Bonavista Resources identifies a large resistive and chargeable anomaly in the vicinity of the high-grade gold Hickey’s Pond Showing; detailed 3D IP-Resistivity survey at the Hickey’s Pond Showing, Burin Gold Project, Newfoundland

February 12, 2019

February, 2019

TORONTO, ON – Bonavista Resources Corp. (“Bonavista Resources” or the “Company”) is pleased to announce results of a detailed 3D IP-Resistivity at its Hickey’s Pond Showing, Burin Gold Project, Newfoundland.

The alteration geochemistry studies at Hickey’s Pond showed that the quartz-alunite schist that surrounds the mineralisation contains abundant disseminated pyrite, commonly 3-5% pyrite. The Company determined that a ground-based IP-resistivity survey over an area approximately 800 m by 3,000 m covering the Hickey’s Pond Showing would be a key tool to assess the extent of the alteration zone present beneath and along strike of the known mineralisation.

 

The Company retained DIAS Geophysical, a Canadian geophysical survey company, to complete a 3D ground-based IP-resistivity survey. This type of survey produces two main datasets: chargeability distribution, and resistivity distribution. Chargeability is useful to detecting the presence of minerals, such as pyrite, resistivity is useful to map bedrock geology, faults, and silica alteration.

The survey identified strong chargeable features with strong geological control beneath and along strike of the Hickey’s Pond Showing. This chargeable body is observed for >2000 m of strike beneath the Showing and is open to the northeast. An additional chargeability anomaly is observed in the SW portion of the survey, this highlights the potential for additional strike continuity to the southwest of Hickey’s Pond.

This 3D-IP anomaly observed close to surface (~50m) correlates with a large volume coincident high-chargeability, low-resistivity anomaly at depths of ~150 m, suggestive that the mineralised system extends to depths of >150 m.   

The Company is highly encouraged by the conclusions of the 3D-IP survey, highlighting the potential for along strike and depth continuity of the mineralized system observed at the high-grade gold Hickey’s Pond Showing.

David Clark, MSc., P.Geo., President, Bonavista Resources, is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained herein is accurate.

About Bonavista Resources

Bonavista Resources is company focused on exploring a large landholding in the underexplored Avalonian terrane on the Burin Peninsula, Newfoundland. This underexplored belt displays geological similarities to the past producing Hope Brook deposit (11.2 Mt at 4.54 g/t Au), limited historical exploration by previous explorers creates a compelling opportunity for the discovery of Newfoundland’s next multi million-ounce gold system. Our flagship project, the Burin Gold Project, hosts several historical high-sulphidation gold showings over ~10 km of prospective geology, the most notable of which is the Hickey’s Pond showing.

For more information, visit www.bonavistaresources.com or contact:

David Clark, MSc., P.Geo, President

dclark@bonavistaresources.com