BonTerra Resources (BTR-V) continues to prove up its recent discovery in Quebec with more stellar grades from the drill bit.
The company has wrapped up phase one drilling at its Urban-Barry property, which sits 170 km northeast of Val-d’Or in the Abitibi Greenstone Belt, and announced a highlight assay from the program of 15.81 grams gold, 39.28 grams silver and 0.025% copper over 6 metres.
The news sent the company’s shares up 1.5% to 34¢ in Toronto on 3.5 million shares traded.
Vancouver-based BonTerra burst on to the junior gold mining seen in early November after announcing the discovery of a new gold zone at Urban-Barry.
Intercepts of 17.06 grams over 13.5 metres and 31.12 grams over 10.5 metres, were sufficient to send the company’s shares soaring up to the 70¢ mark from the low 20¢ range they were trading in before the announcement.
Since that burst of enthusiasm, however, the company’s shares have come off a bit, touching as low as 32¢ on Dec. 6.
BonTerra is looking to get back up to those previous highs on the back of its second phase of drilling.
The company is currently drilling three holes around the discovery zone, looking to gain a greater idea of the lateral direction of mineralization and to develop a working model. It expects core to be ready for shipping to the labs before the Christmas break.
The final four holes of phase one were drilled on its property neighboring Urban-Barry, which is called the Eastern Extension property. Testing there was done to get a better understanding of the direction and extent of the high-grade gold bearing system.
BonTerra has raised roughly $3.6 million and plans to spend between $1.5 and $2 million drilling the system towards an NI 43-101 resource estimate.
The company also announced that a previously released assay is richer than believed. The assay from hole BA-10-03 is 3.11 grams per tonne richer than originally stated, bringing it up to 15.81 grams per tonne. Originally the hole was reported as grading 12.70 grams over 6.75 metres
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