Bonterra Resources (TSXV: BTR; OTCQX: BONXF) reports encouraging initial drilling results from the Phoenix JV gold property. Osisko Mining (TSX: OSK) is earning a 70% interest in the project, having made an up-front $5 million payment, and promising to spend an additional $30 million over a three year period. To date, 20,000 metres have been drilled at the project, and Bonterra says work is on track for Osisko to increase its $10-million spending this year.
The Phoenix JV includes the Urban-Barry property and adjoining Duke and Lac Barry properties in Quebec’s Eeyou Istchee James Bay region.
There are currently five drill rigs at the Moss target and one more at the Barry northeast target. Moss shares similarities with the geological character of the high-grade Lynx zone at the Windfall gold project 5 km to the northeast. Windfall is a joint venture between Osisko Mining (50%) and Gold Fields (TSXV: BFG; JSE: GFI; NYSE: GFI) (50%). Osisko Gold Royalties (TSX: OR) holds a 2.5% royalty interest.
The Moss target has returned 5.18 g/t gold over 3.3 metres, including 16.75 g/t over 1 metre; 3.19 g/t gold over 2.9 metres, including 12.70 g/t over 0.7 metre; 6.76 g/t gold over 0.8 metre; 9.64 g/t gold over 0.5 metre; and 9.52 g/t gold over 0.3 metre.
“Notably, most of the drill hole intercepts at Moss are within 400 metres below surface, with additional drilling planned to confirm mineralization continuity at depth,” noted Bonterra president and CEO Marc-Andre Palletier. “Osisko Mining intends to mobilize one additional drill rig in the next few months, bringing the total to six operational rigs at the Moss target.
“Although it’s still early in the discovery process, we’re excited by the results thus far and impressed by Osisko Mining’s commitment to accelerating the development of the Urban-Barry mining camp, where nearly 10 million oz. have already been identified to date,” he added.
More information is available on www.BTRGold.com.
