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Bonterra Signs Marketing Agreement with Westlake Capital

Val-d’Or, QC – May 22, 2024 – Bonterra Resources Inc. (TSX-V: BTR) (“Bonterra” or the “Company”) is pleased to announce that it has entered into an agreement with Westlake Capital (“Westlake”) pursuant to which Westlake will provide marketing and investor relations services to the Company on a non-exclusive basis, including: (i) initiating contact with qualified investors, (ii) organizing virtual or in person meetings with potential investors and analysts (iii) forwarding news releases issued by the Company to Westlake’s contact base, (iv) assisting with preparing a virtual marketing campaign by the Company, (v) assisting in obtaining coverage by newsletter writers and analysts, and (vi) assisting with market intelligence. In consideration for providing these services, Westlake will be paid a monthly cash fee of GBP 5,850 from the Company’s working capital. Westlake has been engaged for an initial term of six months, which may be extended by mutual agreement, subject to earlier termination by either party on 30 days’ written notice. The cost of the investor relations services provided by Westlake is not anticipated to exceed CAN$65,000 over the six-month term.

Westlake is a sole proprietorship marketing firm based out of Zurich, Switzerland, and specializing in investor relations and profile-building within the European investment community. Westlake is an arm’s length party to Bonterra and has no other relationship with the Company except under this engagement. Westlake does not own any securities of Bonterra, nor does it have any other interest in the Company or a right to acquire such an interest.

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% 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
819-825-8678 | 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.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐ looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive conditions, as described in more detail in our recent securities filings available at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

Bonterra Provides Exploration Update and Engages Dr. Michel Jébrak to Provide Technical Advice

Val-d’Or, QC – May 16, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to provide an update at its 100% owned Desmaraisville project. The Company has now completed the compilation and interpretation of the results from the 2023 15,000 meters (“m”) drill program and as well the analysis of the two geophysical surveys completed in November and December 2023. Several prospective geological, geophysical and drill targets have been identified and will be subject of field work in the coming weeks. The purpose of the field work is to prioritize drill targets in preparation for a 9,000 m diamond drill program scheduled later this year. Please refer to the press releases dated December 4, 2023, December 14, 2023, February 5, 2024, and February 27, 2024, for exploration updates on the Desmaraisville North and South projects and the surrounding area.

The Company is pleased to announce that it has retained the services of Dr. Michel Jébrak for technical support on the upcoming drilling campaign. Dr. Jébrak is a well-known professional geologist with a deep understanding of the Desmaraisville camp geology, gained from prior work in the region. He is an emeritus professor at University of Quebec’s Department of Earth and Atmospheric Sciences. He is a former Vice-President for Research and Creation at UQAM and holder of the UQAT-UQAM Mining Entrepreneurship Chair.

Marc-André Pelletier, President and CEO commented: “We are excited to commence field work at our 100% owned Desmaraisville project under the guidance of Dr. Michel Jébrak. Over the next few weeks, our focus will be on investigating multiple high-grade gold values and new types of mineralization, all within four kilometers from the Bachelor Mill. Importantly, Dr. Jébrak`s expertise promises to offer insights into the exploration potential of the property.

At our Phoenix JV, operated by Osisko Mining Inc. (“Osisko Mining”), exploration efforts are progressing well, with approximately 35,000 m drilled to date. Currently, two drill rigs are focused on regional targets, while five are dedicated to the Moss target, bringing the total of operational rigs on the Phoenix JV to seven.”

