Bonterra Resources (CVE:BNE) saw its shares rise 8% on Wednesday after the junior explorer reported encouraging drilling results at its Gladiator gold project in Quebec.
Highlights of the drill results included an intersection of 44.9 g/t gold over 3.0 metres, at hole BA-18-34, the company said, which extended a high-grade ore shoot to the west, up-plunge in the Rivage Gap area.
"The resource development program continues to be extremely successful in terms of the extension of mineralized zones and in terms of demonstrating high grades throughout," said Nav Dhaliwal, president and chief executive officer of Bonterra.
"Most significantly, however, is how well we have shown continuity down dip and along strike for all five of the primary zones to date. The high grades encountered on the west side of the deposit and the down-plunge of the east side announced today are of obvious significance to the deposit as a whole."
Drilling campaign extends deposit
According to the company, results from the winter drilling campaign at the Gladiator gold project successfully extended the deposit both west and east, opening multiple zones for further expansion.
Recent drilling in the west side of the deposit extended the north zone and now totals a strike length of approximately 1,300 metres.
Other highlights included hole BA-11-36, which extended the North zone by about 150 m to the east, down-plunge of a defined ore shoot with 8.4 g/t gold over 3.0 metres; as well as holes BA-18-27A, BA-18-30 and BA-18-31, which intersected the main zone between 300 to 500 metres below surface, demonstrating the continuity of mineralization with 24.3 g/t gold over 5.0 metres in BA-18-30 and 9.6 g/t gold over 3.5 metres in BA-18-31.
Bonterra said it will continue its aggressive resource development program with five drills at the deposit focused on infill and step out drilling in preparation for the updated mineral resource estimate in the second half of 2018.
Shares of Bonterra Resources were up 8.24% at C$0.46 on Wednesday afternoon.