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Bonterra Provides Operational Updates

Val-d’Or, QC – November 23, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in northern Quebec, Canada, provides the following operational updates:

Cost Saving Initiatives

The Company is pleased to announce that it has completed the process of putting the underground infrastructure at the Bachelor-Moroy deposit under long-term care and maintenance (see press release dated September 7, 2022). All useable equipment, spare parts and consumables have been relocated to surface safely. Flooding of the underground infrastructure is in progress and the site remains in compliance with all applicable governmental regulations.

With respect to permitting and considering the aforementioned changes, the Company has revised the scope of the expansion for the Bachelor Mill Complex and reports that it has submitted answers to the second stage of questions to COMEX (Environmental and Social Impact Review Committee). The revised expansion project considers a daily throughput of 1,800 tonnes per day (“tpd”) (compared to 2,400 tpd in the original expansion request) and maintains the same capacity for the tailings management facility of an additional 8 million tonnes. At the revised throughput of 1,800 tpd, the Company may be eligible to permit the expansion through a more streamlined process. The Company intends to continue to work in close collaboration with the regulatory authorities and local stakeholders throughout the permitting process.

Pre-Feasibility Study (“PFS”) Update

The Company has undertaken a PFS on the Barry open pit project following the release of a positive preliminary economic assessment (“PEA”) earlier this year (see press release dated June 13, 2022). Several technical milestones have been achieved since the commencement of the PFS including 25,000 meters (“m”) of infill drilling at the open pit deposit and geochemistry, hydrogeology and geotechnical analysis at both the Barry and Bachelor Mill Complex.

Although a significant amount of progress on technical matters has been made as part of the PFS, the inability to receive timely and reasonable quotes from mining contractors, suppliers and other service providers has created a challenging environment to adequately assess the economics of the Barry open pit project. This is in addition to significant cost escalation that is prevalent throughout the mining sector. This has led the Company to re-evaluate the development plan at Barry. Specifically, the Company is planning to first complete an infill drilling program on the upper half (above 300 m elevation) of the underground portion of the Barry deposit to determine whether the higher-grade mineralization from the underground, combined with a likely larger scale operation, generates a more economically robust development.

Two drill rigs are presently in operation at Barry at a rate of 6,000 m per month (see press release dated November 15, 2022). The drilling is focused on the upper half of the underground deposit at Barry. To date, 15,900 m of infill drilling has been completed targeting the underground.

Marc André Pelletier, President and CEO commented: “Challenges in preparing the PFS as a result of inflationary pressures on energy, equipment, and labour costs are affecting the entire mining industry, especially in northern Quebec. Rather than join the ranks of mining companies that are developing assets in this challenging environment, Bonterra has decided to re-evaluate the development plan at Barry. Importantly, all the technical work carried out to date is expected to form a solid foundation for future mine development and especially for advancing the permitting.

With the Bachelor-Moroy deposit underground infrastructure under long-term care and maintenance, the Company is on track to reduce its maintenance costs and expects to reallocate those financial resources towards advancing the development of the Barry project. Other cost saving initiatives are also being considered to further reduce costs.’’

Qualified Persons

The technical content of this release has been reviewed and approved by Marc-André Pelletier, Eng, President, and Chief Executive Officer; a Qualified Person as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre 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.

Cautionary and 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 Bonterra’s exploration and development plans and placing the Bachelor-Moroy deposit under long-term care and maintenance. 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 forwardlooking 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 79.9 g/t Au over 2.1 m; Including 333.0 g/t over 0.5 m at the Barry Underground Project and Provides Corporate Updates

Val-d’Or, QC – November 15, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the first results from the ongoing infill drilling campaign at the Barry underground project as well as the latest results of the open pit project, which are expected to be used for the grade interpolation of the mineralization at depth. The Company commenced a 125,000 metres (“m”) drill program at the Barry underground deposit last August, which contains 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources, as stated in the last mineral resource estimate (the “2021 MRE”, see press release dated June 23, 2021). To date, 15,900 m (33 holes) of infill drilling has been completed from the surface, mainly in the upper half of the Barry underground deposit.

