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Bonterra Resources

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Bonterra Resources Inc.

Investor website: https://btrgold.com/

About

Bonterra Resources Inc. is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Québec, Canada. The Company’s assets include the Gladiator, Barry, Moroy, and Bachelor gold deposits, which collectively hold 16.8 million tonnes at an average grade of 3.02 g/t Au for 1.63 million ounces of Measured & Indicated Mineral Resources, plus 15.6 Mt at an average grade of 4.32 g/t Au for 2.17 Moz Au of Inferred Mineral Resources. In November 2023, Bonterra entered into a joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, highlighting its commitment to advancing exploration assets.

Verified company data

Cash position
$1,489,267
Shares outstanding
46013986
Fully diluted shares
282.4 M
Mineral resource
Bonterra has a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category across its main assets: Gladiator, Barry, Moroy, and Bachelor. The Barry deposit has 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources according to the 2021 mineral resources estimate.
Projects
["Bonterra Intersects 18.26 g/t Au over 1.7 metres at Gladiator. Val-d’Or, QC – April 2, 2020: Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (the “Company” or “Bonterra”) announces the results of assays received from recently completed drilling at the Gladiator deposit. Results include the intersection of 18.26 grams per tonne (“g/t”) Au over an intersection length of 1.7 metres (“m”). Bonterra had planned an aggressive winter drill program at Gladiator consisting of 12,000 to 15,000 m. The focus was zone delineation and infill drilling aimed at increasing indicated resources and to support planning for future underground exploration. The start of the drill program was delayed due to warm winter temperatures and heavy snowfall which slowed icemaking on Barry Lake. Required ice levels were not achieved and drilling was limited to near the shore where Barry Lake was frozen to the bottom. Due to the Covid-19 outbreak, the Company terminated the drill program earlier than planned. A total of 2,572 m of drilling was completed in 5 holes. Two additional holes were only partially drilled and the Company is still awaiting these results. Three primary zones of mineralization are interpreted at Gladiator; the North, Main, and Barbeau Zones. The North and Main Zones are quartz vein mineralization hosted by steeply southsoutheast dipping shear zones which have developed at the contacts of a gabbroic and felsic dykes with mafic and intermediate volcanic rocks. The Barbeau Zone consists of quartz vein mineralization hosted by a shear zone which dips moderately (55o to 65 o) to the north and is correlated with offset of the gabbroic and felsic dykes. A number of less welldefined zones have been interpreted with orientations similar to the Barbeau Zone and similar to the North and Main Zones. The 5 holes completed were drilled in a north-to-south direction and planned to intersect the North and Main Zones near surface and further downhole to intersect targeted north dipping zones. Significant intercepts are presented in table 1 and illustrated on the accompanying cross sections. Highlights of the drilling include an intersection of 11.5 g/t Au over 8.5 m (estimated true width of 3.8 m) on the North Zone and an intersection of 22.59 g/t Au over an intersection length of 1 m (estimated true width of 0.5 m) on the Main Zone. The north dipping zones were intersected at a more favourable angle and highlights include 18.26 g/t Au over an intersection length of 1.7 m and 19.37 g/t Au over an intersection length of 1 m. Greg Gibson, President and CEO of the Company commented “We are pleased with these early, albeit limited, results. In particular, the results on the newly interpreted North Zone support the interpretation of geological continuity and demonstrate the potential to add significant near surface ounces to the Gladiator resource. Also, of particular significance is the prediction and intersection of significant mineralization in the newly interpreted north dipping zones. We hope to resume the Gladiator drilling from a barge after spring break up and when current restrictions due to the Covid-19 virus have been lifted.","Bonterra Announces Positive Preliminary Economic Assessment on the Barry Open Pit Project. Val-d’Or, QC – June 13, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce positive results from the independent preliminary economic assessment (“PEA”) on the Barry open pit project in the Urban-Barry Camp in northern Quebec. The PEA has been prepared by SLR Consulting (Canada) Ltd. (“SLR”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). AMC Mining Consultants (Canada) Limited (“AMC”) has reviewed and endorsed the mine engineering and cost estimates as used in the Barry open pit component of the PEA. The Company notes that mineral resources are not mineral reserves as they do not have demonstrated economic viability. the Company further notes that a PEA is preliminary in nature and may include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. All figures are stated in Canadian dollars unless otherwise stated. PEA Highlights: Long-term gold price per ounce (“oz”): US$1,600. Exchange rate: C$1.00 = US$0.75. After-tax net present value (“NPV”) at a 5% discount rate: $48.3 million. After-tax internal rate of return (“IRR”): 43%. Initial capital costs: $22.1 million. Sustaining life of mine (“LOM”) capital costs: $21.3 million. Total mill feed: 2.0 million tonnes (“Mt”) at 2.36 grams-per-tonne gold (“g/t Au”). LOM average annual gold production: 30,000 oz. LOM strip ratio (waste : mined resource): 5.4:1. LOM total production: 145,050 oz (95.0% mill recovery). LOM cash costs: C$1,252/oz (US$939/oz). LOM all-in sustaining costs (“AISC”): C$1,420/oz (US$1,065/oz). Marc-Andre Pelletier, President, CEO and Director of Bonterra commented: “The PEA on the Barry open pit