Mr. Marc Andre Pelletier reports

BONTERRA INTERSECTS 6.2 G/T AU OVER 7.7 M, INCLUDING 12.8 G/T AU OVER 2.8 M AT THE BARRY UNDERGROUND PROJECT AND PROVIDES EXPLORATION UPDATES

Bonterra Resources Inc. has released more results from the now-completed infill and expansion drilling campaign at the Barry underground project, which holds 500,000 ounces of measured and indicated mineral resources and 700,000 ounces of inferred mineral resources, according to the last mineral resources estimate (see press release dated June 23, 2021). The primary goal of this campaign was to convert mineral resources to a higher confidence category and enhance the interpretation and grade continuity of the mineralization, primarily in the upper section of the deposit. In total, 31,349 metres (91 holes) of infill drilling have been completed from surface since August, 2022. The company has received assays for 80 holes so far, including the holes disclosed in this release (see press releases dated Nov. 15, 2022, Dec. 12, 2022, and March 27, 2023, for previously released holes).

Highlights include:

• 6.2 grams per tonne gold over 7.7 metres, including 12.8 g/t Au over 2.8 m and 13.0 g/t Au over 0.5 m, in hole MB-23-598;
• 26.3 g/t Au over 1.2 m, including 38.1 g/t Au over 0.7 m, in hole MB-23-600;
• 4.5 g/t Au over 4.2 m, including 20.3 g/t Au over 0.5 m, in hole MB-23-592;
• 1.6 g/t Au over 6.0 m, including 2.2 g/t Au over 2.0 m, in hole MB-23-613.

Marc Andre Pelletier, president and chief executive officer, commented: "The results reported today are encouraging for many reasons. Holes MB-23-598, MB-23-600 and MB-23-592 intercepted mineralization consistent with the high-grade ore shoots in the 800 zone. Meanwhile, hole MB-23-613 confirmed the extension of mineralization from the 800 zone approximately 150 m further than the known mineralized envelope and suggests that there is continuity of the mineralization at depth. With the conclusion of the winter drill program at Duke, we have started a greenfield exploration program at Barry North-East and a more-focused program at Panache South. Bonterra remains committed to continuing to explore the Urban-Barry camp, where several million ounces of gold have already been discovered to date."

Exploration updates

The drill program at the Duke property, a joint venture with Osisko Mining Inc., consisting of 10 holes covering 3,387 m, has been completed on schedule (see press releases dated March 6, 2023, and March 27, 2023). Also, a short drill program of two holes, totalling 706 m, was completed just before the spring thaw at the Nelligan property near the Bachelor mill complex.

Following the completion of the Duke and Nelligan programs, the company has allocated one drill rig to its Barry North-East regional exploration program, which consists of 11 drill holes covering 3,200 m. This program targets polarization anomalies along the Mazeres fault corridor, located three kilometres to the northeast of the Barry deposit. So far, three drill holes covering 969 m have been completed.

The company will also commence a 3,500 m exploration and follow-up drill program at the Panache South target. The area includes the historical Panache South showing with 12.9 g/t Au over 0.5 m and 3.2 g/t Au over 0.4 m. In 2021, the company drilled 4,383 m at the Panache South target and intersected significant gold mineralization, including 5.5 g/t Au over 1.5 m, including 16.2 g/t Au over 0.5 m, 23.1 g/t Au over 2.3 m, including 62.3 g/t Au over 0.8 m, and 30.6 g/t Au over 1.5 m, including 91.4 g/t Au over 0.5 m, from shear-hosted quartz carbonate vein systems (Panache South drill hole references in this paragraph are from the company's press release dated March 1, 2022).

Diamond drilling highlights

The infill drill program at the Barry underground project was designed to convert the inferred resources from the 2021 mineral resource estimate into indicated resources by decreasing the drill spacing to 25 m and to expand the mineralization in the subvertical 800 zone at depth. The results presented in this release demonstrate the predictability of the 800 zone geology model and highlight that the mineralization remains open at depth, following the well-defined, high-grade ore shoots.

The infill drill results from the 800 zone continue to demonstrate a high potential for high-grade mineralization, as evidenced by intersections of: 6.2 g/t Au over 7.7 m, including 12.8 g/t Au over 2.8 m and 13.0 g/t Au over 0.5 metre, in hole MB-23-598; 26.3 g/t Au over 1.2 metres, including 38.1 g/t Au over 0.7 m, in hole MB-23-600; and 4.5 g/t Au over 4.2 m, including 20.3 g/t Au over 0.5 m, in hole MB-23-592.

Furthermore, preliminary results from three holes drilled 150 metres down plunge of the 800 zone have returned 1.6 g/t Au over 6.0 m, including 2.2 g/t Au over 2.0 m, in hole MB-23-613, confirming the mineralization remains open at depth and allows to target new high-grade shoots down dip of the orebody to the east.

The Barry North-East and the Panache South properties are located on the west portion of the Urban-Barry camp, in the Macho mafic volcanic formation, where the Barry deposit and Moss showings occur along the Mazeres fault system striking 60 degrees north toward Osisko's Windfall deposit. The Panache showing, located in the northeast portion of the area, occurs along the Milner fault, which also hosts the Fox and Fox West zones owned by Osisko.

Barry deposit geology

The Barry gold deposit is characterized by three dominant sets of structures, all dipping to the southeast. The subvertical shear zones and the H Series shear zones dipping 25 degrees to 40 degrees are hosted within intermediate-to-mafic volcanics and tuffs with local felsic intrusions. Contact zones dip from 50 degrees to 65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulphides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 700 m below surface and remains open for expansion.

Table of diamond drill hole results

An attached table shows the significant intersections of the drill holes presented in this press release.

Quality assurance/quality control and reporting protocols

The Barry project's drill core gold analyses are performed at the Bachelor mine laboratory, Actlabs (Ste-Germaine-Boule) and AGAT, located in Val d'Or, Que. The company's laboratory and external laboratories employ a rigorous quality assurance/quality control analysis program that meets industry standards. The analyses are carried out by fire assay with atomic absorption finish at the Bachelor mine laboratory and with gravimetric finish for assays above 10 g/t Au at Actlabs and AGAT laboratories. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor the laboratories' performance. The company's quality assurance/quality control program requires that at least 5 per cent of samples be analyzed by an independent laboratory. These verification samples are sent to the ALS Minerals laboratory facility located in Val d'Or, Que. The verifications show a high degree of correlation with the laboratories' results.

Qualified person

Boris Artinian, PGeo (OGQ No. 1546), chief geologist of the company, oversees the exploration activities on the Urban-Barry property and has compiled and approved the information contained in this press release. Mr. Artinian is a qualified person, as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The company has four main assets, Gladiator, Barry, Moroy and Bachelor, that collectively have a total of 1.24 million ounces in the measured and indicated categories, and 1.78 million ounces in the inferred category. Importantly, the company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

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