Highlights include:

  • 79.9 g/t Au over 2.1 m, including 333.0 g/t Au over 0.5 m in hole MB-22-529A
  • 12.8 g/t Au over 7.9 m, including 29.1 g/t Au over 2.8 m in hole MB-22-433
  • 10.7 g/t Au over 5.7 m, including 96.5 g/t Au over 0.5 m and 8.7 g/t Au over 0.5 m in hole MB-22-509A
  • 10.2 g/t Au over 4.0 m, including 13.9 g/t Au over 1.1 m and 48.6 g/t Au over 0.5 m in hole MB-22-430
  • 12.9 g/t Au over 3.3 m, including 31.3 g/t Au over 1.1 m in hole MB-22-539A

Marc André Pelletier, President and CEO commented: “We are pleased with the recent results of the ongoing infill drilling campaign for the underground deposit at Barry. MB-22-529A drill hole results of 333.0 g/t over 0.5 m represents the highest reported interception ever at the Barry project. This campaign fits well with our strategy of moving the Barry asset toward a production re-start. Considering the magnitude of the underground mineral resources, the deposit has the potential to become a long-lived operation and the Company intends to further define its potential. Drilling at Barry will continue with two drill rigs on site. Also, the pre-feasibility study (“PFS”) on the Barry open pit project is at an important juncture and an update is expected before year end.”

Diamond Drilling Results Highlights:

The Barry open pit drill program was designed to fill gaps in the drill spacing in and immediately around the pit shell from the 2021 MRE. Some holes have been extended below the pit scope to target high potential underground mineralization zones and will be used for the grade interpolation of the mineralization at depth. The results obtained from the in the pit mineralization depth range confirmed the strong southeast extension potential yielded by the H6 zone. Highlights include, from 25 to 40 m vertical depth, 10.7 g/t Au over 5.7 m including 96.5 g/t Au over 0.5 m and 8.7 g/t Au over 0.5 m in hole MB-22-509A, 1.5 g/t Au over 8.8 m in hole MB-22-518 and 5.4 g/t Au over 2.8 m including 23.7 g/t Au over 0.6 m in hole MB-22-516 (figure 3).

The definition drilling program of the Barry underground project is designed to convert inferred resources from the 2021 MRE in indicated resources by decreasing the drill spacing to 25 m. The program especially aims to delineate and expand high grades mineralization shoots identified in the 2021 MRE. The results from the H1 zone, 200m below the surface, demonstrated the continuity of these mineralized shoots over more than 150 m. Best results includes : 12.8 g/t Au over 7.9 m including 29.1 g/t Au over 2.8 m in hole MB-22-433, 10.2 g/t Au over 4,0 m including 13.9 g/t Au over 1.1 m and 48.6 g/t Au over 0.5 m in hole MB-22-430 and 12.9 g/t Au over 3.3 m including 31.3 g/t Au over 1.1 m in hole MB-22-539A (figure 4).

As winter conditions allow access to drill sites, the upcoming infill program will be focused on the prolific sub-vertical 800 Zone and its surrounding H-series zones. Preliminary results from accessible drill site returned good results in accordance with 2021 MRE block model prediction. Highlights include 2.5 g/t Au over 13.8 m including 5.3 g/t Au over 2.9 m in hole MB-22-534, and 9.5 g/t Au over 2.1 m in hole MB-22-529A. In addition to these results the highest drill hole sample ever reported at the Barry project has returned 333.0 g/t Au over 0.5 m included in a mineralized interval of 79.9 g/t Au over 2.1 m in hole MB-22-529A from a newly interpreted H series zone nearby the 800 zone (figure 5).

Barry Deposit Geology

The Barry gold deposit is characterized by three dominant sets of structures, all dipping to the southeast. The sub-vertical shear zones and the H-Series shear zones dipping 25 to 40 degrees are hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Contact zones dip at 50-65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometre along strike and 700 m vertical and remains open for expansion.

Corporate Updates

The Company is also pleased to announce that it has retained PI Financial Corp. (“PI”) to provide marketing services in accordance with TSX Venture Exchange (“TSX”) policies. PI will trade the securities of Bonterra on the TSX for the purposes of maintaining an orderly market. In consideration of the services provided by PI, the Company will pay PI a monthly cash fee of $5,000 for a minimum term of three months and renewable thereafter. Bonterra and PI are unrelated and unaffiliated entities. PI will not receive shares or options as compensation. The capital used for market making will be provided by PI.

