by Greg Klein | March 22, 2017
Update: On March 22 BonTerra Resources TSXV:BTR announced a $5.2-million private placement by Kinross Gold TSX:K, giving the global miner around 9.5% of BonTerra’s issued and outstanding shares. The parties expect to close by March 24. The news follows $15 million of BonTerra financings raised in February and March with strong participation from Sprott Capital Partners.
Kinross’ “entry into the Urban Barry gold camp further validates our ongoing progress and success at the Gladiator deposit and surrounding properties,” said BonTerra president/CEO Nav Dhaliwal. “The depth of technical expertise that Kinross offers will be of great value to BonTerra’s development going forward.”
The previous day BonTerra released assays up to 41 g/t gold over 6 metres, showing further progress as the company works to bring continuity to a 1.2-kilometre potential strike. Part of an effort to bridge the gap between the Gladiator deposit and the Rivage zone to the east, hole BA-17-05 encountered five zones, two of them new, as well as a western extension of the project’s Footwall zone. Highlights show:
- 1.1 g/t gold over 12 metres, starting at 19 metres in downhole depth
- 23.6 g/t over 5 metres, starting at 45 metres
- 41 g/t over 6 metres, starting at 72 metres
- (including 147.9 g/t over 1.6 metres)
- 36.6 g/t over 1 metre, starting at 152 metres
- 2.2 g/t over 6.8 metres, starting at 527 metres
True widths weren’t available.
Last year’s final assays came from the project’s East Side, with highlights showing:
- 5.5 g/t over 1.5 metres, starting at 786.5 metres
- 2.3 g/t over 3 metres, starting at 831 metres
- 6.8 g/t over 2.4 metres, starting at 944.6 metres
[Kinross’] entry into the Urban Barry gold camp further validates our ongoing progress and success at the Gladiator deposit and surrounding properties. The depth of technical expertise that Kinross offers will be of great value to BonTerra’s development going forward.—Nav Dhaliwal, president/CEO
of BonTerra Resources
- 1 g/t over 13.3 metres, starting at 726 metres
- 2 g/t over 3 metres, starting at 816 metres
- 4.8 g/t over 3 metres, starting at 855 metres
Again, true widths weren’t available.
While additional assays are pending, three rigs focus on the Deep East zone, the Rivage Gap western side and Rivage Gap infill. The company has a fourth rig under consideration to explore the on-trend Coliseum property.
Last week BonTerra announced property acquisitions in the Urban Barry area play that’s home to Gladiator, as well as new turf near the company’s Larder Lake project in Ontario’s Cadillac-Larder Lake Break camp.