Bonterra Resources Inc. reports exploration and development updates for a Québec gold portfolio anchored by a central milling facility. News for BONXF commonly covers NI 43-101 mineral resource estimates and technical reports for the Barry, Gladiator, Bachelor, and Moroy deposits, drilling plans at Desmaraisville South, and work at the Phoenix joint venture with Gold Fields.
Company updates also address permitting for the Bachelor Mill and tailings capacity, use of exploration technologies such as hyperspectral core scanning, responsible mineral exploration certification, security-based compensation, and tax matters tied to prior flow-through share financings.
Bonterra Resources announced a non-exclusive marketing agreement with Westlake Capital to enhance investor relations and market presence. Westlake will receive GBP 5,850 monthly for services including connecting with investors, organizing meetings, and aiding marketing efforts. The six-month term, costing up to CAN$65,000, is extendable with mutual consent. Westlake is an independent Zurich-based firm with no prior ties to Bonterra and holds no Bonterra securities.
Bonterra Resources announced an update on its Desmaraisville project, having completed a 15,000-meter drill program and two geophysical surveys in late 2023. The company identified promising targets for field work, aiming to prioritize drill targets for a 9,000-meter drill program later this year. Bonterra also engaged Dr. Michel Jébrak for technical support. The field work will focus on gold showings, outcropping areas, Bouguer anomalies, and IP conductors. Concurrently, exploration at the Phoenix JV with Osisko Mining is progressing with 35,000 meters drilled so far. Additionally, Bonterra closed a private placement, raising $8.54 million and issuing compensation options and warrants to agents.
Bonterra Resources Inc. amends its agreement with Machai Capital Inc. to pay a cash fee for digital marketing services instead of common shares, following TSX Venture Exchange policies. The three-month engagement, starting on March 15, 2024, will see Machai receive $33,000 plus taxes by May 8, 2024. Machai specializes in marketing and public awareness in various sectors and is unrelated to Bonterra aside from this agreement.
Bonterra Resources Inc. has successfully closed its 'best efforts' private placement, raising gross proceeds of $8.5 million. The Offering included the sale of 5,250,000 flow-through units and 24,820,000 units at specific prices. Eight Capital acted as lead agent in the transaction. The Company plans to utilize the net proceeds for working capital and general corporate purposes. Additionally, Bonterra settled $1.5 million in outstanding debt through the issuance of common shares.
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