In addition, the Company also announces that at the annual and special meeting of its shareholders held on June 22, 2022 (the “Meeting”), the shareholders approved the adoption of Bonterra’s new omnibus equity incentive plan (the “Omnibus Plan”) and reserved common shares of Bonterra (“Common Shares”) for issuance under the Omnibus Plan. The Omnibus Plan allows the Company to issue stock options, restricted share units, performance share units and deferred share nits (the “Awards”). The Omnibus Plan is a “rolling up to 10% plan” (as that term is used by the TSX) and replaces the Company’s previous rolling 10% stock option plan. The maximum aggregate number of Common Shares that may be reserved for issuance under the Omnibus Plan at any point in time is 10% of the outstanding Common Shares in the capital of the Company at the time of the grant of an Award and the Common Shares reserved and currently available for issuance under the Omnibus Plan is 12,619,550 Common Shares (such number being equal to approximately 10% of the issued and outstanding Common Shares). On November 24, 2021, the TSX adopted a new policy governing security-based compensation (the “New Policy 4.4”). In accordance with the New Policy 4.4, the Company has adopted a number of these amendments in the Omnibus Plan. These changes include allowing option holders to exercise options on a “cashless exercise” or “net exercise” basis, as now expressly permitted by the New Policy 4.4. “Cashless exercise” is a method of exercising stock options in which a securities dealer loans funds to the option holder or sells the same shares as those underlying the option, prior to or in conjunction with the exercise of options, to allow the option holder to fund the exercise of some or all of their options. “Net exercise” is a method of option exercise under which the option holder does not make any payment to the issuer for the exercise of their options and receives on exercise a number of shares equal to the intrinsic value (current market price less the exercise price) of the option valued at the current market price. Under the New Policy 4.4, the current market price must be the 5-day volume weighted average trading price prior to option exercise. “Net exercise” may not be utilized by persons performing investor relations services. The Omnibus Plan, is further described in the Company’s information circular, a copy of which can be found on the Company’s SEDAR profile at www.sedar.com.

Diamond drill hole results table:

The following table shows the significant intersections of the drill holes presented in this press release.

Quality Control and Reporting Protocols

The Barry project’s drill core gold analyses are performed at the Company’s Bachelor Mine analytical laboratory (the “Laboratory”) And at AGAT Laboratories in Val d’or. The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish at Bachelor Mine Laboratory and with gravimetric finish for assay above 10g/t Au at AGAT laboratories. 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 10% of 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.

Qualified Persons

Donald Trudel, P.Geo., (OGQ # 813) Director of Geology of the Company oversees all exploration activities on the Barry 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 large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

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.

Cautionary and 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 Bonterra’s exploration and development plans and placing the Bachelor-Moroy deposit under long-term care and maintenance. 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 forwardlooking 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 Announces Appointment of New Chief Financial Officer

Val-d’Or, QC – October 3, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the appointment of Ms. Pier-Elise Hebert-Tremblay as Chief Financial Officer (“CFO”) of the Company, effective immediately. Ms. Hebert-Tremblay succeeds Mr. Johnny Oliveira, who has retired as CFO, effective immediately, but will remain with Bonterra as a consultant throughout the transition period.

Ms. Hebert-Tremblay is a member of the Certified Professional Accountants of Quebec since August 2011 and holds a Bachelor in Accounting and a Master in Business Administration from the University of Quebec at Chicoutimi. Ms. Hebert-Tremblay has served as CFO of Arianne Phosphate Inc. since 2021 and had previously been their financial controller since 2010. Ms. Hebert-Tremblay specializes in financial reporting and tax compliance for junior listed resource companies, forecast development and financial modeling.

Marc-Andre Pelletier, President, CEO and Director of Bonterra commented: “On behalf of myself and the Board, I am very pleased to welcome Ms. Hebert-Tremblay as the new CFO of Bonterra. With the addition of Ms. Hebert-Tremblay, another piece is in place towards advancing the Company to production, starting with the Barry open pit. In addition, I would like to thank Mr. Oliveira for his many contributions to Bonterra during his tenure and wish him tremendous success on his retirement and future endeavors.”

