BonTerra Reviews a Successful 2016 of Solid Growth and Highlights Strategy and Goals for 2017
Vancouver, December 21, 2016: BonTerra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the "Company" or "BonTerra") is pleased to review a year of significant growth for the Company encompassing strategic corporate financings, multiple acquisitions in Ontario and Quebec, discovery and project/resource advancements in Quebec, and the building of a dynamic and experienced team to lead the Company going forward. In 2017, BonTerra will be expanding and building on the Gladiator Deposit size, ultimately with the goal of establishing a stand-alone producer, along with its ongoing acquisition and project development strategy in both Quebec and Ontario. Nav Dhaliwal, President and CEO of BonTerra, commented: "I am extremely pleased with our progress in 2016, and proud of each member of the BonTerra Team. During the year, we remained focused on ensuring each step was strategic to clearly provide a path to being able to develop a portfolio of assets that would deliver significant gold resource portfolio. In 2017, we will be in a position to complete two key resource development programs at our 100% controlled gold projects in Quebec and Ontario, respectively the Gladiator Gold Deposit and the Larder Lake Gold Project, where each project has the potential to yield multi-million-ounce resource deposits. I would like to thank each of our shareholders for their support during 2016 and in addition to the dedication of our amazing team in Quebec, Ontario and British Columbia. We expect 2017 to be the year of significant re-rating for BonTerra, and an elevated presence amongst our peers."
Highlights of 2016 Activities:
- Completed two corporate financings totaling CDN$6.7 million at CDN$0.35 and CDN$0.40.
- Completed multiple exploration and drill programs at the Gladiator Gold Deposit through winter of 2015 and summer of 2016.
- Increased property position by 170% around the Gladiator in Quebec.
- Expanded strike length and depth of Gladiator to 1,200 m and 650 m, respectively from 200m by 200m.
- Intersected significant gold intersections at Gladiator including 5.5m of 70 g/t, 2.0m of 64.3 g/t, 2.5m of 137.4 g/t, 3.0m of 20.7 g/t, 10.0m of 9.3 g/t, 3.3m of 29.0 g/t, 5.7m of 24.3 g/t, 5.0m of 9.0 g/t, 7.7m of 7.2 g/t, and 6.6m of 14.0 g/t.
- Completed acquisition of Larder Lake Gold Project which contained significant historical resource of acquisition; acquisition cost was approximately CDN$5 per ounce of gold.
- Extensive database and underground workings available for modelling; in addition, approximately 25,000 meters (59 holes) not incorporated in current resource.
- Commenced modelling and underground historical geological review of Larder Lake.
- Approximately 5 million Warrants exercised in 2016 yielding approximately CDN $1,050,000.
- Added key strategic members to the technical and management team.
- 2016 Year End Cash Position estimated at CDN$2.5 Million; Debt: NIL
Dale Ginn, Vice President Exploration of BonTerra, commented: "Over the past year we have increased the Gladiator deposit dimensions from approximately 200 meters long and 200 meters deep, to 1,200 meters (1.2Kms) long and 650 meters deep with consistent results. Our interpretation and understanding of the deposit and region, has increased immensely. Leading to a focused property wide exploration program for 2017. BonTerra's technical team in Quebec should be congratulated for an amazing job and commitment on all levels. In Ontario, we were able to acquire the Larder Lake Gold Project, which should yield a significant resource also in 2017, after additional modelling and a focused drill program."
2017 Strategic Goals and Guidance:
- Complete diamond drill program at Gladiator which is currently ongoing with two drill rigs and approximately 20,000 meters planned in early 2017.
- Update current geological model to include new drill results and announce new 43-101 Mineral Estimate at Gladiator.
- Complete geological modelling of the Larder Lake Gold Project to include the 25,000m drilled by previous exploration group (Goldfields):
- Commence and complete additional surface (and potentially) underground drill program
- Include all historical information and announce updated 43-101 Mineral Estimate at Larder Lake.
- Continue acquisition strategy to potentially add other key projects of merit.
BonTerra Resources Quick Facts:
- 7,563-hectare (Gladiator Project) in the Urban-Barry Camp in Québec containing:
- Using a 4 g/t Au cut-off grade, the project currently contains an inferred resource of 905,000 tonnes, grading 9.37 g/t Au for 273,000 ounces of gold. Of note, ~90% of the worlds operating mines have an average gold grade less than 8 g/t. Mineral Resource Estimate and technical report filed July 27, 2012, Snowden Mining Consultants.
- 2016 Exploration Program underway - up to 25,000 meters utilizing minimum of two drill rigs at its 100% owned Gladiator Gold Deposit to expand current gold resource.
- 2,165-hectare (Larder Property) in the Cadillac-Larder Break camp in Ontario (refer to March 17, 2016 news release highlighting historical gold resource).
Dale Ginn, P.Geo. has approved the information contained in this release. Mr. Ginn is a Director and Vice-President Exploration for BonTerra and is a Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President & CEO
BonTerra Resources Inc.
510-744 West Hastings Street,
Vancouver, BC V6C 1A1
Office: 604.678.5308
TF: 855.678.5308
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" that is based on BonTerra's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to BonTerra's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause BonTerra's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. BonTerra disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
