Bonavista Resources intersects 0.68 g/t Au over 52 m, including 10.19 m at 1.63 g/t Au and 4.64 m of 1.5 g/t Au in a proof of concept diamond drill program at the Hickey’s Pond Showing, Burin Gold Project, Newfoundland

March 18, 2020

ONTARIO, ON – Bonavista Resources Corp. (“Bonavista Resources” or the “Company”) is pleased to announce core drilling results from high-sulphidation gold Burin Gold Project in the Burin Peninsula, Newfoundland.

One proof of concept core hole (HP-20-001) confirms the presence of potentially economic high-sulphidation epithermal mineralisation at depth below Hickey’s Pond, similar in grade to much of the outlying parts of the Hope Brook deposit.

An overall mineralised interval of 52.0 m of 0.68 g/t Au was intersected from 16.0 m to 68.0 m. This interval included 8.64 m of 1.77 g/t Au from 17.36 m, inc. 4.0 and 4.1 g/t Au, and 4.64 m of 1.50 g/t Au from 49.36 m. The highest gold concentrations were associated with a zone of quartz-hematite breccia (20.12 – 27.00 m), although grades > 1 g/t Au were also noted in the quartz-hematite-alunite schist, as well in the massive quartz and the quartz-alunite-pyrite units.

In follow up of our successful initial drilling campaign, further drilling is planned for late 2020 to comprehensively test the mineralized system at Hickey’s Pond.

A summary table of results for selected elements is given in Table 1.

