Bonterra Highlights Initial Drill Results from Gladiator SW Target; Announces 2025 Exploration Program at Phoenix JV with Gold Fields

Rhea-AI Summary

Bonterra Resources (BONXF) has reported initial drilling results from the Gladiator Southwest target and announced its 2025 exploration program at the Phoenix JV project with Gold Fields. The company has completed over 65,000 meters of drilling, with approximately C$18 million invested under the JV Agreement.

Key highlights include:

• A significant intersection of 20.3 g/t Au over 1.5m in hole PHX-24-0119
• 5,700 meters (13 drill holes) completed at the Gladiator SW Target
• Gold Fields plans a potential 15,000m drill program for 2025

The Phoenix JV project contains combined resources of 1.08 million ounces of Measured and Indicated Mineral resources and 1.68 million ounces of Inferred Mineral resources. Gold Fields has the right to acquire a 70% interest by spending C$30 million in work expenditures, with a minimum C$10 million annual commitment over three years.

Positive

• High-grade gold intersection of 20.3 g/t Au over 1.5m discovered
• C$18M already invested out of C$30M total commitment, showing strong project advancement
• Substantial mineral resource base of 2.76M combined ounces
• Aggressive 15,000m drilling program planned for 2025

Negative

• True width of mineralization currently unknown, estimated at 55-80% of reported core length

Val-d'Or, Quebec--(Newsfile Corp. - March 19, 2025) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") is pleased to report the first assay results from the Gladiator Southwest ("Gladiator SW") target and announce details of the 2025 exploration program being led by a 100% indirect subsidiary of Gold Fields Ltd ("Gold Fields" or the "Operator") at the Phoenix JV (the "Project"). The Project is under a definitive earn-in and joint venture agreement (the "JV Agreement") with Gold Fields (previously, Osisko Mining Inc.). Under the JV Agreement, Gold Fields has the right to acquire a 70% interest in the Project by spending C$30 million in work expenditures, with a minimum spending commitment of C$10 million per year over a three-year period (see press release dated November 28, 2023, for more details).

Marc-André Pelletier, President and CEO commented: "Gold Fields has achieved significant progress in exploration near their high-grade Windfall project, identifying multiple promising targets for further drilling. With over half of the planned joint venture expenditures already completed in the first year, we look forward to continued collaboration to advance Quebec's newest emerging gold camp."

First Assay Results from the Gladiator SW Target

To date, over 65,000 meters ("m") have been drilled, with approximately C$18 million invested in the Project under the JV Agreement. This includes 5,700 m (13 drill holes) completed at the Gladiator SW Target along the Barry Shear Zone by the end of 2024 (see Figure 1 – Plan View of Gladiator SW Target). Additionally, a detailed review of core samples from both the Barry and Gladiator deposits was conducted to improve geological understanding. These deposits contain a combined 1.08 million ounces of Measured and Indicated Mineral resources and 1.68 million ounces of Inferred Mineral resources, as reported in the 2021 mineral resource estimate ("2021 MRE").

Highlight at the Gladiator SW Target:

• 20.3 g/t Au over 1.5m, in hole PHX-24-0119

2025 Phoenix JV Exploration Program Updates by Gold Fields

Gold Fields is currently preparing a potential 15,000 m drill program, with final target selection subject to internal review and prioritization. Several promising targets have already been identified, based on historical gold showings, previous drill results, and geophysical survey data (see Figure 2 – Plan View of Target Areas on the Phoenix JV).

Gold Fields intends to deploy three to four drill rigs, primarily focused along the Barry Shear Zone at the Gladiator NE and Titan targets. The program will also explore additional areas such as Duke NE, Chanceux, the Tourmaline Ridge extension, and Rouleau Till. Diamond drilling is expected to commence later this year upon approval. Additionally, a gravity airborne survey and associated fieldwork are being planned for the upcoming summer.

Figure 1- Phoenix JV Project – Surface Plan View with Completed Drill holes at Gladiator SW Target

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/245143_4cd57af7f4abc953_001full.jpg

Figure 2- Phoenix JV Project – Surface Plan View with Completed Drill holes and 2025 Drill Target Areas

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/245143_4cd57af7f4abc953_002full.jpg

Table 1: Drill Hole Locations – Phoenix JV, Gladiator SW Target

Hole ID	Easting	Northing	Elevation (m)	Azimuth (°)	Dip (°)	Length (m)
PHX-24-0119	454635	5427686	404	152	-48.7	552

 

UTM Coordinates, System: NAD83 Zone 18N

Table 2: Significant Mineralized Intersections from Drilling on the Gladiator SW Target

Hole ID	Including	From (m)	To (m)	Length (m)	Grade (Au g/t)	Metal Factor (length x grade)
PHX-24-0119		82.1	83.6	1.5	20.3	30.45

 

1) True width determination is currently unknown but is estimated from 55 to 80% of the reported core length interval for the zone.
2) Assays are uncut except where indicated.
3) Intercepts have not been correlated to individual zones or vein domains at this time.

Quality Control and Reporting Protocols (adopted by Gold Fields)

NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at ALS Laboratories in Val-d'Or, Québec, or Vancouver, British Colombia. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also analyzed for multi-elements, including silver, using Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control ("QA/QC") and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by Gold Fields as well as the lab.

Qualified Person

M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, has reviewed and approved the technical information contained in this press release. Mr. Trudel is a qualified person as defined by National Instrument 43-101 on standards of disclosure for mineral projects.

ABOUT BONTERRA

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 an earn-in and joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties (the "JV Agreement"), which include the Gladiator and Barry deposits. In October 2024, Gold Fields Ltd, through a wholly owned Canadian subsidiary, completed the acquisition of Osisko Mining for C$2.16 billion. Gold Fields is now the counterparty to the JV Agreement and can continue to earn a 70% interest in the joint venture by incurring C$30 million in work expenditures until November 2026 (including expenditures incurred by Osisko Mining prior to October 2024). This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step towards development.

FOR ADDITIONAL INFORMATION

Marc-André Pelletier, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

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.

Caution regarding forward-looking statements

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the ability and timing of the parties to complete the Joint Venture (if at all), whether the work expenditures would be incurred as contemplated in the Agreement (or at all), the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in the Company's recent securities filings available at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

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FAQ

What are the latest drill results from Bonterra's (BONXF) Gladiator SW Target?

The latest drilling at Gladiator SW Target revealed a significant intersection of 20.3 g/t Au over 1.5m in hole PHX-24-0119.

How much has Gold Fields invested in the Phoenix JV project with BONXF to date?

Gold Fields has invested approximately C$18 million in the Project, completing over 65,000 meters of drilling.

What are the current mineral resources at BONXF's Phoenix JV project?

The project contains 1.08M oz of Measured and Indicated resources and 1.68M oz of Inferred resources according to the 2021 MRE.

What is Gold Fields' planned exploration program for BONXF's Phoenix project in 2025?

Gold Fields plans a 15,000m drill program using 3-4 drill rigs, focusing on the Barry Shear Zone at Gladiator NE and Titan targets.

What are the terms of the Phoenix JV agreement between Gold Fields and BONXF?

Gold Fields can acquire 70% interest by spending C$30M in work expenditures, with minimum C$10M annual spending over three years.