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Home > News > Bonterra hits high-grade at...

Bonterra hits high-grade at Phoenix property

Aug 6, 2024


Bonterra Resources Inc. is pleased to announce additional drill results on the Phoenix JV. The Project is under a definitive earn-in and joint venture agreement with Osisko Mining Inc. 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.

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-24-096
  • 14.35 g/t Au over 1.6 m, including 29.6 g/t Au over 0.7 m in hole OSK-PHX-24-082
  • 24.14 g/t Au over 1.4 m, including 48.1 g/t Au over 0.7 m in hole OSK-PHX-24-072
  • 42.1 g/t Au over 0.8 m in hole OSK-PHX-24-080
  • 75.8 g/t Au over 0.4 m in hole OSK-PHX-24-049

Marc-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 drill holes OSK-PHX-078 and OSK-PHX-096. 
We look forward to resuming exploration work on the Phoenix JV later this year.

At our Desmaraisville project, fieldwork is progressing well, and our geology team is working to generate prospective drill targets for exploration. A 6,000 m drill program is planned to start in September focusing on the most promising targets."



Tags: Quebec / Exploration / Gold / All Articles