Gold Fields may sell smaller mines after Osisko acquisition
The Johannesburg-based gold miner is shifting focus to advancing its new Salares Norte mine in Chile.
Bonterra Resources (TSXV: BTR) shares jumped on Monday after the company announced an agreement with Osisko Mining for a joint venture agreement for Bonterra’s Urban-Barry properties, including the Gladiator and Barry deposits, as well as the Duke and Lac Barry properties in Quebec.
Under the terms of the agreement, Osisko will make a C$30 million investment over a three-year period, granting Osisko the opportunity to earn a 70% interest in these properties.
The Gladiator deposit has indicated resources of 1.41 million tonnes at 8.61 g/t, equivalent to 391,000 oz. gold, and inferred resources of 4.17 million tonnes at 7.37 g/t, representing 989,000 oz. gold.
The combined open pit and underground resource for the Barry deposit is estimated at 5.10 million tonnes measured and indicated at 4.21 g/t, totalling 690,000 oz. gold, plus 4.38 million tonnes inferred at 4.89 g/t, amounting to 688,000 oz. gold.
Currently, Bonterra holds a 70% stake in the Duke property, with Osisko owning the remaining 30%. The Lac Barry property is 85% owned by Bonterra and 15% owned by Gold Royalties Corp.
In total, these properties encompass 496 claims, spanning over 22,508 hectares.
By 12:10 p.m. EDT, Bonterra’s shares had surged by 19.4%. The company has a market capitalization of C$26.5 million ($19.7 million).