Highlights of the Field Work

At the Desmaraisville South and North Properties, the field work is scheduled to commence late May 2024. The field programs will consist to: 1) evaluate several gold showings located within or at vicinity of the Opawica-Guercheville and the Wedding-Lamarck corridor of deformation where previous exploration works have returned very high-grade gold intersections in drilling and channel sample with values of 234.0 g/t over 0.4 m and 582.0 g/t Au over 0.53 m respectively, 2) map and sample outcropping areas with potential near surface gold bearing structures on both properties, 3) assess low-density circular features (Bouguer anomalies possibly corresponding to late felsic intrusions like the O’Brien Syenite Intrusion) interpreted from the high-resolution airborne gravity survey, 4) evaluate OreVision® 2D IP conductors and resistivity anomalies at the Desmaraisville South Property and 5) map and re-sample old gold bearing trenches to better assess their gold potential (Figure 1). Any positive results from these programs will help the Company to better focus and prioritize its diamond drill targets. The proposed 9,000 m drill program will commence later this year.

Brokered Private Placement Updates

Following the closing of the brokered private placement for proceeds of $8,541,250 (see press release of May 3, 2024), the Company paid a syndicate of agents led by Eight Capital, who acted as lead agent and sole bookrunner and that included Cormark Securities Inc. (collectively, the “Agents”), cash commissions of $549,037 and issued to the Agents compensation options and warrants to purchase an aggregate of 2,004,500 common shares of the Company at a price of $0.25 per share exercisable for a period of four years from closing. The compensation options and warrants issued to the Agents’, and the common shares issuable upon exercise such options and warrants, are subject to a four month hold period in Canada that expires September 3, 2024.

Qualified Person

M. Donald Trudel, P.Geo. (OGQ # 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 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
819-825-8678 | 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.

Bonterra Amends Agreement with Machai Capital

Val-d’Or, QC – May 7, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) announces that, further to its news release of March 18, 2024, it has entered into an updated agreement with Machai Capital Inc. (“Machai”) pursuant to which Machai will be paid a cash fee instead of common shares in exchange for the provision of digital marketing services in accordance with the applicable TSX Venture Exchange policies. The engagement commenced on March 15, 2024, has a term of three months, and provides that Machai will receive a cash fee of $33,000, plus applicable taxes, such fee to be paid on or about May 8, 2024.

Machai is a marketing, advertising and public awareness firm based out of Vancouver, British Columbia, specializing in advertising and public awareness in the metals & mining, technology, and special situation sectors. Suneal Sandhu is the President of Machai and can be reached at (604) 375-0084. Machai is an arm’s length party to Bonterra and has no other relationship with the Company except under this engagement. Neither Machai nor Mr. Sandhu own any securities of Bonterra.

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% 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
819-825-8678 | 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.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐ looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive conditions, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

Bonterra Announces Closing of Brokered Private Placement for Proceeds of $8.5 Million

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Val-d’Or, QC – May 3, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the closing of its previously announced “best efforts” private placement (the “Offering”) for gross proceeds of $8,541,250, which includes the full exercise of the over-allotment option for gross proceeds of $767,500. Under the Offering, the Company sold (i) 5,250,000 flow-through units of the Company to purchasers (each, a “FT Unit”) at a price of $0.445 per FT Unit for gross proceeds of $2,336,250 from the sale of FT Units; and (ii) 24,820,000 units of the Company (each, a “Unit”, and together with the FT Units, the “Offered Units”) at a price of $0.25 per Unit for gross proceeds of $6,205,000 from the sale of Units.

Under the Offering, Eight Capital acted as lead agent and sole bookrunner on behalf of a syndicate of agents that included Cormark Securities Inc. (collectively, the “Agents”).

Each FT Unit consists of one common share of the Company (each, a “FT Share”) and one common share purchase warrant (each, a “Warrant”). The FT Shares and Warrants comprising the FT Units will qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada) and the Taxation Act (Quebec). Each Unit consists of one common share of the Company (each, a “Unit Share”) and one Warrant. Each Warrant (including a Warrant comprising the FT Units) entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.31 at any time on or before May 3, 2028.

20,000,000 Units (the “LIFE Units”) were sold pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”). The LIFE Units are immediately freely tradeable under applicable Canadian securities legislation for Canadian purchasers. The remaining 4,820,000 Units, as well as the 5,250,000 FT Units, were distributed by way of the “accredited investor”, “minimum amount investment” and other exemptions under NI 45-106 in certain provinces of Canada, and are subject to a four-month restricted period in Canada ending on September 3, 2024. The Offering is subject to certain conditions including, but not limited to, the receipt of all required regulatory approvals including final approval of the TSX Venture Exchange.

