Mr. Marc-Andre Pelletier reports

BONTERRA INTERSECTS 2.23 G/T AU OVER 8.2 M, INCLUDING 9.26 G/T AU OVER 1.7 M ON ITS 100% OWNED DESMARAISVILLE SOUTH PROJECT

Bonterra Resources Inc. has released the latest results from its 15,000-metre drill program at its 100-per-cent-owned Desmaraisville South project. The purpose of the program was to test several new geological and geophysical targets, along with historical near-surface gold mineralization along the edges of the O'Brien syenite intrusion, and to identify the location of two regional corridors of deformation located farther to the north of the project.

The diamond drilling was conducted within seven kilometres of the Bachelor mill complex. To date, Bonterra has received the assay results from 10,631 samples (including quality assurance/quality control) samples from the 57 diamond drill holes completed between Aug. 23, 2023, and Dec. 22, 2023. Assay results from 3,708 drill core samples are still pending. Please refer to press releases dated Dec. 4, 2023, and Dec. 14, 2023, for exploration updates on the Desmaraisville South project and the surrounding area.

Highlights include:

• 2.23 grams per tonne gold over 8.2 metres, including 9.26 g/t Au over 1.7 m, in hole BRDS-23-021;
• 15.30 g/t Au over 1.0 m in hole BRDS-23-030;
• 0.80 g/t Au over 11.7 m, including 2.84 g/t Au over 1.4 m, in hole BRDS-23-013;
• 3.66 g/t Au over 1.5 m in hole BRDS-23-004A.

Marc-Andre Pelletier, president and chief executive officer, commented: "With the launch of the $10-million in exploration drilling as part of the option agreement with Osisko Mining on the Phoenix JV [joint venture] and positive results from the 2023 campaign at our 100-per-cent-owned Desmaraisville property, this year holds transformative potential for Bonterra. Notably, all drill hole mineralized intersections at Desmaraisville fall within four km of the Bachelor mill complex. The discovery of a new mineralization type on the east side of the O'Brien intrusive in hole BRDS 23-021, distinct from the mineralization typically found at the Bachelor-Moroy deposits, underscores the possibility of new findings on the Desmaraisville property. Compilation work is ongoing, and the final interpretation of the 2023 geophysical surveys is expected soon. These findings will contribute to generating highly prospective drill targets for exploration later this year."

Highlights of the diamond drilling results

The diamond drilling program at the Desmaraisville South project had several objectives. The main objectives were to intersect gold mineralization: (1) on the eastern side of the O'Brien intrusive (east area); (2) along the extensions of various gold zones discovered in 2015 south of the O'Brien intrusive (south area); (3) related to geophysical targets on the west of the Bachelor Lake felsic intrusion (Bachelor Lake intrusive) enhanced by the presence of gold showings at surface; and finally (4) to test the deep southwest plunge of a zinc, lead and silver mineralized body of the former Coniagas mine.

In addition, drill holes were positioned to improve the understanding of the stratigraphy on the property and to better position the boundaries of the various formations within it. The company is also seeking to better locate two major structures that affect these formations: the Opawica-Guercheville deformation corridor, which hosts numerous gold showings and deposits that have been the subject of historical resource calculations, and the Lamarck-Wedding fault, host to the former Shortt Lake gold mine. Recent geophysical surveys on the Desmaraisville property should help Bonterra to properly position these two major structures.

The gold-mineralized zone containing 2.23 g/t Au over 8.2 m, including 9.26 g/t Au over 1.7 m, in hole BRDS-23-021 is located at the contact between a tuff and a massive basalt rock unit. The contact zone is moderately silicified and contains 2 per cent to 3 per cent pyrite in clusters. This type of gold-bearing environment is different from the Bachelor and Moroy gold-bearing environment. This new mineralized zone appears to be related to a structural lineament trending N080 to N070, and this lineament is more than one km in length. Borehole BRDS-23-030 is more than 275 m deep and has intersected an atypical gold mineralization characterized by a strong epidote alteration with a low sulphide content. The best mineralized interval returned a value of 15.30 g/t Au over 1.0 m.

Drill hole BRDS-23-013 intersected a gold-enriched zone (0.80 g/t Au over 11.7 m, including 2.84 g/t Au over 1.4 m) associated with a strongly altered felsic dike west of the Bachelor Lake intrusive. The host rocks directly in contact with the dike are strongly silicified. It remains to be determined whether the IP (induced polarization) geophysical anomaly is related to this mineralized zone, and, if so, the mineralized zone could extend for several hundred metres.

Quality control and reporting protocols

The Desmaraisville project's drill core gold analyses are performed at Activation Laboratories (Actlabs) located in Ste-Germaine-Boule, Que., and at the Agat laboratory located in Val d'Or, Que. The external laboratories employ a rigorous QA/QC analysis program that meets industry standards. The analyses are carried out by fire assay (AA) with atomic absorption finish and with gravimetric finish for assay above 10 g/t Au at both Actlabs and Agat. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor the laboratory's performance. The company's QA/QC program requires that at least 5 per cent to 10 per cent of the samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals' laboratory facility located in Val d'Or, Que. The verifications show a high degree of correlation with the laboratory's results. For the drilling program, a total of 12,179 drill core samples and 2,160 QA/QC samples have been sent to Actlabs and Agat.

Qualified person

Donald Trudel, PGeo (OGQ No. 813), director, geology for the company, oversees all exploration activities on the Desmaraisville property and has compiled and approved the 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-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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