Bonterra Resources Inc. announced that exploration drilling has started on the newly named Phoenix JV (formerly known as the Urban-Barry Property) (the Project) as part of the definitive earn-in and joint venture agreement with Osisko Mining Inc. (the Operator). Under the Agreement, Osisko has the right to acquire up to a 70% interest in the Project by spending $30 million in work expenditures, with a minimum spending commitment of $10 million per year over a three-year period. Osisko plans to drill over 35,000 meters (m) on the Project in 2024, which Osisko expects will meet its minimum spending commitment of $10 million per year under the Agreement.

The Operator has identified multiple targets on the Project, including the Moss target, which is located only five kilometres south-west from the Windfall Gold deposit and shows a similar geological character to the Lynx Zone. The Moss target will be tested along the Mazères Fault that runs across both the Lynx Zone and the Moss target. Osisko plans to mobilize up to five drill rigs during the year, primarily along the Mazères Fault on the east and west sides of the Gladiator and Barry deposits and the Moss target.