The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

The gross proceeds from the sale of FT Units will be used by the Company to incur expenses described in paragraph (f) of the definition of “Canadian exploration expense” (“CEE”) in subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”) and paragraph (c) of the definition of CEE in section 395 of the Taxation Act (Québec) (the “QTA”), and will be renounced in favour of the relevant purchaser for both federal and Québec tax purposes no later than December 31, 2024, pursuant to the terms of the subscription agreement to be entered into between the Company and such purchaser of FT Units. Such expenses will also qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act for the purposes of the federal tax credit described in paragraph (a.2) of the definition of “investment tax credit” in subsection 127(9) of the Tax Act.

For purchasers of FT Units resident in the Province of Québec, 10% of the amount of the CEE will be eligible for inclusion in the deductible “exploration base relating to certain Québec exploration expenses” and 10% of the amount of the CEE will be eligible for inclusion in the deductible “exploration base relating to certain Québec surface mining exploration expenses” (as such terms are defined in sections 726.4.10 and 726.4.17.2 of the QTA, respectively, for the purposes of the deductions described in section 726.4.9 and 726.4.17.1 of the QTA), giving rise to an additional 20% deduction for Québec tax purposes.

In connection with the Offering the Company issued to the Agents warrants to purchase an aggregate of 2,004,500 common shares of the Company at a price of $0.25 per share exercisable for a period of four years from closing.

Insiders of the Company directly or indirectly acquired 6,050,000 Units which are subject to a four month hold period. The issuance of Units to insiders is considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25% of the Company’s market capitalization.

The securities referred to herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. persons or any persons within the United States absent registration or available exemptions from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. ‘United States’ and ‘U.S. person’ are as defined in Regulation S under the U.S. Securities Act.

Debt Settlement

The Company also announces that it has completed its previously announced agreement to settle $1,500,000 in outstanding indebtedness owed to Orbit Garant Drilling (the “Orbit Indebtedness”). The Orbit Indebtedness was settled through the issuance of 6,000,000 common shares in the capital of the Company at a deemed price of $0.25 per common share.

FOR ADDITIONAL INFORMATION

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

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | 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.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐ looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding the proposed use of proceeds of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering, the timing of final TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

Bonterra Announces Upsize of Brokered Private Placement to Approximately $7.8 Million 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

 Val-d’Or, QC –April 22, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has entered into an amending agreement with Eight Capital, as lead agent (the “Agent”), to upsize the previously announced private placement. In connection with the upsized offering, the Company will issue up to (i) 21,750,000 units of the Company (the “Units”) and (ii) 5,250,000 Quebec premium flow-through units of the Company (the “FT Units”) at a price of $0.25 per Unit (the “Unit Issue Price”) and $0.445 per FT Unit (the “FT Unit Issue Price”) for aggregate gross proceeds of up to $7,773,750 (the “Offering”). 

 The Units will be issued, pursuant to the listed issuer financing exemption available under National Instrument 45-106 – Prospectus Exemptions (the “LIFE Offering”) or the “accredited investor” exemption under National Instrument 45-106 – Prospectus Exemptions (the “Private Placement Offering”), in each of the Provinces of Canada other than Quebec. Each Unit will consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at an exercise price of $0.31 for a period of four years from the date of issuance. 

 The FT Units will consist of (i) one Share, each of which will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec), and (ii) one Warrant, each of which will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec). 

 The Company has granted the Agent an option to arrange for the sale of up to an additional 3,000,000 Units, at the Unit Issue Price. The Agent’s Option may be exercised in whole or in part at any time up to 48 hours prior to the Closing Date (the “Agent’s Option”), subject to the limitations prescribed by the LIFE Offering exemption. 

