Bonterra Intersects 10.97 g/t Au over 10.1 m, including 16.36 g/t Au over 4.7 m on its 100% owned Desmaraisville South Project

Val-d'Or, Quebec--(Newsfile Corp. - December 4, 2023) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") is pleased to announce the first drill results of its 15,000 meters ("m") drill program at its Desmaraisville South project. Three diamond drill rigs have been mobilized on the project and are currently drill-testing several new geological and geophysical targets along with historical near surface gold mineralization along the edges of the O'Brien Syenite Intrusion ("O'Brien Intrusive").

Located within three kilometers ("km") of the Bachelor Mill Complex, three different areas were drill tested for their near surface gold potential. These areas are located North, East, and South of the O'Brien Intrusive (Figure 1).

At the Southern Area ("South Area"), several new drill targets were generated from the reinterpretation of previously intersected gold bearing structures. This reinterpretation was done with the use of the Bonterra drill hole database and the historical 3D models of high-grade gold intercepts drilled previously. Bonterra has drilled to date a total of 17 diamond drill holes (4,332 m) at the South Area (Figure 2 and Table 1).

Highlights include:

• 10.97 g/t Au over 10.1 m, including 16.36 g/t Au over 4.7 m in hole BRDS-23-018
• 4.79 g/t Au over 6.3 m, including 9.03 g/t Au over 1.5 m in hole BRDS-23-016
• 2.65 g/t Au over 4.2 m in hole BRDS-23-016

Marc-André Pelletier, President and CEO, commented: "After entering into an earn-in and joint venture agreement with Osisko Mining Inc. in the Urban-Barry camp, our Company has redirected its exploration efforts to focus on our 100%-owned Desmaraisville projects, which is close to where the Bachelor Mill Complex is situated. The current 15,000 m drill program aims to explore new targets across our land package and validate our improved geological interpretation. The recent discovery of mineralized zones at Desmaraisville South supports our current understanding of the gold potential, indicating similarities to the Bachelor and Moroy deposits on the western side of the O'Brien Intrusive, located about 3 km from the Bachelor Mill. The ongoing drill program with three rigs, set to conclude this year, should provide valuable insights that will guide our future exploration strategy. It is to be noted that the nearby Bachelor Mine historically produced over 350,000 ounces of gold from two million tonnes at a grade of 5.0 g/t Au."

The drilling encountered several sub-parallel hematite and silica rich altered zones with trace to 8% fine grained and disseminated pyrite which host the gold mineralization (Table 2 and Figure 2). From hole to hole, these mineralized zones show various orientations and suggest that the gold mineralization is related to a large complex with brittle zones of various orientations and plunges. Many assays are still pending from the 3,955 submitted samples.

Bonterra's review of the historical database demonstrated a lack of systematic sampling. Several gold mineralized intervals were not sampled above and below the mineralization. Bonterra will conduct a re-sampling program in early 2024. When all analytical data is received, Bonterra will update its 3D model including the geology, alteration, structures, and mineralization to better understand and evaluate the near surface gold potential of the South Area.

Table 1: Drill Hole Locations - Desmaraisville South project, Quebec

UTM Coordinates, System: NAD83 Zone 18

Table 2: Significant Mineralized Intersections from Drilling on the Desmaraisville South project, South Area

1. The meterage represents the length of the drilled lengths.
2. The mineralized intervals shown above use a 0.5 g/t Au cut-off grade.
3. Gold results obtained above <0.5 g/t Au and with a Metal Factor above 5.

Figure 1 - Plan View of the O'Brien Intrusive with Areas of Drilling

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Figure 2 - Plan View of the South Area of the O'Brien Intrusive with Best Results

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Quality Control and Reporting Protocols

The Desmaraisville project's drill core gold analyses are performed at Activation Laboratories (Actlabs) located in Ste-Germaine-Boulé and Val d'Or, Quebec and at the Agat Laboratory in Val d'Or. The external laboratory employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) 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 to 10% of the samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d'Or, Quebec. The verifications show a high degree of correlation with the Laboratory's results. For the South Area, a total of 3,955 drill core samples and 702 QA-QC samples, have been sent to Activation Laboratories Ltd and Agat Laboratory.

Qualified Person

M. Donald Trudel, P.Geo. (OGQ # 813), Director Geology for the Company, oversees all exploration activities on the Desmaraisville South Project and has compiled and approved the information contained in this press release.

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 a 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.

FOR ADDITIONAL INFORMATION

Marc-André Pelletier, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9
819-279-9304 | Website: www.btrgold.com

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.

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