BonTerra Resources Inc. will acquire a 100 per cent interest in Kerr Mines’ Larder Lake property, located east of Kirkland Lake and near Virginiatown.
Vancouver-based BonTerra announced on April 28 it had received TSX approval to move forward with the acquisition of the property. It had first made public its intentions in March.
The property includes the Kerr Addison Mine, which produced 11 million ounces of gold, and the Cheminis Property, which intermittently has produced 260,000 tons at a recovered grade of approximately 0.104 ounces gold per ton.
"The historical gold resources known to exist at the Larder Lake property, when combined with the current resource base at BonTerra's Gladiator Gold Project, immediately transform the company to a leader amongst its peers,” said BonTerra’s president and CEO, Nav Dhaliwal, in a release.
“Our technical team can now take action to unlock the potential at the Larder Lake property and the key district along the Cadillac-Larder Break. I would like to welcome Kerr Mines as a new significant Insider of BonTerra.”
A 2011 National Instrument 43-101 resource report, which BonTerra considers to be historical and has not verified, shows the Kerr property with an indicated 43,800 ounces gold (335,000 tonnes, grading 4.07 grams per tonne), and an inferred 917,000 ounces gold (5,141,000 tonnes of, grading 5.55 grams per tonne).
BonTerra’s Gladiator Gold Project is located in the Urban-Barry Greenstone Belt in Quebec.