 The Company will make available an offering document relating to the LIFE Offering (the “Offering Document”) which will be accessible under the Company’s profile at www.sedarplus.ca and at www.btrgold.com. Prospective investors in the LIFE Offering should read the Offering Document before making an investment decision. 

 The gross proceeds from the sale of FT Units will be used by the Company to incur expenses described in paragraph (f) of the definition of “Canadian exploration expense” (“CEE”) in subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”) and paragraph (c) of the definition of CEE in section 395 of the Taxation Act (Québec) (the “QTA”), and will be renounced in favour of the relevant purchaser for both federal and Québec tax purposes no later than December 31, 2024, pursuant to the terms of the subscription agreement to be entered into between the Company and such purchaser of FT Units. Such expenses will also qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act for the purposes of the federal tax credit described in paragraph (a.2) of the definition of “investment tax credit” in subsection 127(9) of the Tax Act. 

 For purchasers of FT Units resident in the Province of Québec, 10% of the amount of the CEE will be eligible for inclusion in the deductible “exploration base relating to certain Québec exploration expenses” and 10% of the amount of the CEE will be eligible for inclusion in the deductible “exploration base relating to certain Québec surface mining exploration expenses” (as such terms are defined in sections 726.4.10 and 726.4.17.2 of the QTA, respectively, for the purposes of the deductions described in section 726.4.9 and 726.4.17.1 of the QTA), giving rise to an additional 20% deduction for Québec tax purposes. 

 The Offering is expected to close on or around May 2, 2024 (the “Closing Date”). Closing of the Offering is subject to certain customary conditions including receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Units issued pursuant to the LIFE Offering will not be subject to any hold periods pursuant to applicable Canadian securities laws. The Units issued pursuant to the Private Placement Offering will be subject to a four month hold period under applicable Canadian securities laws. 

This news release does not constitute an offer to sell or a solicitation of an offer to sell any Shares in the United States. The securities to be sold in the Offering have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 

FOR ADDITIONAL INFORMATION 

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

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | 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. 

Forward-Looking Information 

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding anticipated completion of the Offering and debt settlement, and the proposed use of proceeds of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct. 

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering and debt settlement, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement. 

Bonterra Announces $4M Brokered Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Val-d’Or, QC –April 18, 2024– Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has entered into an agreement with Eight Capital as lead agent (the “Agent”) in connection with a “best efforts” private placement of up to 16,000,000 units of the Company (the “Units”) at a price of $0.25 per Unit (the “Issue Price”) for aggregate gross proceeds of up to $4,000,000, pursuant to the listed issuer financing exemption available under National Instrument 45-106 – Prospectus Exemptions (the “LIFE Offering”) or the “accredited investor” exemption under National Instrument 45-106 – Prospectus Exemptions (the “Private Placement Offering” and together with the LIFE Offering, the “Offering”), in each of the Provinces of Canada other than Quebec. Each Unit will consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at an exercise price of $0.31 for a period of four years from the date of issuance.

The Company will make available an offering document relating to the LIFE Offering (the “Offering Document”) which will be accessible under the Company’s profile at www.sedarplus.ca and at www.btrgold.com. Prospective investors in the LIFE Offering should read the Offering Document before making an investment decision.

The Offering is expected to close on or around May 2, 2024 (the “Closing Date”). Closing of the Offering is subject to certain customary conditions including receipt of all necessary approvals including satisfaction of listing conditions of the TSX Venture Exchange. The Units issued pursuant to the LIFE Offering will not be subject to any hold periods pursuant to applicable Canadian securities laws. The Units issued pursuant to the Private Placement Offering, which will include all Units issued to persons on the President’s List, will be subject to a four month hold period under applicable Canadian securities laws.

