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Bonterra and Osisko Mining Announce Initial Exploration Results Under Urban-Barry Option Agreement
Bonterra Resources Inc. ("Bonterra") has announced initial drill results from the exploration drilling program on the newly named Phoenix JV (formerly known as the Urban-Barry Property). The drill program is part of a definitive earn-in and joint venture agreement with Osisko Mining Inc. ("Osisko"), whereby Osisko has the right to acquire up to a 70% interest in the Phoenix JV by spending C$30 million in work expenditures over a three-year period. Osisko plans to drill over 35,000 metres on the project in 2024, and as of April 15, 2024, approximately 20,000 metres have been drilled on the project. Osisko has identified multiple targets on the project, including the Moss target, which is located only five kilometres south-west from the Windfall gold deposit. Initial drill results at Moss confirm similarities to the multimillion-ounce Windfall Gold deposit. First drill results include:
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OSK-PHX-24-004:
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5.18 g/t gold over 3.3 metres from 528.0 metres, including 16.75 g/t gold over 1.0 metres from 528.0 metres, and;
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3.19 g/t gold over 2.9 metres from 575.0 metres, including 12.70 g/t gold over 0.7 metres from 577.2 metres.
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OSK-PHX-24-013:
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6.76 g/t gold over 0.8 metres from 11.0 metres, and;
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9.63 g/t gold over 0.5 metres from 181.4 metres.
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OSK-PHX-24-030:
For more information, visit Bonterra's website at www.btrgold.com and refer to the press releases dated January 18, 2024, and April 15, 2024.
Sandstorm holds a net smelter returns ("NSR") royalty ranging between 0.5%–3.9% on portions of the Urban-Barry property, which covers both the Barry and Moss deposits. Sandstorm also holds a 1.0% NSR royalty on the neighbouring Gladiator (West Arena) gold deposit.