Bonavista assesses the regional potential of the Burin Gold Project and identifies several new exploration targets; an extensive VTEM+ and airborne-IP survey at the Burin Gold Project, Newfoundland

July 12, 2019

July, 2019

TORONTO, ON – Bonavista Resources Corp. (“Bonavista Resources” or the “Company”) is pleased to announce results of an extensive VTEM+ and airborne-IP at its Burin Gold Project.

The survey consisted of 487 line-km of helicopter flight lines covered two block, a 3 km by 11 km block around Hickey’s Pond and smaller block covering the Tower Showing. Hickey’s Pond is the current company focus; however, is only one showing within a large zone of recognized high-sulphidation alteration on the Burin Gold Project.

The Company retained Geotech Ltd, a Canadian geophysical survey company, to complete airborne geophysical survey. A electromagnetic (VTEM+) and magnetic surveys yield two datasets: 1) magnetic survey, a standard exploration tool to aid the interpretion of bedrock geology, faults, igneous dykes and intrusions; 2) electromagnetic surveys (VTEM+), a tool used for massive sulphide bodies and to a lesser extent disseminated sulphides. AIIP (airborne IP) was conducted on the electromagnetic data; AAIP is a calculated proxy for chargeability and could be used to compare to the ground based IP-resistivity survey conducted in February 2019.

The Company objective was to see whether similar features observable in the IP-resistivity ground survey could be observed further along strike, extending the overall length of the potential alteration system at Hickey’s Pond.

A similar chargeability response was observed in both the airborne survey and the ground-based geophysical surveys. Over 5 km of strike length of favourable geology and chargeability were identified in the vicinity and to the northeast of the Hickey’s Pond Showing, as well as new chargeability targets. The magnetic data also show a host of details related to bedrock geology, structure, and dyke distribution useful for drill targeting.

David Clark, MSc., P.Geo., President, Bonavista Resources, is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained herein is accurate.

About Bonavista Resources

Bonavista Resources is company focused on exploring a large landholding in the underexplored Avalonian terrane on the Burin Peninsula, Newfoundland. This underexplored belt displays geological similarities to the past producing Hope Brook deposit (11.2 Mt at 4.54 g/t Au), limited historical exploration by previous explorers creates a compelling opportunity for the discovery of Newfoundland’s next multi million-ounce gold system. Our flagship project, the Burin Gold Project, hosts several historical high-sulphidation gold showings over ~10 km of prospective geology, the most notable of which is the Hickey’s Pond showing.

For more information, visit www.bonavistaresources.com or contact:

David Clark, MSc., P.Geo, President

dclark@bonavistaresources.com