The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

The Company also announces that it has reached an agreement to settle approximately $1.5 million in outstanding indebtedness owed to an arms length creditor through the issue of 6,000,000 Shares at a deemed price of $0.25 per Share. The debt settlement is subject to the execution of definitive documentation by the parties and the approval of the TSX Venture Exchange. Shares issued pursuant to the debt settlement will be subject to a hold period in Canada of four months.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any Shares in the United States. The securities to be sold in the Offering have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

FOR ADDITIONAL INFORMATION

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

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | 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.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐ looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding anticipated completion of the Offering and debt settlement, and the proposed use of proceeds of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering and debt settlement, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

Bonterra Announces Encouraging Initial Drill Results at Moss Target of Phoenix JV with Osisko Mining

Val-d’Or, QC – April 15, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce encouraging drill results and an update on the ongoing drilling program on the Phoenix JV (formerly known as the UrbanBarry Property) (the “Project”). The Project is under a definitive earn-in and joint venture agreement (the “Agreement”) with Osisko Mining Inc. (“Osisko Mining”). Under the Agreement, Osisko Mining has the right to acquire up to a 70% interest in the Project by spending $30 million in work expenditures, with a minimum spending commitment of $10 million per year over a threeyear period (see press release dated November 28, 2023 for more details).

To date, approximately 20,000 meters (“m”) have been drilled on the Project and exploration efforts are on track to exceed the minimum spending commitment of $10 million per year outlined in the Agreement. There are currently five drill rigs on the Moss target, while one is dedicated to the Barry northeast target (see Figure 1).

The first drill results at the Moss target, located five kilometers (“km”) southwest of the multimillion ounce Windfall Gold deposit, have confirmed similarities with the geological character of the high-grade Lynx Zone along the Mazères Fault that extends towards the Moss target.

Highlights at Moss Target Include:

  • 5.18 g/t Au over 3.3 m, including 16.75 g/t Au over 1.0 m and,3.19 g/t Au over 2.9 m, including 12.70 g/t Au over 0.7 m in hole OSK-PHX-24-04
  • 6.76 g/t Au over 0.8 m and 9.63 g/t Au over 0.5 m in hole OSK-PHX-24-13
  • 9.52 g/t Au over 0.3 m in hole OSK-PHX-24-030

Marc-André Pelletier, President and CEO commented: “Today’s results are very encouraging and demonstrate geological similarities to the Windfall gold deposit. Notably, most of the drill hole intercepts at Moss are within 400 m below surface, with additional drilling planned to confirm mineralization continuity at depth. Osisko Mining intends to mobilize one additional drill rig in the next few months, bringing the total to six operational rigs at the Moss target. Although it’s still early in the discovery process, we’re excited by the results thus far and impressed by Osisko Mining’s commitment to accelerating the development of the Urban-Barry mining camp, where nearly ten million ounces have already been identified to date.”

Highlights of the Diamond Drilling Program:

The drilling program at the Moss target includes several drill fences designed at defining the lithostructural context of the area, which according to current geological models, is similar to that encountered at the Lynx Zone within the Windfall gold deposit. Notably, this involves exploring the presence of altered felsic volcanic rocks, felsic porphyritic dikes, and high-grade gold mineralization associated with quartz veins within the footwall of the Mazères fault. Additionally, these drill fences seek to intersect potential new mineralized lenses situated between the Mazères fault and the Moss showing.

Quality Control and Reporting Protocols (adopted by Osisko Mining)

NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fireassaying-AA finish or gravimetric finish at ALS Laboratories in Val-d’Or, Québec, or Vancouver, British Colombia. The 1-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 multi-elements, including silver, using Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 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, P.Geo. (OGQ # 813), Director Geology for the Company, has reviewed and approved the technical 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 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.

Bonterra Retains Machai Capital Inc. for digital Marketing Services and Announces Stock Options Grant

Val-d’Or, QC – March 18, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has retained Machai Capital Inc. (“Machai”) to provide digital marketing services in accordance with the applicable TSX Venture Exchange policies. The engagement has an initial term of three months, pursuant to which Machai will receive 120,000 in common shares of the Company, plus applicable taxes. Machai is an arm’s length to Bonterra and has no other relationship with the Company except under this engagement.

