Bonterra Provides Exploration Updates at Phoenix JV with Gold Fields

Rhea-AI Summary

Bonterra Resources (OTCQX: BONXF) provided updates on its Phoenix JV project with Gold Fields, where Gold Fields can earn a 70% interest by spending C$30 million in work expenditures. The project has seen significant progress with over 65,000 meters drilled and C$20 million invested to date.

Current exploration activities include gravity surveys and field work, with a planned 15,000-meter drill program starting in August. The program will focus on the Barry Shear Zone at Gladiator NE and Titan targets, with three drill rigs to be deployed. Previous drilling at Titan returned promising results, including intersections of 12.4 g/t Au over 5.3m.

Positive

• Over C$20 million already invested in the project out of C$30 million commitment
• Previous high-grade gold intersections at Titan target (12.4 g/t Au over 5.3m)
• Gladiator deposit contains 0.39M oz Measured & Indicated and 0.99M oz Inferred resources
• Comprehensive exploration program with 15,000m drilling planned

Negative

• Gold Fields must spend C$10 million per year to maintain the agreement
• Final target selection still pending internal review

Val-d'Or, Quebec--(Newsfile Corp. - July 2, 2025) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") is pleased to provide exploration updates being led by a 100% indirect subsidiary of Gold Fields Ltd ("Gold Fields" or the "Operator") at the Phoenix JV (the "Project"). The Project is under a definitive earn-in and joint venture agreement (the "JV Agreement") with Gold Fields. Under the JV Agreement, Gold Fields has the right to acquire a 70% interest in the Project by spending C$30 million in work expenditures, with a minimum spending commitment of C$10 million per year over a three-year period (see press release dated November 28, 2023, for more details).

Marc-André Pelletier, President and CEO commented: "Progress at the Phoenix JV is well underway, with geophysical surveys, mapping, and soil sampling currently in progress. These initiatives, combined with a 15,000-meter drill program scheduled to begin in August, offer promising potential for new discoveries at the Phoenix JV, particularly at the Gladiator NE-Titan targets where near surface economic values have been intercepted before. We look forward to continuing our collaboration with Gold Fields as we work to advance Quebec's newest emerging gold camp."

2025 Exploration Program updates

To date, over 65,000 meters ("m") have been drilled, with approximately C$20 million invested in the Project under the JV Agreement. The current work includes two gravity surveys, one airborne and one ground base, as well as field activities such as soil sampling, prospecting and mapping of outcrops and review of historical trenches.

Gold Fields is currently preparing a 15,000 m drill program, with final target selection subject to internal review and prioritization. Several promising targets have already been identified, based on historical gold showings, previous drill results, and geophysical survey data (see Figure 1).

Gold Fields intends to deploy three drill rigs, primarily focused along the Barry Shear Zone at the Gladiator NE and Titan targets. The program will also explore additional areas including Duke NE, Chanceux, the Tourmaline Ridge Extension, Rouleau Till, and Cominco. Some of these targets exhibit multiple mineralized indicators, several of which show economically significant values. Additionally, field work combined with a gravity airborne survey is ongoing. The 2025 exploration program will generate new targets once the results are analyzed later this year.

Figure 1 - Phoenix JV Project - Surface Plan View with Completed Drill holes, Historical Drill Hole Assay Results and 2025 Drill Target Areas

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/256783_c680c807c4549a0b_001full.jpg

Gladiator NE and Titan targets

The Gladiator NE sector, including the Titan target, is crossed by the Barry Deformation Zone, hosts to the Gladiator deposit which contains 0.39 million ounces of Measured and Indicated Mineral resources and 0.99 million ounces of Inferred Mineral resources, as reported in the 2021 mineral resource estimate ("2021 MRE"). Titan's previous drill hole BA-18-116 returned an intersection of 12.4 g/t Au over 5.3 m and drill hole BRS 17-11 returned 7.7 g/t over 3.0 m, including 23.2 g/t over 1.0m (see Bonterra's press release dated November 20, 2018, and January 21, 2019), confirming the discovery potential along the Barry fault (see Figure 2). The geological setting is similar to that of Gladiator deposit, with gabbroic sills and felsic intrusions associated with gold mineralization.

Figure 2 - Phoenix JV Project - Longitudinal View of Gladiator deposit and Titan target area

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1528/256783_bonterra_figure2.png

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

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 (the "JV Agreement"), which include the Gladiator and Barry deposits. In October 2024, Gold Fields Ltd, through a wholly owned Canadian subsidiary, completed the acquisition of Osisko Mining for C$2.16 billion. Gold Fields is now the counterparty to the JV Agreement and can continue to earn a 70% interest in the joint venture by incurring C$30 million in work expenditures until November 2026 (including expenditures incurred by Osisko Mining prior to October 2024). 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 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 the ability and timing of the parties to complete the Joint Venture (if at all), whether the work expenditures would be incurred as contemplated in the Agreement (or at all), the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in the Company's 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256783

FAQ

What is the status of Bonterra Resources' (BONXF) Phoenix JV with Gold Fields?

Gold Fields has invested C$20 million and drilled over 65,000 meters in the Phoenix JV project, working toward earning a 70% interest by spending C$30 million in total work expenditures.

What are the terms of Bonterra's Phoenix JV agreement with Gold Fields?

Gold Fields can acquire a 70% interest in the Phoenix JV by spending C$30 million in work expenditures, with a minimum spending commitment of C$10 million per year over three years.

What are the resource estimates for Bonterra's Gladiator deposit?

The Gladiator deposit contains 0.39 million ounces of Measured and Indicated Mineral resources and 0.99 million ounces of Inferred Mineral resources according to the 2021 MRE.

What are Bonterra's exploration plans for 2025 at the Phoenix JV?

Bonterra plans a 15,000-meter drill program starting in August 2025, deploying three drill rigs focused on the Barry Shear Zone at Gladiator NE and Titan targets, along with ongoing gravity surveys and field work.

What were the significant drill results at Bonterra's Titan target?

Previous drilling at Titan returned significant intersections including 12.4 g/t Au over 5.3m in hole BA-18-116 and 7.7 g/t over 3.0m in hole BRS 17-11.