Table 1: HP-20-01 assay results, selected elements

Sample From To Interval Au

ppm

Ag

ppm

As

ppm

Bi

ppm

S

%

Sb

ppm

Se

ppm

Te

ppm

B0172553 7.80 9.00 1.20 0.025 0.02 4.3 1.07 0.72 1.91 1 0.32
B0172554 9.00 10.00 1.00 0.025 0.04 5.9 0.99 1.04 1.76 2 2.28
B0172555 10.00 11.00 1.00 0.025 0.11 8.5 1.55 0.80 2.75 4 5.02
B0172556 11.00 12.00 1.00 0.050 0.09 6.0 1.34 0.87 2.29 3 1.96
B0172557 12.00 13.00 1.00 0.130 0.14 7.1 2.10 1.62 2.86 8 3.50
B0172558 13.00 14.00 1.00 0.025 0.05 5.7 1.55 1.33 2.56 5 1.97
B0172559 14.00 15.00 1.00 0.025 0.12 7.7 2.34 1.42 2.85 11 6.02
B0172560 15.00 16.00 1.00 0.025 0.22 10.5 2.72 1.90 3.10 14 7.05
B0172561 16.00 17.36 1.36 0.220 0.62 23.7 15.40 2.22 5.63 21 16.10
B0172562 17.36 18.00 0.64 1.640 0.78 13.4 75.90 2.24 11.20 33 40.60
B0172563 18.00 18.90 0.90 1.200 0.43 28.3 91.60 3.06 11.65 26 53.60
B0172564 18.90 20.00 1.10 0.350 0.23 7.2 66.50 3.59 6.80 21 31.40
B0172565 20.00 21.00 1.00 1.190 1.80 37.0 67.90 4.14 14.85 72 45.00
B0172566 21.00 22.00 1.00 0.940 0.37 9.1 32.30 3.81 7.56 15 21.80
B0172567 22.00 23.00 1.00 1.270 0.74 33.5 397.00 2.58 18.15 51 137.00
B0172569 23.00 24.00 1.00 4.140 0.47 21.0 1535.00 2.62 27.50 34 438.00
B0172570 24.00 25.00 1.00 1.200 0.98 8.6 91.80 3.04 13.55 12 35.90
B0172571 25.00 26.00 1.00 4.020 1.21 28.6 76.80 1.80 29.90 32 43.70
B0172572 26.00 27.55 1.55 0.860 2.76 14.8 35.30 3.14 13.65 27 15.40
B0172573 27.55 28.50 0.95 0.470 0.85 5.7 12.60 4.78 10.20 5 6.71
B0172574 28.50 30.00 1.50 0.210 0.86 6.7 8.94 4.35 11.95 6 8.71
B0172575 30.00 31.00 1.00 0.410 1.23 6.7 9.08 4.54 9.08 24 8.05
B0172576 31.00 32.00 1.00 0.340 1.49 7.4 9.91 5.17 11.05 34 8.14
B0172577 32.00 33.00 1.00 0.430 1.16 27.4 9.15 8.45 14.50 59 31.10
B0172578 33.00 33.72 0.72 0.390 0.88 14.0 6.51 5.98 10.15 30 19.20
B0172580 33.72 35.00 1.28 0.350 4.16 36.0 23.90 6.14 8.77 89 12.65
B0172581 35.00 36.00 1.00 0.220 0.54 25.5 3.15 5.66 6.65 27 8.76
B0172582 36.00 36.70 0.70 0.140 0.56 15.1 3.65 3.59 5.42 38 3.27
B0172583 36.70 37.68 0.98 0.150 0.69 10.8 4.14 4.46 5.85 23 4.04
B0172584 37.68 39.00 1.32 0.270 1.54 14.7 5.85 4.58 5.48 45 7.05
B0172585 39.00 40.50 1.50 0.280 0.99 13.7 4.37 4.91 5.67 25 8.20
B0172586 40.50 41.73 1.23 0.370 0.43 21.8 3.70 8.11 5.63 47 14.10
B0172587 41.73 43.00 1.27 0.340 0.56 7.1 3.78 2.18 4.39 20 6.15
B0172588 43.00 44.00 1.00 0.210 0.78 8.7 8.31 5.75 3.76 31 8.44
B0172590 44.00 45.00 1.00 0.190 0.59 7.8 11.80 3.24 3.52 38 8.53
B0172591 45.00 46.00 1.00 0.220 0.90 10.8 6.01 5.67 5.15 58 8.87
B0172593 46.00 47.00 1.00 0.600 1.56 16.9 4.94 3.39 6.18 82 11.10
B0172594 47.00 48.00 1.00 0.240 0.66 17.1 6.28 10.00 5.52 29 10.15
B0172595 48.00 49.36 1.36 0.520 0.51 16.6 15.60 9.29 5.24 21 11.85
B0172596 49.36 50.00 0.64 1.190 1.07 3.8 17.85 5.16 4.48 4 9.15
B0172597 50.00 51.00 1.00 0.940 1.53 4.1 20.60 5.07 5.24 3 6.12
B0172598 51.00 52.00 1.00 1.330 3.76 6.5 29.70 5.82 10.65 5 12.85
B0172599 52.00 53.00 1.00 2.250 6.71 5.4 149.50 4.63 17.85 12 42.40
B0172600 53.00 54.00 1.00 1.690 1.07 8.3 185.50 8.34 6.93 46 25.10
B0172601 54.00 55.00 1.00 0.750 0.56 13.0 20.50 8.58 7.81 35 14.45
B0172602 55.00 56.00 1.00 0.820 0.47 15.2 15.50 10.00 5.87 33 17.60
B0172604 56.00 57.00 1.00 0.460 0.24 9.6 11.65 10.00 3.67 13 7.52
B0172605 57.00 58.00 1.00 0.450 1.88 5.0 80.50 7.65 6.07 23 20.00
B0172606 58.00 59.37 1.37 0.310 0.53 3.6 26.50 5.76 3.28 34 9.25
B0172607 59.37 60.00 0.63 0.180 0.54 3.0 7.40 3.33 4.20 1 3.43
B0172608 60.00 61.00 1.00 0.150 0.29 3.0 5.46 1.68 3.70 10 3.02
B0172609 61.00 62.00 1.00 0.140 0.45 7.1 52.20 5.17 6.47 24 21.00
B0172610 62.00 63.00 1.00 0.170 0.65 2.7 16.65 4.65 5.01 10 5.09
B0172611 63.00 64.00 1.00 0.410 0.49 7.7 74.60 4.75 12.05 8 37.90
B0172612 64.00 65.00 1.00 0.220 0.48 12.5 18.30 3.70 14.15 6 38.60
B0172613 65.00 66.00 1.00 0.210 1.19 8.3 9.45 1.85 12.15 5 19.25
B0172614 66.00 67.32 1.32 0.180 0.63 8.2 3.22 3.91 11.75 7 14.55
B0172615 67.32 68.00 0.68 0.240 0.29 11.5 1.34 1.08 8.48 102 17.25
B0172617 68.00 69.00 1.00 0.120 0.29 5.8 3.59 2.84 3.04 54 6.12
B0172618 69.00 70.00 1.00 0.025 0.14 4.8 1.66 3.57 2.69 29 5.35
B0172619 70.00 71.00 1.00 0.150 0.33 6.2 3.97 4.97 5.47 31 8.85
B0172620 71.00 72.00 1.00 0.200 0.59 7.0 5.66 2.59 6.56 34 16.40
B0172621 72.00 73.00 1.00 0.025 0.25 6.5 1.76 0.98 5.43 8 3.23
B0172622 73.00 74.00 1.00 0.025 0.56 7.7 0.68 2.47 4.87 5 6.56
B0172623 74.00 75.00 1.00 0.370 0.48 5.7 5.98 2.69 6.83 22 24.90

 

David Clark, MSc., P.Geo., President, Bonavista Resources, is the Company’s designated Qualified Person for this news release 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 in the release is accurate. Samples were delivered to Air Canada Cargo in St John’s by Bonavista personnel and air freighted to Vancouver. Samples were picked up by Bonavista personnel and delivered to ALS Geochemistry in North Vancouver. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. All samples were crushed to 90% passing a 2 mm mesh. From here, two separate sampling processes were followed, one for gold assay and one for multi-element geochemistry. For the former, a metallic screen assay was completed: 1000 g was pulverised to 85% passing 75 μm, and the entire aliquot was dry screened, with the minus fraction assayed with duplicate 50 g fire assays, and the entire plus fraction fire assayed. For the latter, 250 g of crush material was pulverised to 85% passing 75 μm, and a 0.5 g aliquot was dissolved in a four-acid digestion and analysed for multi-element geochemistry by ICP-MS.

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