As part of Ms. Hebert-Tremblay’s appointment, the Company has granted her 500,000 incentive stock options (“Options”). The Options were granted pursuant to the Company’s Stock Option Plan and each Option entitles the holder to acquire one common share of the Company at an exercise price of $0.50 until October 3, 2027. These Options vest as follows: (a) 1/4 of the Options granted immediately; (b) 1/4 of the Options granted on the first anniversary; (c) 1/4 of the Options granted on the second anniversary; and (d) 1/4 of the Options granted, being the remaining amount, on the third anniversary, subject to a vesting acceleration clause under certain events.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre 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.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. 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. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Bonterra Intersects 1.8 g/t Au over 23.2 m and 2.5 g/t Au over 10.5 m at the Barry Open Pit Project and Provides Operational Update

Val-d’Or, QC – September 7, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce results from the drilling campaign at the Barry open pit project. The Company just completed a 25,000 metres (“m”) definition drill campaign surrounding the near surface mineralization at the Barry gold deposit to further define extensions of the mineral resources. Today’s results obtained from 54 drill holes are expected to be included in a new mineral resource estimate (“MRE”) in preparation of the pre-feasibility study (“PFS”) expected to be completed later this year. The Company has selected a group of experienced consultants, including BBA (BBA.ca) as lead consultant, and the PFS is now underway.

Bonterra is also pleased to announce that is has commenced 125,000 m of infill drilling on the underground portion of the Barry deposit, which contains 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources, as stated in the 2021 MRE (“2021 MRE”). The Company continues to execute on its strategy of moving toward the production re-start of the open pit at Barry while developing the higher-grade underground mineralization in parallel.

The Company is currently drilling at a rate of approximately 6,000 m per month, focused on infill drilling the underground portion of the Barry deposit highlighted within the 2021 MRE.

Highlights include:

  • 1.8 g/t Au over 23.2 m, including 3.0 g/t Au over 4.0 m and 11.4 g/t Au over 1.5 m in hole MB-22-434
  • 2.5 g/t Au over 10.5, m including 7.3 g/t Au over 1.6 m in hole MB-22-452
  • 1.0 g/t Au over 37.0, m including 3.2 g/t Au over 8.6 m in hole MB-22-470
  • 1.8 g/t Au over 15.5, m including 11.2 g/t Au over 1.0 m in hole MB-22-458
  • 6.3 g/t Au over 4.1, m including 27.2 g/t Au over 0.7 m in hole MB-22-495
  • 5.9 g/t Au over 6.6, m including 20.1 g/t Au over 1.2 m in hole MB-22-460

Operational Updates

The Company also announces that is has elected to put the underground infrastructure at the Bachelor-Moroy deposit under long-term care and maintenance and expects to complete this process early in the fourth quarter. This decision was made after a detailed analysis of the economic potential of the Moroy deposit, considering the costs involved in maintaining the underground infrastructure de-watered and in good standing. It is important to note, that the status of the assay lab, camp, mill, and the tailings management area (the “Bachelor Mill Complex”) remains unchanged, and that these assets are key components of the planned re-start of production at the Barry open pit project.

At the Bachelor Mill Complex, the permitting process for the mill and tailings management area expansion is still ongoing at the COMEX. Considering the abovementioned changes at the Bachelor-Moroy deposit, a scope change will be submitted shortly to the COMEX for their review.

At the Gladiator deposit, the Company has undertaken an exploration drill campaign on barges that was completed as scheduled at the end of July. The geological team at Bonterra will continue working on the mineral resources model and geological interpretation of the deposit as drill results from the campaign become available. The team is also planning a more focused drill program for next year.

Marc André Pelletier, President and CEO commented: “These recent drill results confirm the grade continuity of the near surface mineralization at the Barry deposit and will be used to further refine our geological model as part of the PFS that is expected to be completed by year end. The PFS is an important milestone in our renewed strategy of advancing the Company toward production, starting with the Barry open pit.

Bonterra expects that the decision to place the underground infrastructure at the Bachelor-Moroy deposit on long-term care and maintenance will reduce the annual maintenance costs by at least $3 million/year and will allow the Company to reallocate these financial resources toward advancing the development of the Barry deposit.”

