A fresh financing supports BonTerra’s quest for high-grade gold.
Clearly Osisko Mining’s (TSX:OSK) not the only company attracting money to the region. BonTerra Resources’ (TSXV:BTR) private placement began with a $6-million offer early last month that was raised three times to close March 2 at $13.97 million. That’s not including a non-brokered $1.02 million expected to close mid-month.
The news follows $82 million in financings that Osisko closed on February 28. BonTerra’s Gladiator project sits about six kilometres south of Windfall Lake, where Osisko’s high-grade gold has attracted a busy area play to the Abitibi’s Urban Barry greenstone belt. Among other companies in the area, Beaufield Resources TSXV:BFD closed a $6-million bought deal a week earlier.
Acting as lead underwriter for BonTerra was Sprott Capital Partners, a division of Sprott Private Wealth LP. Eric Sprott invested $3.89 million, raising his stake in BonTerra from 0.3% to about 10.3%.
Assays reported last month from Gladiator reached as high as 16.8 g/t gold over 3.8 metres, which followed a standout of 15.7 g/t over 8.5 metres released two days earlier. The company hopes to connect zones across a 1.2-kilometre potential strike and update the resource. The 2012 inferred category came to 905,000 tonnes averaging 9.37 g/t for 273,000 gold ounces at a 4 g/t cutoff. The deposit remains open in all directions.
BonTerra’s Larder Lake project in Ontario features two historic, non-43-101 resources: Bear Lake with 683,000 gold ounces inferred, and Cheminis with 43,800 gold ounces indicated and 233,400 ounces inferred. Larder Lake has a 43-101 underway, incorporating another 25,000 metres of drilling.