project represents an important step towards a restart of production at the Barry open pit project by Bonterra. The PEA highlights a project that requires a modest upfront investment and is expected to generate average annual net pre-tax cash flow of over $20 million once in commercial production. The Company intends to use the cash flow from the Barry open pit to continue developing the underground portion of the deposit, which contains 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources, as stated in the 2021 mineral resource estimate (“2021 MRE”). It is also important to highlight that approximately $30 million of the total LOM capital is shared infrastructure and is expected to also benefit the development of the Barry and Gladiator underground deposits. Specifically, the upgrades to the Bachelor mill and tailings are expected to increase the throughput of the mill to 1,200 tonnes per day and establish a solid foundation for future expansion up to eight million tonnes of tailing storage capacity. The Company is also pleased to announce that it has started to undertake infill and definition drilling on the underground portion of the Barry deposit to better understand the potential of an underground mining scenario. A total of 41,500 metres (“m”) of drilling is planned for the Barry deposits this year. Upon reviewing the results of the PEA, Bonterra’s board of directors has approved the commencement of a pre-feasibility study (“PFS”) on the Barry open pit project, which is expected to be completed by year end. In the meantime, the permitting process for the Bachelor mill and tailings expansion is ongoing. The Company expects to provide additional information on the permitting process in June with a COMEX permit expected by end of 2022 and provincial permits thereafter.","Bonterra Provides Operational Update and Launches an Exploration Program at the Duke Property with Joint Venture Partner Osisko Mining. Val-d’Or, QC – March 6, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in northern Quebec, Canada, provides the following operational updates: Inflation and further Cost Saving Initiatives. In response to the challenging inflationary pressures related to project development, specifically in northern Quebec, the Company continues to significantly reduce its fixed expenses. In addition to the cost saving initiatives announced in November 2022, the Company has completed the transition from processing most assays at its wholly owned laboratory to an external laboratory. Bonterra has also entered into an agreement for the rental of the Bachelor camp with the main contractor in charge of the construction of the proposed Kuikuhaacheu hydroelectric power transmission line from the Waswanipi substation to the Windfall gold project. The Company is also evaluating other cost-saving initiatives. Infill Drill Program at Barry. On September 7, 2022, the Company began a 125,000 metres (“m”) drill program at the Barry underground deposit, which holds 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources according to the last mineral resources estimate (the “2021 MRE”). To date, 31,350 m of infill drilling (107 holes) has been completed, mainly in the upper half of the deposit. The challenging inflationary pressures related to project development have also led the Company to pause the infill drill program and engineering work related to the Barry underground deposit. However, geological interpretation work will continue at both the Barry and Gladiator deposits throughout the year. The two rigs formerly used for infill drilling will now be utilized for a targeted regional exploration program across the Company’s 38,050 hectares land package, averaging about 1,400 m per month. This drill program will be focused primarily in the Urban-Barry property and to a lesser extent, the Bachelor property. An airborne geophysical survey will also be conducted at Bachelor to identify optimal exploration targets. Renewed Focus on Regional Exploration. The Company is pleased to announce the launch of an exploration program at the Duke property, a joint venture with Osisko Mining Inc. The Property consists of 81 mineral claims totaling 3,590 hectares, adjacent to the Company’s Gladiator deposit and Osisko’s Windfall gold project. Bonterra and Osisko are joint venture partners with a 70% and 30% working interest, respectively, to explore Duke. This program is part of the Company’s renewed focus on regional exploration. The exploration program for Duke comprises ten holes, totaling 3,300 m in the corridor of volcanic rocks bounded by the Rouleau and St Çyr faults which contains the lac Rouleau deposit that comprises Zones 18, 17 and 14. Seven holes will be drilled northeast of the Lac Rouleau deposit, where the litho-structural trend abruptly shifts from N80 to N45 degrees related to the emplacement of intrusive bodies creating potential traps for mineralizing fluids, while three holes will be drilled on the west side of the Lac Rouleau deposit, directly south of the Rouleau fault to test N60 degrees trending structures that connects the St Çyr and Rouleau faults. Known gold mineralization at Duke are, like the Barry and Gladiator deposits, controlled by N60 to N80 degrees trending shear zones located on, or proximal to major regional litho-stratigraphical contacts such as the Rouleau or the St Çyr faults. Gold occurrences are often associated with the lithological complexity created by mafic to felsic intrusions. It is to be noted that the Gladiator deposit contains 0.4 million ounces of Measured and Indicated Mineral resources and 1.0 million ounces of Inferred Mineral resources, as stated in the 2021 MRE."]
Leadership