The infill drilling program was designed to fill gaps in the drill spacing inside and immediately around the pit shell from the 2021 MRE. The results confirmed the shape of the mineralization and the grades predicted by the bloc model from the 2021 MRE. Hole MB-22-434 returned 1.8 g/t Au over 23.2 m in zone D4 in the south-west pit (fig. 2), hole MB-22-470 returned 1.0 g/t Au over 37.0 m, including 3.2 g/t Au over 8.6 m from zone AB07 in the main pit (fig. 3) and hole MB-22-452 returned 2.5 g/t Au over 10.5 m just 10 m under the main pit in zone AB07 (fig. 4).

The expansion drilling program was aimed to better define the mineral resources surrounding the 2021 MRE. Hole MB-22-458 returned 1.8 g/t Au over 15.5 m and Hole MB-22-460 returned 5.9 g/t Au over 6.6 m in zone H6, 35 m below the surface and 45 m to the west of the southwest pit (fig. 5).

Barry Deposit Geology

The Barry gold deposit is characterized by three dominant sets of structures, all dipping to the southeast. The sub-vertical shear zones and the H-Series shear zones dipping 25 to 40 degrees are hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Contact zones dip at 50-65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 700 m vertical and remains open for expansion.

The following table shows the significant intersections of the drill holes presented in this press release.

Quality Control and Reporting Protocols

The Barry project’s drill core gold analyses are performed at the Company’s Bachelor Mine analytical laboratory (the “Laboratory”) and at AGAT Laboratories, located in Val-d’Or. The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish at the Laboratory and with gravimetric finish for assay above 10 g/t Au at AGAT laboratories. 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 10% of 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.

Qualified Persons

Boris Artinian, P.Geo., (OGQ # 1546) Chief Geologist of the Company oversees all exploration activities on the Barry property and has compiled and approved the information contained in this press release. Mr. Artinian is a qualified person as defined by National Instrument 43-101 (“NI-43-101”).

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre 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.

Cautionary and 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 Bonterra’s exploration and development plans and placing the Bachelor-Moroy deposit under long-term care and maintenance. 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 forwardlooking 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 Announces Filing of NI 43-101 Technical Report For The Barry Open Pit

Val-d’Or, QC – July 29, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the filing of an independent Preliminary Economic Assessment (“PEA”) technical report which has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, on the Barry open pit project (the “Barry Open Pit PEA”) in the Urban-Barry Camp in northern Quebec.

The technical report, entitled “Technical Report on the Gladiator and Moroy Deposits and the Bachelor Mine and Preliminary Economic Assessment on the Barry Deposit, Northwestern Québec, Canada Report for NI 43-101” and dated July 25, 2022 (effective date of June 1, 2022), has been prepared for Bonterra by SLR Consulting (Canada) Ltd. and AMC Mining Consultants (Canada) Limited has reviewed and endorsed the mine engineering and cost estimates contained in the Barry Open Pit PEA. The technical report is available on www.sedar.com under Bonterra’s issuer profile.

Bonterra’s news release dated June 13, 2022 summarized key results, assumptions and estimates contained in the Barry Open Pit PEA. The Corporation confirms that there are no material differences between the key results, assumptions and cost estimates contained in the Barry Open Pit PEA and Bonterra’s news release dated June 13, 2022.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has a portfolio of deposits, including, Barry, Gladiator, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre 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.

Cautionary and Forward-Looking Statements

Readers are cautioned that the Barry Open Pit PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results, assumptions or estimates in the Barry Open Pit PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Bonterra Announces Positive Preliminary Economic Assessment on the Barry Open Pit Project

Val-d’Or, QC – June 13, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce positive results from the independent preliminary economic assessment (“PEA”) on the Barry open pit project in the Urban-Barry Camp in northern Quebec. The PEA has been prepared by SLR Consulting (Canada) Ltd. (“SLR”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). AMC Mining Consultants (Canada) Limited (“AMC”) has reviewed and endorsed the mine engineering and cost estimates as used in the Barry open pit component of the PEA. The Company notes that mineral resources are not mineral reserves as they do not have demonstrated economic viability. the Company further notes that a PEA is preliminary in nature and may include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. All figures are stated in Canadian dollars unless otherwise stated.

