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Bonterra Resources Inc.
Summary
| Project: | Larder Lake | |
|---|---|---|
| Deposit: | Larder Lake | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 8/23/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 23-8-2018: Bonterra Resources Inc. announces a Supporting Acquisition report for its Larder Lake deposit at the Larder Lake project. Summary of property in support of spin out transaction. SGS Canada Inc. (“SGS”) was contracted by Bonterra Resources Inc. | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Allan Armitage, Allan Goldschmidt (SGS Canada Inc.) | |
| ABSTRACT: | SGS Canada Inc. (“SGS”) was contracted by Bonterra Resources Inc. ("Bonterra" or the "Company") to complete an updated National Instrument 43-101 ("NI 43-101") Technical Report for the Larder Lake Property (the “Property”) in the Larder Lake area, Ontario, Canada. A technical report on the Property was recently written by P&E Mining Consultants Inc. (“P&E Mining”) in 2011 (Armstrong et al., 2011) and was titled “Technical Report and Updated Resource Estimates on the Larder Lake Property Larder Lake, Ontario”, dated August 15th, 2011. The report was written for Bear Lake Gold Ltd. ("Bear Lake"). The 2011 Technical Report for the Property is posted on SEDAR under Bear Lake’s profile. Bonterra purchased a 100% interest in the Property from Kerr Mines Inc. (“Kerr Mines”), as of April 28, 2016. In July of 2018, Bonterra entered into a definitive arrangement agreement dated July 20, 2018 to combine Bonterra and Metanor Resources Inc. ("Metanor"). Immediately prior to the completion of the Metanor acquisition, Bonterra will spin out its Larder Lake assets and liabilities in Ontario, Canada and $7 million in cash (the “Spin-Out”) in order to create a new exploration company named Gatling Exploration Inc. (“Spinco”), by way of plan of arrangement under the Business Corporations Act (British Columbia) (the “BCBCA”). Bonterra is seeking to list Spinco on the TSX Venture Exchange (“TSX-V”). The current technical report is to be filed with an application by Bonterra for a listing of Spinco on the TSX-V and the report will be used by Spinco in partial fulfillment of their disclosure requirements under Canadian securities laws, including National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).The effective date of this report is August 2, 2018. The Larder Lake Property is located in northern Ontario, 35 km east of Kirkland Lake and 6 km west of Virginiatown. It can be accessed by Quebec Provincial Highway 117 (also the Trans- Canada Highway, “TCH”) west from Rouyn-Noranda, QC, which essentially becomes Highway 66. A direct route from North Bay, ON is north via Highway 101 to Highway 117, then west on Hwy 117 until it becomes Hwy 66. Bonterra has a 100% beneficial interest and ownership in the Property. The Property comprises Patented and Unpatented Claims, Leases and Mining Licenses of Occupation (“MLO”) within the McVittie/McGarry Townships area, with a total area of 2,165 ha. Certain of the Patented Claims are registered in the name of Bear Lake and are in the process of being transferred to Bonterra. All claims will be beneficially owned 100% by Spinco upon completion of the Spin-Out. Neither Licenses of Occupation nor Patents have expired; they remain in good standing (provided that annual rents/taxes are paid) in perpetuity. Leases are good for 21-year renewable terms, again subject to payment of annual rents/taxes. | |
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