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Deep Drilling at Phoenix JV Yields High-Grade Lynx-Type Mineralization at Moss Target, Highlighted by 38.3 g/t Au over 1.1 m and 7.37 g/t Au over 4.2

06.08.2024  |  Newsfile
Val-d'Or, August 6, 2024 - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") is pleased to announce additional drill results on the Phoenix JV (formerly known as the Urban-Barry 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 three-year period (see press release dated
November 28, 2023, for more details).

To date, approximately 60,000 meters ("m") have been drilled on the Project, including 37,000 m solely on the Moss Target where mineralization similar to the high-grade Lynx Zone has been confirmed at depth by Osisko Mining (see release dated April 15, 2024).

Diamond drilling activities are now completed and will resume later this year once all assays are received and the compilation and interpretation work are available. Importantly, total expenditures on the Project will exceed the minimum annual spending commitment of $10 million outlined in the Agreement.

Highlights at the Moss Target:

  • 38.33 g/t Au over 1.1 m, including 69.6 g/t Au over 0.6 m in hole OSK-PHX-24-078
  • 7.37 g/t Au over 4.2 m, including 28.6 g/t Au over 0.4 m in hole OSK-PHX-24-096
  • 14.35 g/t Au over 1.6 m, including 29.6 g/t Au over 0.7 m in hole OSK-PHX-24-082
  • 24.14 g/t Au over 1.4 m, including 48.1 g/t Au over 0.7 m in hole OSK-PHX-24-072
  • 42.1 g/t Au over 0.8 m in hole OSK-PHX-24-080
  • 75.8 g/t Au over 0.4 m in hole OSK-PHX-24-049

Marc-André Pelletier, President and CEO commented: "We are very pleased to report, in collaboration with our partner Osisko Mining, the discovery of high-grade Lynx-type mineralization at depth at the Moss target. Notably, the mineralization remains open and will be the subject of future work within the framework of our agreement. The presence of grey quartz-pyrite veins with visible gold, combined with intense sericite-pyrite and silica altered rock, indicates wider mineralization, as observed in drill holes OSK-PHX-078 and OSK-PHX-096.
We look forward to resuming exploration work on the Phoenix JV later this year.

At our Desmaraisville project, fieldwork is progressing well, and our geology team is working to generate prospective drill targets for exploration. A 6,000 m drill program is planned to start in September focusing on the most promising targets."



Figure 1- Phoenix JV Project - Surface Plan View with Completed Drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/218821_1a9f7fdce467cbcd_001full.jpg



Figure 2 - Phoenix JV Project - Surface Plan View with Completed Drill holes at the Moss Target

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/218821_1a9f7fdce467cbcd_002full.jpg



Figure 3 - Longitudinal View of the Moss Target with Best Results

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/218821_1a9f7fdce467cbcd_003full.jpg

Table 1: Drill Hole Locations - Phoenix JV, Moss Target

Hole ID Easting Northing Elevation (m) Azimuth (°) Dip (°) Length (m)
OSK-PHX-24-035 448908 5432156 398 323 -56 408
OSK-PHX-24-045 448032 5431570 406 315 -48 396
OSK-PHX-24-049 447524 5432255 410 320 -49 444
OSK-PHX-24-057 447804 5431538 401 317 -51 303
OSK-PHX-24-058 448904 5432156 398 320 -47 376
OSK-PHX-24-063 448905 5432155 398 330 -60 411
OSK-PHX-24-064 448096 5431475 400 321 -48 564
OSK-PHX-24-069 448904 5432155 398 310 -47 429
OSK-PHX-24-070 448905 5432154 398 333 -69 516
OSK-PHX-24-072 448209 5431504 399 316 -49 600
OSK-PHX-24-078 448744 5431269 399 320 -50 1,173
OSK-PHX-24-080 447591 5431267 399 330 -60 510
OSK-PHX-24-082 448655 5431775 397 321 -49 687
OSK-PHX-24-096 448941 5431312 399 323 -50 1,230

UTM Coordinates, System: NAD83 Zone 18N

Table 2: Significant Mineralized Intersections from Drilling on the Moss Target

Hole ID Including From (m) To (m) Length (m) Grade (Au g/t) Metal Factor (length x grade)
OSK-PHX-24-035 200.4 200.7 0.3 44.1 13.23
287.2 288.8 1.6 5.83 9.33
Including 287.5 288.1 0.6 14.1 8.43
OSK-PHX-24-045 198.0 199.0 1.0 6.15 6.15
OSK-PHX-24-049 185.4 185.8 0.3 75.8* 30.32
OSK-PHX-24-057 54.3 55.3 1.0 5.85 5.85
OSK-PHX-24-058 54.0 55.0 1.0 7.98 7.98
OSK-PHX-24-063 288.2 290.3 2.1 3.98 8.35
Including 290.0 290.3 0.3 8.89 2.67
OSK-PHX-24-064 351.0 353.0 2.0 4.68 9.36
Including 352.5 353.0 0.5 8.47 4.24
OSK-PHX-24-069 264.3 265.3 1 18.45 18.45
Including 264.7 265.3 0.6 29.1* 17.46
OSK-PHX-24-070 240.0 241.1 1.1 7.73 8.51
Including 240.7 241.1 0.4 18.9 7.56
OSK-PHX-24-072 334.3 335.7 1.4 24.14 33.80
Including 335.0 335.7 0.7 48.1 33.67
OSK-PHX-24-078 844.4 845.5 1.1 38.33* 42.17
Including 844.4 845.0 0.6 69.6 41.76
OSK-PHX-24-080 329.1 329.9 0.8 42.1* 33.68
OSK-PHX-24-082 155.3 158.0 2.7 2.17 5.86
314.7 316.3 1.6 14.35 22.95
Including 315.6 316.3 0.7 29.6 20.72
OSK-PHX-24-096 930.6 934.8 4.2 7.37* 30.97
Including 930.6 931.0 0.4 28.6 11.44

* Visible Gold Grains

1) True width determination is currently unknown but is estimated from 55 to 80% of the reported core length interval for the zone.
2) Assays are uncut except where indicated.
3) Intercepts have not been correlated to individual zones or vein domains at this time.

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 fire-assaying-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 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, Québec 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.

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