Bonterra Resources Inc (CVE:BTR) (OTCMKTS:BONXF) is advancing its exploration projects in Quebec with a 15,000 metre drill program currently underway.
The Quebec-based company announced Wednesday that it had retained the services of SGS Geostat to complete a mineral estimate and NI 43-101 technical report on its Gladiator, Barry and Moroy projects.
The junior resource company passed its results from its 3Q 15,000 metre drill program for review and validation. The target date for the resource estimate to be completed is at the end of May.
Drilling at the three projects looked promising. At Gladiator, drilling extended the depth of the deposit along strike by approximately 200 metres in two different zones.
At the Barry deposit, most of the drill holes intersected gold mineralization, which validated the existing geological model ahead of the upcoming resource estimate.
Nearly 4,000 metres were drilled at Moroy. According to Bonterra, higher mineralizations and thicker drill intersections look promising.
An additional four rigs are currently active on the Quebec properties to test geological targets out of the known mineralized zones.
On the permitting front, Bonterra is finalizing an environmental impact assessment for its Urban-Barry mill expansion, where the company is planning to increase the throughput capacity to 2,400 tons a day.
Urban-Barry is anticipated to become a regional mill to process ores from nearby deposits such as Barry and Moroy. Bonterra is working with two engineering firms to design a tailings dam modify the mill to process at a higher capacity while maintaining gold recovery levels above 95%.
In other news, the company announced that it had placed its underground operations on care and maintenance while it completes an updated resource model.
Bonterra’s main assets are in the Archean greenstone belts in the Canadian Shield. In addition to its three high-grade gold deposits, the company also has significant regional targets.
Shares of Bonterra traded at C$1.70 in Toronto and US$1.27 in the US on Wednesday afternoon.
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