CEO.CA Chairman's Briefing

Val-d'Or, Quebec--(Newsfile Corp. - August 6, 2024) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") is pleased to announce additional drill results on the Phoenix JV (formerly known as the Urban-Barry Property) (the "Project"). The Project is under a definitive earn-in and joint venture agreement (the "Agreement") with Osisko Mining Inc. ("Osisko Mining"). Under the Agreement, Osisko Mining 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 (see press release dated
November 28, 2023, for more details).

To date, approximately 60,000 meters ("m") have been drilled on the Project, including 37,000 m solely on the Moss Target where mineralization similar to the high-grade Lynx Zone has been confirmed at depth by Osisko Mining (see release dated April 15, 2024).

Diamond drilling activities are now completed and will resume later this year once all assays are received and the compilation and interpretation work are available. Importantly, total expenditures on the Project will exceed the minimum annual spending commitment of $10 million outlined in the Agreement.

Highlights at the Moss Target:

• 38.33 g/t Au over 1.1 m, including 69.6 g/t Au over 0.6 m in hole OSK-PHX-24-078
• 7.37 g/t Au over 4.2 m, including 28.6 g/t Au over 0.4 m in hole OSK-PHX-24-096
• 14.35 g/t Au over 1.6 m, including 29.6 g/t Au over 0.7 m in hole OSK-PHX-24-082
• 24.14 g/t Au over 1.4 m, including 48.1 g/t Au over 0.7 m in hole OSK-PHX-24-072
• 42.1 g/t Au over 0.8 m in hole OSK-PHX-24-080
• 75.8 g/t Au over 0.4 m in hole OSK-PHX-24-049

Marc-André Pelletier, President and CEO commented: "We are very pleased to report, in collaboration with our partner Osisko Mining, the discovery of high-grade Lynx-type mineralization at depth at the Moss target. Notably, the mineralization remains open and will be the subject of future work within the framework of our agreement. The presence of grey quartz-pyrite veins with visible gold, combined with intense sericite-pyrite and silica altered rock, indicates wider mineralization, as observed in drill holes OSK-PHX-078 and OSK-PHX-096.
We look forward to resuming exploration work on the Phoenix JV later this year.

At our Desmaraisville project, fieldwork is progressing well, and our geology team is working to generate prospective drill targets for exploration. A 6,000 m drill program is planned to start in September focusing on the most promising targets."

Figure 1- Phoenix JV Project - Surface Plan View with Completed Drill holes

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Figure 2 - Phoenix JV Project - Surface Plan View with Completed Drill holes at the Moss Target

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Figure 3 - Longitudinal View of the Moss Target with Best Results

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Table 1: Drill Hole Locations - Phoenix JV, Moss Target

UTM Coordinates, System: NAD83 Zone 18N

Table 2: Significant Mineralized Intersections from Drilling on the Moss Target

* Visible Gold Grains

1) True width determination is currently unknown but is estimated from 55 to 80% of the reported core length interval for the zone.
2) Assays are uncut except where indicated.
3) Intercepts have not been correlated to individual zones or vein domains at this time.

Quality Control and Reporting Protocols (adopted by Osisko Mining)

NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at ALS Laboratories in Val-d'Or, Québec, or Vancouver, British Colombia. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also analyzed for multi-elements, including silver, using Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control ("QA/QC") and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by Osisko Mining as well as the lab.

Qualified Person

M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, has reviewed and approved the technical information contained in this press release. Mr. Trudel is a qualified person as defined by National Instrument 43-101 on standards of disclosure for mineral projects.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company's assets include the Gladiator, Barry, Moroy, and Bachelor gold deposits, which collectively hold 1.24 million ounces in Measured and Indicated categories and 1.78 million ounces in the Inferred category.

In November 2023, the Company entered into an earn-in and joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. Over the next three years, Osisko can earn a 70% interest by incurring $30 million in work expenditures. This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step towards development.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution regarding forward-looking statements

This press release contains "forward-looking information" that is based on Bonterra's current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the earn-in and joint venture agreement with Osisko Mining announced on November 28, 2023. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. This forward-looking information includes namely information with respect to the planned exploration programs and the potential growth in mineral resources. Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit and such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets, environmental and other judicial, regulatory, political, and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218821