Bonterra boosts gold resources in Quebec, expects PEA later this year
Bonterra reported an increase over the mineral resource estimates for the Gladiator, Barry and Moroy deposits prepared by SGS Canada and dated July 11, 2019, of 78% and 27% in gold ounces for Measured and Indicated and Inferred Mineral Resource categories, respectively.
As of now, the company has a total of 1.24 million ounces of gold in Measured and Indicated categories, and 1.78 million ounces of gold in Inferred category.
The company said that an updated mineral resource estimates benefited from nearly 130,000 metres of drilling across the deposits since the 2019 MREs. The average drilling discovery rate resulted in approximately 7.1 oz/m drilled across all the deposits in the last two years. Bonterra said it plans to continue expansion drilling in the coming months on all deposits to support the company's growth strategy.
The company added that the completion of the 2021 MREs sets the stage for a preliminary economic assessment ("PEA") expected later this year. The PEA will examine the viability of a hub-and-spoke operation leveraging the company's existing Bachelor mill and associated infrastructure. Importantly, the permitting process to allow for an expansion of the Bachelor mill to 2,400 tpd from the current 800 tpd is approximately 75% complete, the company pointed out.
Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. Bonterra is focused on graduating from advanced exploration to a development company over the next 18-24 months.