Mr. Marc-Andre Pelletier reports

BONTERRA INTERSECTS 1.77 G/T AU OVER 12.1 M, INCLUDING 2.33 G/T AU OVER 7.0 M ON ITS 100% OWNED DESMARAISVILLE SOUTH PROJECT

Bonterra Resources Inc. has released the 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 a regional corridor of deformation located north of the property.

The diamond drilling was conducted within four kilometres of the Bachelor mill complex. To date, Bonterra has received all assay results, including quality assurance/quality control samples, from the 57 diamond drill holes completed between Aug. 23, 2023, and Dec. 22, 2023. Please refer to press releases dated Dec. 4, 2023, Dec. 14, 2023, and Feb. 5, 2024, for exploration updates on the Desmaraisville North and South projects and the surrounding area.

Highlights include:

• 1.77 grams per tonne gold over 12.1 metres, including 2.33 g/t Au over 7.0 m, in hole BRDS-23-043;
• 0.61 g/t Au over 11.1 m in hole BRDS-23-033;
• 0.80 g/t Au over 5.6 m, including 5.27 g/t Au over 0.5 m, in hole BRDS-23-002;
• 3.89 g/t Au over 1.0 m in hole BRDS-23-052.

Marc-Andre Pelletier, president and chief executive officer, commented: "The drilling campaign at our 100-per-cent-owned Desmaraisville property resulted in the interception of several economic gold values and the discovery of new types of mineralization less than four km from the Bachelor mill. Specifically, a gold intercept in hole BRDS-23-052 led to the discovery of a promising area along the Opawica-Guercheville regional deformation corridor, which hosts multiple gold showings over a 200 km long corridor in the region. Now that all of the results from the 2023 drilling campaign are in hand, our geology team is working on compiling and modelling these results as well as the results of the 2023 geophysical surveys to generate prospective drill targets for exploration later this year.

"At our Phoenix JV [joint venture], operated by Osisko Mining Inc., exploration efforts are progressing well, with approximately 6,000 m drilled to date. Currently, three drill rigs are focused on the Barry southwest target while two are dedicated to the Moss target. As a reminder, the Moss target is located only five km southwest from the Windfall gold deposit and shows a similar geological character to the Lynx zone along the Mazeres fault that runs across both the Lynx zone and the Moss target. Looking ahead, Osisko Mining plans to add a third drill rig at Moss in March, bringing the total operational rigs on the Phoenix JV to six."

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); and finally (3) to drill test geophysical targets and historical gold showings west of the Bachelor Lake felsic intrusion (Bachelor Lake intrusive).

In addition, the continuing geological and geophysical compilation work has allowed the company to identify two major gold-bearing structures: 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, which hosts the former Lake Shortt gold mine.

The gold-mineralized zone containing 1.77 g/t Au over 12.1 m, including 2.33 g/t Au over 7.0 m, in hole BRDS-23-043 (see attached table) consists of a strongly silicified and hematized zone with a brecciated texture. The zone contains up to 2 per cent fine-grained disseminated pyrite and is bordered at its lower contact by a fault zone.

The gold-mineralized intersection in hole BRDS-23-033, which returned 0.61 g/t Au over 11.1 m, corresponds to the up-dip projection of the intersection in hole BRDS-23-043. This gold-mineralized zone comes to surface and is located 160 m to the west from the mineralized intersection in BRDS-23-043. The gold mineralization is hosted in the same basalt and brecciated and altered zone than hole BRDS-23-043 and is also bordered by a major fault at its lower contact (see attached table).

BRDS-23-002 intersected a brecciated and highly silicified zone in a massive basalt. The zone is locally hematized and contains up to 2 per cent fine-grained disseminated pyrite and returned several gold intersections (see attached table).

Finally, an exploration drill hole located north of the Bachelor mill complex, BRDS-23-052, tested the interpretated Opawica-Guercheville corridor of deformation and has returned a gold-mineralized intersection containing 3.89 g/t Au over 1.0 m. The mineralized intersection consists of a strongly sericitized and sheared sedimentary unit with deformed quartz-carbonate veins and veinlets with traces of pyrite. Bonterra believes that the hole did not go across the entire corridor of deformation (see attached table). Further drilling is warranted in this area to better evaluate the gold potential of the Opawica-Guercheville corridor of deformation.

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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