PEA Highlights

  • Long-term gold price per ounce (“oz”): US$1,600
  • Exchange rate: C$1.00 = US$0.75
  • After-tax net present value (“NPV”) at a 5% discount rate: $48.3 million
  • After-tax internal rate of return (“IRR”): 43%
  • Initial capital costs: $22.1 million
  • Sustaining life of mine (“LOM”) capital costs: $21.3 million
  • Total mill feed: 2.0 million tonnes (“Mt”) at 2.36 grams-per-tonne gold (“g/t Au”)
  • LOM average annual gold production: 30,000 oz
  • LOM strip ratio (waste : mined resource): 5.4:1
  • LOM total production: 145,050 oz (95.0% mill recovery)
  • LOM cash costs: C$1,252/oz (US$939/oz)
  • LOM all-in sustaining costs (“AISC”): C$1,420/oz (US$1,065/oz)

Marc-Andre Pelletier, President, CEO and Director of Bonterra commented: “The PEA on the Barry open pit project represents an important step towards a restart of production at the Barry open pit project by Bonterra. The PEA highlights a project that requires a modest upfront investment and is expected to generate average annual net pre-tax cash flow of over $20 million once in commercial production. The Company intends to use the cash flow from the Barry open pit to continue developing the underground portion of the deposit, which contains 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources, as stated in the 2021 mineral resource estimate (“2021 MRE”). It is also important to highlight that approximately $30 million of the total LOM capital is shared infrastructure and is expected to also benefit the development of the Barry and Gladiator underground deposits. Specifically, the upgrades to the Bachelor mill and tailings are expected to increase the throughput of the mill to 1,200 tonnes per day and establish a solid foundation for future expansion up to eight million tonnes of tailing storage capacity.”

The Company is also pleased to announce that it has started to undertake infill and definition drilling on the underground portion of the Barry deposit to better understand the potential of an underground mining scenario. A total of 41,500 metres (“m”) of drilling is planned for the Barry deposits this year.

Upon reviewing the results of the PEA, Bonterra’s board of directors has approved the commencement of a pre-feasibility study (“PFS”) on the Barry open pit project, which is expected to be completed by year end. In the meantime, the permitting process for the Bachelor mill and tailings expansion is ongoing. The Company expects to provide additional information on the permitting process in June with a COMEX permit expected by end of 2022 and provincial permits thereafter.

Overview

The Barry project is located 110 kilometers (“km”) east of Lebel-sur-Quévillon, which is 150 km to the city of Val d’Or, in the mining-friendly province of Quebec, within the Abitibi Greenstone Belt. Past production occurred in 2006-2008 at Barry where over 600,000 tonnes were processed at the Bachelor mill, producing over 43,000 ounces of gold.

The Barry gold deposit is characterized by three dominant sets of structures, all dipping to the southeast. The sub-vertical shear zones and the H-Series shear zones dipping 25 to 40 degrees are hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Contact zones dip at 50 to 65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 km along strike and 700 m vertical and remains open for expansion.

Mineral Resources

The 2021 MRE was updated in June 2021 (see press release dated June 23, 2021) and a NI 43-101 technical report was produced by SLR. Combined Measured and Indicated Resources for the open pit portion of the deposit represents a total of 1.9 million tonnes at a grade of 2.68 g/t Au or 165,000 ounces of gold and 15,000 tonnes at a grade of 2.36 g/t Au or 1,000 ounces in the Inferred category.

Only the in-pit resource was considered in the PEA due to the higher quality of the resource. Most of the in-pit mineral resources are in the Measured category and require no additional diamond drilling information for conversion to mineral reserves.

Mining and Milling

Open pit mine design consists of 5.0 m high benches with final pit wall slope of 45 degrees. Proposed production totals 2.0 Mt, long with 10.8 Mt of overburden and waste rock, leading to a LOM strip ratio of 5.4. Production will be hauled to the mill via a 110 km forestry road using 40-tonne trucks. The mill upgrade includes the replacement of two ball mills by a tricone. Mill feed will then increase by 50% to 1,200 tonnes per day. The existing mill process with carbon-in-pulp extraction is suitable for the Barry material. No metallurgical testing was done during the PEA because the Barry material has been processed in the past with no issues. A 95% mill recovery was used in the PEA. The tailings material will be stored in the tailings management area (“TMA”) with spigot disposal. Initial raise of the TMA dams will provide a 2.9 Mt capacity. Subsequent raises can add up to 5.1 Mt of additional capacity (8 Mt of total capacity).