Marc-Andre PelletierPresident, Chief Executive Officer and Director (4) Marc-Andre is a professional mining engineer with over 25 years of experience, predominantly in underground gold mines. He was most recently the Chief Operating Officer at Wesdome Gold Mines Ltd. where he was instrumental in the production re-start of the Kiena Mine, only five years after the original discovery of the high-grade Deep Zone. Mr. Pelletier also contributed to the increase of production at the Eagle Mine to near 100,000 ounces per year through optimization works and exploration success. Prior to Marc-Andre’s tenure at Wesdome, he was Vice-President of Operations at St Andrew Goldfields Ltd., where he successfully put three underground mines and one open pit mine into production in less than five years until its acquisition by Kirkland Lake Gold in 2016. Pier-Elise Hébert-TremblayChief Financial Officer Ms. Hebert-Tremblay is a member of the Certified Professional Accountants of Quebec since August 2011 and holds a Bachelor in Accounting and a Master in Business Administration from the University of Quebec at Chicoutimi. Ms. Hebert-Tremblay has served as CFO of Arianne Phosphate Inc. since 2021 and had previously been their financial controller since 2010. Ms. Hebert-Tremblay specializes in financial reporting and tax compliance for junior listed resource companies, forecast development and financial modeling. Cesar GonzalezExecutive Chairman (4) Mr. Gonzalez co-founded and served as the CEO and a Director of Sailfish Royalty Corp. until 2022. Previously, he served as the VP Corporate Development and a Director of Mako Mining Corp. and its predecessor Marlin Gold Mining Ltd. through the permitting, financing, construction and commissioning of the San Albino and La Trinidad gold mines, the spinout of Sailfish and the acquisition of Marlin by Golden Reign Resources Ltd. to form Mako. He also served as an employee and consultant at Wexford Capital LP for almost 14 years. Mr. Gonzalez started his career at Lehman Brothers in the Private Equity Group where he focused on investments in energy master limited partnerships. He graduated from the University of Southern California with a B.S. in Business Administration. Normand ChampignyLead Director (3*, 4*, 5)† Mr. Champigny is a geological engineer with extensive experience with both public and private companies, both domestically and internationally and is currently the Chief Executive Officer and Director of Quebec Precious Metals Corporation. He has been involved in many facets of the mining industry, including engineering, project evaluation, and project management. Mr. Champigny is a member of the Ordre des Ingénieurs du Québec and Director of Mining Matters. Until recently, Mr. Champigny was an Executive Committee Member of the Prospectors & Developers Association of Canada. He was Chair of the Board of Directors of Minalliance, an organization raising awareness about the mining industry in Quebec and highlighting its positive contribution to Quebec’s social, economic, and environmental development. Mr. Champigny is a graduate from École Polytechnique in Montreal (B.A.Sc), University of British Columbia (M.A.Sc), and Paris School of Mines (Specialized Diploma in Geostatistics). Paul JacobiDirector (1,2,3) † Mr. Jacobi joined Wexford Capital LP in 1996 and became a Partner in 2012. From 1995-96, Mr. Jacobi worked for Moody’s Investors Services as an analyst covering the investment banking and asset management industries. From 1993-95, Mr. Jacobi was employed by Kidder Peabody & Co. as a senior financial analyst in the investment banking group. From 1988-93, Mr. Jacobi worked for KPMG Peat Marwick as an audit manager in the financial services practice. Mr. Jacobi holds a BS in accounting from Villanova University and is a Certified Public Accountant. Lesley AntounDirector (1, 2*, 3, 4, 5) † Ms. Antoun has 30 years of leadership experience in engineering, marketing, and program management, working with multinationals, private corporations, and governmental entities in several industries, including mining, aerospace, transit and infrastructure. Her boutique consulting firm also has experience collaborating with First Nations organizations. She serves as an independent director on the boards of Wainbee Limited and the Jacques Cartier and Champlain Bridges Incorporated. She holds a mechanical engineering degree from Concordia’s Gina Cody School of Engineering and an MBA from McGill University’s Desautels Faculty of Management. Peter O’MalleyDirector (1*, 2, 5*)† Mr. O’Malley is an investment banker with 29 years of international experience covering natural resources and technology companies. He has executed over $500 billion in transactions across multiple jurisdictions and disciplines including, but not limited to; mergers and acquisitions, equity and debt financings, convertibles, commodities and liability management. He worked at Credit Suisse First Boston for some 13 years in New York and Johannesburg. He eventually moved to Deutsche Bank and was named Head of Natural Resources Investment Banking Asia-Pacific based in Hong Kong. He lived in Hong Kong for 8-years and has an in depth understanding of China’s role in the natural resources sector and in Africa in particular. He received a BA from Siena College in 1988 and a Juris Doctor from St John’s University School of Law in 1991. He has worked as an Election Monitor in Africa and in America and is an active member of his local parish. Matt HoukDirector (1, 4)† Since 2008, Mr. Houk has served as a Portfolio Manager and Research Analyst at Horizon Kinetics LLC, where he is involved in the identification, analysis, and monitoring of certain investment opportunities for the firm. Matt is also the Chairman, Chief Executive Officer, and Chief Financial Officer of Winland Holdings Corporation. Matt also serves on the board of directors of CNSX Global Markets Inc., the parent company of the Canadian Securities Exchange and the National Stock Exchange of Australia, as well as the board of directors of Lamington Road DAC, an Irish designated activity company focused on managing a portfolio of life settlements. Previously, Matt was with Goldman, Sachs & Co. He received a BA in Economics and Political Science from Yale University.

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