Bonterra Resources (TSXV: BTR) shares jumped on Monday after the company announced an agreement with Osisko Mining for an exploration earn-in and joint venture agreement for Bonterra’s Urban-Barry properties, including the Gladiator and Barry deposits, as well as the Duke and Lac Barry properties in Quebec.
Under the terms of the agreement, Osisko will make a $30 million investment over a three-year period, granting Osisko the opportunity to earn a 70% interest in these properties.
The Gladiator deposit has indicated resources of 1.4 million tonnes at 8.61 g/t gold, equivalent to 391,000 oz., and inferred resources of 4.2 tonnes at 7.37 g/t, representing 989,000 oz. of gold.
The combined open pit and underground resource estimate for the Barry Deposit indicates measured and indicated resources of 5.1 million at 4.21 g/t gold, totaling 690,000 oz., while inferred resources encompass 4.4 million tonnes at 4.89 g/t gold, amounting to 688,000 oz. of gold.
Currently, Bonterra holds a 70% stake in the Duke property, with Osisko owning the remaining 30%, and the Lac Barry property is 85% owned by Bonterra and 15% owned by Gold Royalties Corp.
In total, these properties encompass 496 claims, spanning over 22,508 hectares.
By 12:10 p.m. EDT, Bonterra’s shares had surged by 19.4%. The company has a market capitalization of $20 million.
THIS ARTICLE WAS ORIGINALLY PUBLISHED ON MINING.COM.
