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Bonterra announces start of exploration in Option Agreement with Osisko Mining

Jan 18, 2024

Bonterra Resources Inc. has started exp[loration on the newly named Phoenix JV (formerly known as the Urban-Barry Property) as part of the definitive earn-in and joint venture agreement with Osisko Mining Inc. Under the Agreement, Osisko 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).

Osisko plans to drill over 35,000 meters ("m") on the Project in 2024, which Osisko expects will meet its minimum spending commitment of $10 million per year under the Agreement. The Operator has identified multiple targets on the Project, including the Moss target, which is located only five kilometres south-west from the Windfall Gold deposit and shows a similar geological character to the Lynx Zone. The Moss target will be tested along the Mazères Fault that runs across both the Lynx Zone and the Moss target. 

Osisko plans to mobilize up to five drill rigs during the year, primarily along the Mazères Fault on the east and west sides of the Gladiator and Barry deposits and the Moss target (see Figure 1). 

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Figure 1 - Plan View of Target Areas on the Phoenix JV

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Marc-André Pelletier, Chief Executive Officer, and President of the Company commented "The start of exploration drilling by Osisko represents an important milestone in the development of the Project. With a $10 million exploration budget in 2024 and leveraging Osisko's expertise in this exciting new gold camp, we believe we are well positioned for significant exploration success. In addition, the Company intends to continue exploring its 100%-owned Desmaraisville Property near the Bachelor Mill Complex in 2024. Compilation work from the 15,000 m drill program carried out in 2023 is ongoing and drilling results are expected to be released throughout Q1 2024. Last year's exploration drilling combined with two geophysical surveys, also conducted in 2023, are expected to generate additional and promising drill targets to be tested later this year."

Qualified Person

M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, has reviewed and approved the information contained in this press release.


Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company's assets include the Gladiator, Barry, Moroy, and Bachelor gold deposits, which collectively hold 1.24 million ounces in Measured and Indicated categories and 1.78 million ounces in the Inferred category.

In November 2023, the Company entered into a earn-in and joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. Over the next three years, Osisko can earn a 70% interest by incurring $30 million in work expenditures. This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step towards development.

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