Bonanza Mining Corporation announced the following regarding its MC Property: The MC property is located in the heart of the Stewart mining camp on the top and eastern slope of Bear River ridge approximately 12 km north of Stewart BC. Ascot Resources Ltd.'s ("Ascot's") Premier gold mine and mill are located on the western slope of Bear Ridge. The area north of Stewart has been described as "One of the most important mineral trends of northwestern British Columbia." In a news release dated February 20, 2024, Ascot reported that project construction of its Premier Gold Project ("PGP") was 90% complete and that "numerous pre-commissioning activities in the mill had commenced".

Ascot also reported that it "anticipates introducing first ore into the mill by the end of March 2024, and pouring first gold in April". To support the construction and ramp-up of the PGP, Ascot has also raised an additional USD 50 million of debt and an additional CAD 29 million of equity. This is excellent news for Bonanza and for the exploration of Bonanza's MC property once the PGP is put into production.

In 2023 Ascot also conducted additional exploration drilling for resource expansion as well as infill drilling of the initial mining areas at the Big Missouri, Silver Coin, Martha Ellen and Premier deposits. Ascot reported intersecting high-grade gold mineralization in these programs in various news releases in 2023 and 2024. Bonanza's MC Property, located three km east of the PGP mill, hosts seventeen historical gold, silver, lead, zinc and copper mineral occurrences, some of which have been explored by trenching and short adits in the 1920s, 1930s and 1979 as well as by historical soil and rock sampling programs from the 1960's to 2011.

There have only been four drill holes cored on the property, one of which was abandoned in significant mineralization due to mechanical difficulties with the drill while the other three holes intersected wide intervals of anomalous multi-element enriched sub-ore grade zones. Starting in 2017 Bonanza conducted a 3D IP survey, a ground magnetic survey as well as soil and rock sampling programs which outlined two significant IP chargeability anomalies and a multi-element soil anomaly associated with in situ gold, silver, lead, zinc, and copper-bearing quartz, carbonate veins. Six rock samples collected from quartz veins within the soil anomaly assayed over 1.0 g/t gold and fifteen rock samples assayed over 20 g/t silver.

The assay results from twenty-seven rock samples collected within the soil anomaly assayed up to 10.5 g/t gold, 1,503 g/t silver, 5.31% lead, 5.72% zinc and 0.67% copper. Neither of these compelling mineralized geochemical and geophysical targets have ever been drill tested and represent potential to discover significant gold-silver mineralization. A 2020 43-101 report on the MC property recommended a phase one drill program consisting of coring 1,000 meters in several holes to test the IP chargeability anomalies and gold, silver-bearing quartz-carbonate veins within the multi-element soil anomaly.

Depending on positive results from the phase one drill program a phase two 2,000 meters follow-up drill program was also recommended. A five-year drilling permit has been issued to Bonanza and discussions have been initiated with a geological consulting company to plan and conduct a drilling program this Summer, which will be designed to test the large IP chargeability anomaly on the northern part of the MC property that was outlined by Bonanza's 2017 IP survey. (Bonanza is currently planning on completing a private placement to finance this drilling.) This IP anomaly is associated with the historical Dalhousie copper, gold, magnetite mineral showings that were blast trenched and sampled by a previous company in 1979 (A.R # 7841).

Three of their chip samples respectively returned 0.44 oz/t gold, 0.2 oz/t silver and 0.3% copper over six meters, 0.12 oz/t gold, 0.2 oz/t silver and 1.0% copper over three meters and 0.24 oz/t gold, 0.5 oz/t silver and 1.9% copper over three meters. The drilling will also test the system of poly-metallic quartz/carbonate veins on the southern part of the property that were located and sampled in 2017 and 2019. The main mineralized vein structure has a strike length of over 1 km and lies within an associated multi-element, > 1 km long by 150 m - 200 m wide, soil anomaly coincidently enriched in gold (>50 ppb), silver (>3 ppm), lead (>300 ppm), zinc (>300 ppm), copper (>50 ppm) and arsenic (>20 ppm).