Mr. Marc-Andre Pelletier of Bonterra reports

DEEP DRILLING AT PHOENIX JV YIELDS HIGH-GRADE LYNX-TYPE MINERALIZATION AT MOSS TARGET, HIGHLIGHTED BY 38.3 G/T AU OVER 1.1 M AND 7.37 G/T AU OVER 4.2

Bonterra Resources Inc. has released additional drill results on the Phoenix JV (joint venture) (formerly known as the Urban-Barry property). The project is under a definitive earn-in and joint venture agreement with Osisko Mining Inc. Under the agreement, Osisko Mining has the right to acquire up to a 70-per-cent 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 news release dated Nov. 28, 2023, for more details).

To date, approximately 60,000 metres (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 news 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 grams per tonne (g/t) gold (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-Andre Pelletier, president and chief executive officer, 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."

Quality control and reporting protocols (adopted by Osisko Mining)

NQ core assays were obtained by either one-kilogram screen fire assay or standard 50-gram fire assaying-AA (atomic absorption) finish or gravimetric finish at ALS Laboratories in Val d'Or, Que., or Vancouver, B.C. The one-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 multielements, including silver, using four-acid digestion ICP-MS (inductively coupled plasma-mass spectrometry) method, at ALS Laboratories. Drill program design, quality assurance and quality control (QA/QC), and interpretation of results are performed by qualified persons employing a QA/QC program consistent with National Instrument 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, PGeo (OGQ No. 813), director of geology for the company, has reviewed and approved the technical information contained in this news release. Mr. Trudel is a qualified person as defined by NI 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 for the Urban-Barry properties, which include the Gladiator and Barry deposits. Over the next three years, Osisko can earn a 70-per-cent interest by incurring $30-million in work expenditures. This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step toward development.

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