Bonterra Resources Inc (Armored personnel carrier-TSXV, BONCSF-OTC, 9BR1-FSE) reported the expansion in depth of the Barrie gold deposit in Quebec as a result of deep drilling. The project is subject to a definitive profit and joint venture agreement with Gold Fields Ltd. Which gives the latter company the right to acquire a 70% stake in the project by spending $30 million, including a minimum spending of $10 million annually over three years.
Bonterra is a gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec. These assets include the Gladiator, Barry, Moroy and Bachal gold deposits, which collectively contain 16.8 million tonnes at an average grade of 3.02 g/t gold or 1.63 million ounces in the measured and indicated grade, as well as 15.6 million tonnes at an average grade of 4.32 g/t or 2.17 million ounces in the inferred grade.
In a press release dated February 23, 2026, the company said Barrie contains a measured open pit and indicated source of 417,000 ounces of gold grading 1.67 g/t gold within 7.79 million tonnes and 9,000 inferred ounces of gold grading 2.32 g/t gold within 125,000 tonnes.
Barrie is also estimated to host a measured and indicated underground resource of 457,000 ounces grading 3.47 g/t gold within 4.09 million tonnes and 962,000 ounces of inferred material, grading 3.41 g/t gold within 8.8 million tonnes. In a February press release, the company said the estimate is based on 73 veins grouped within 10 groups of shallow to steep veins from the surface to a depth of 650 metres.
“The discovery of extended-depth mineralization in the Bari deposit is an important development that confirms the potential to significantly increase ounces of gold beyond existing mineral resources,” said Bonterra CEO and interim CEO Cesar Gonzalez. He said: “The results released today were drilled approximately 100 meters from the boundaries of the Mineral Resource Estimate published last February. It is noteworthy that all five holes intersect potential mineralization consistent with Zone H in the Bari deposit.”
Drilling highlights include 7.59 g/t gold at a depth of 1.9 metres, including 17.75 g/t gold at a depth of 0.6 metres, in hole BAR-26-0617.
The 2026 exploration program is designed to test targets located southwest and east of the Parry deposit, and includes deep drilling to evaluate the extension of the lower mineralization at depths of approximately 750 to 850 metres, as well as the east-dipping extension of the deposit.
Diamond drilling at Barrie began in January with two drilling rigs and was completed in April. A total of 14 diamond holes covering 8,346 meters have been completed. A total of 9,465 NQ core samples have been submitted to accredited laboratories, with approximately 30% awaiting assay results.
On Thursday, Bonterra shares rose 0.443%, or $0.03, to $6.80, trading in a 52-week range of $7.64 and $3.33. The Barry Mine was in production from 2008 to 2010, producing 44,000 ounces of gold.
