on the ongoing drilling program 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 20,000 meters ("m") have been drilled on the Project and exploration efforts are on track to exceed the minimum spending commitment of $10 million per year outlined in the Agreement. There are currently five drill rigs on the Moss target, while one is dedicated to the Barry northeast target (see Figure 1). 

The first drill results at the Moss target, located five kilometers ("km") southwest of the multi-million ounce Windfall Gold deposit, have confirmed similarities with the geological character of the high-grade Lynx Zone along the Mazères Fault that extends towards the Moss target.

Highlights at Moss Target Include:

  • 5.18 g/t Au over 3.3 m, including 16.75 g/t Au over 1.0 m and,
    3.19 g/t Au over 2.9 m, including 12.70 g/t Au over 0.7 m in hole OSK-PHX-24-04 

  • 6.76 g/t Au over 0.8 m and 9.63 g/t Au over 0.5 m in hole OSK-PHX-24-13

  • 9.52 g/t Au over 0.3 m in hole OSK-PHX-24-030

Highlights of the Diamond Drilling Program:

The drilling program at the Moss target includes several drill fences designed at defining the litho-structural context of the area, which according to current geological models, is similar to that encountered at the Lynx Zone within the Windfall gold deposit. Notably, this involves exploring the presence of altered felsic volcanic rocks, felsic porphyritic dikes, and high-grade gold mineralization associated with quartz veins within the footwall of the Mazères fault. Additionally, these drill fences seek to intersect potential new mineralized lenses situated between the Mazères fault and the Moss showing.

Tags: Quebec / Exploration / Gold / All Articles