The Company also wishes to announce the grant of incentive stock options to acquire a total of 1,970,000 common shares of the Company to various employees, officers, and directors of the Company pursuant to the Company’s stock option plan and subject to any regulatory approval. Each stock option vests immediately and is exercisable at a price of $0.24 per share for a period of five years from the date of the grant.

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% 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.

About Machai Capital Inc.

Machai is a marketing, advertising and public awareness firm based out of Vancouver, British Columbia, specializing in advertising and public awareness firm specializing in the metals & mining, technology, and special situation sectors. Suneal Sandhu is the President of Machai and can be reached at (604) 375-0084.

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.

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

Val-d’Or, QC – February 27, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the results from its 15,000 meters (“m”) drill program at its 100% 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 (“O’Brien Intrusive”) and to identify the location of a regional corridor of deformation located north of the property.

The diamond drilling was conducted within four kilometers (“km”) of the Bachelor Mill Complex. To date, Bonterra has received all assay results, including QA-QC samples, from the 57 diamond drill holes completed between August 23 and December 22, 2023. Please refer to press releases dated December 4, 2023, December 14, 2023, and February 5, 2024, for exploration updates on the Desmaraisville North and South projects and the surrounding area.

Highlights Include:

  • 1.77 g/t Au over 12.1 m, 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-André Pelletier, President and CEO commented: “The drilling campaign at our 100%-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 OpawicaGuercheville 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 modeling 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, 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 Mazères 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 ongoing 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 (Figure 1).

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 (Figure 2, Tables 1 and 2) consists of a strongly silicified and hematized zone with a brecciated texture. The zone contains up to 2% 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, correspond 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 (Figure 2, Tables 1 and 2).

BRDS-23-002 intersected a brecciated and highly silicified zone in a massive basalt. The zone is locally hematized and contains up to 2% fine grained disseminated pyrite and returned several gold intersections (Figure 2, Tables 1 and 2).

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 (Figure 3, Tables 1 and 2). 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 South project’s drill core gold analyses are performed at Activation Laboratories (“Actlabs”) located in Ste-Germaine-Boulé, Quebec, and at the Agat Laboratory (“Agat”) located in Val d’Or, Quebec. The external laboratories employ 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 entire 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

M. Donald Trudel, P.Geo. (OGQ # 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 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.

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

Val-d’Or, QC – February 5, 2024 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the latest results from its 15,000 meters (“m”) drill program at its 100% 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 (“O’Brien Intrusive”) and to identify the location of two regional corridors of deformation located further to the North of the project.

The diamond drilling was conducted within seven kilometers (“km”) of the Bachelor Mill Complex. To date, Bonterra has received the assay results from 10,631 samples including QA-QC samples from the 57 diamond drill holes completed between August 23 and December 22, 2023. Assay results from 3,708 drill core samples are still pending. Please refer to press releases dated December 4 and December 14, 2023, for exploration updates on the Desmaraisville South project and the surrounding area.

Highlights Include:

  • 2.23 g/t Au over 8.2 m, 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-André Pelletier, President and CEO commented: “With the launch of the $10 million in exploration drilling as part of the Option Agreement with Osisko Mining on the Phoenix JV and positive results from the 2023 campaign at our 100%-owned Desmaraisville property, this year holds transformative potential for Bonterra. Notably, all drill hole mineralized intersections at Desmaraisville fall within 4 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 are 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 (Figures 1 and 2).

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 OpawicaGuercheville 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 (Figures 2 and 3) is located at the contact between a tuff and a massive basalt rock unit. The contact zone is moderately silicified and contains 2-3% 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 (Figure 2) 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 1.0m.

Drill hole BRDS-23-013 (Figure 4) 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 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-Boulé, Quebec, and at the Agat Laboratory (“Agat”) located in Val d’Or, Quebec. The external laboratories employ 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 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

M. Donald Trudel, P.Geo. (OGQ # 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 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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