Announcement Date: 2022-08-01
Announcement Type: PEA
Announcement Code: NI43-101
Company name: Bonterra Resources Inc.
Project name: Barry
Location: Canada
Commodities: Gold
Highlight: PEA results incl. post-tax NPV (5%) of C$48.3M & IRR of 43%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Val-d’Or, QC – June 13, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce positive results from the independent preliminary economic assessment (“PEA”) on the Barry open pit project in the Urban-Barry Camp in northern Quebec. The PEA has been prepared by SLR Consulting (Canada) Ltd. (“SLR”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). AMC Mining Consultants (Canada) Limited (“AMC”) has reviewed and endorsed the mine engineering and cost estimates as used in the Barry open pit component of the PEA. The Company notes that mineral resources are not mineral reserves as they do not have demonstrated economic viability. The Company further notes that a PEA is preliminary in nature and may include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. All figures are stated in Canadian dollars unless otherwise stated. The Company is also pleased to announce that it has started to undertake infill and definition drilling on the underground portion of the Barry deposit to better understand the potential of an underground mining scenario. A total of 41,500 metres (“m”) of drilling is planned for the Barry deposits this year. Upon reviewing the results of the PEA, Bonterra’s board of directors has approved the commencement of a pre-feasibility study (“PFS”) on the Barry open pit project, which is expected to be completed by year end. In the meantime
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