Base Case

The economic analysis was performed with a 5% discount rate. On a pre-tax basis, the NPV 5% is $57.3 million, the IRR is 49% and the payback period is 3.2 years. On an after-tax basis, the NPV 5% is $48.3 million, the IRR is 43% and the payback period is 3.4 years. The cash cost and AISC over the LOM are US$939/oz and US$1,065/oz, respectively. A summary of the project economics is listed below:

Capital and Operating Costs

The initial capital cost for the Barry open pit project is estimated to be $22.1 million, which includes a contingency of $1.7 million. Infrastructure costs represent $11.1 million of the initial capital cost and includes: $4.5 million for haulage road enhancement; $2.6 million for surface garages, $1.9 million for an emulsion plant and $2.1 million for other surface utilities. Mill and TMA upgrades are $3.5 million and $2.4 million, respectively. The $3.4 million remaining is composed of surface equipment and tools, owners, and indirect costs.

The sustaining capital cost is estimated at $27.8 million and includes site closure cost that total $6.5 million. TMA construction costs of $18.1 million will provide additional storage capacity of 2.9 Mt and will establish the foundation for future expansion at lower cost. Indirect cost represents $2.7 million of the other $3.2 million of sustaining capital.

The total capital cost for the project is estimated at $49.9 million as summarized in the table below.

The average operating cost is estimated at $81.27/tonne.

Sensitivity Analysis

A financial sensitivity analysis was conducted on the PEA, after-tax NPV and IRR of the project, using the following variables: capital costs, CAD:USD exchange rate and the price of gold. The after-tax results for the project IRR and NPV5% based on the sensitivity analysis are summarized below:

The sensitivity analysis reveals that the price of gold has the most significant influence on both NPV and IRR. After the price of gold, the NPV and IRR were most impacted by the exchange rate (CAD:USD) and to a lesser extent by variation in operating and capital costs.

QUALIFIED PERSONS

The PEA production scenario is based on the Measured, Indicated and Inferred mineral resources from the 2021 MRE issued on June 23, 2021, and prepared by Ms. Valerie Wilson, M.Sc., P.Geo., Consultant Geologist at SLR, based in Toronto, Ontario, Canada. Ms. Wilson is an Independent Qualified Person as defined by NI 43-101. Ms. Wilson has read and approved the contents of this news release as it relates to the disclosed MREs.

The full technical report, which is being prepared in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 days from this news release. The effective date of the PEA is June 1, 2022.

The PEA was prepared by the following Qualified Persons under NI 43-101, each of whom is independent of the Company under NI 43-101, who have reviewed, verified, and approved the scientific and technical data for which they have responsibility contained in this news release pertaining to the PEA.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has a portfolio of deposits, including, Barry, Gladiator, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre 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.

Cautionary and Forward-Looking Statements

The reader is advised that the PEA summarized in this press release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred resources. Inferred resources are considered to be too speculative to be used in an economic analysis except as allowed for by Canadian Securities Administrators’ National Instrument 43-101 in PEA studies. There is no guarantee that Inferred resources can be converted to Indicated or Measured resources, and as such, there is no guarantee the project economics described herein will be achieved.

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “intends”, “forecasts”, “estimates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Barry, Gladiator, Moroy and Bachelor projects; updated mineral resources, Barry Open Pit PEA; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forwardlooking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.

Bonterra Intersects 7.1 g/t Au over 7.6 m, Including 20.1 g/t over 1.4 m and 13.2 g/t over 1.4 m, and Extends the Near Surface Mineralization by 200 m to the Northeast of the Barry Gold Deposit

Val-d’Or, QC – April 7, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce results from the ongoing drilling campaign at the Barry project. Recent drilling results expand upon the northeast sector of the Barry deposit near surface and the southwest sector at depth. The latest results obtained from 43 diamond drill holes are designed to increase the 2021 mineral resource estimate (“2021 MRE”) (see press release dated June 23, 2021). Drilling highlights include 7.1 grams-per-ton gold (“g/t Au”) over 7.6 metres (“m”) in the near-surface zone AB08, approximately 200 m northeast of the previously released intercept 8.0 g/t Au over 7.6 m (see press release dated October 5, 2021).

The Company is currently drilling at a rate of approximately 7,500 m per month, focused mainly on expanding its Barry and Gladiator gold deposits highlighted within the recently released 2021 MREs.

Highlights include:

  • 7.1 g/t Au over 7.6 m, including 20.1 g/t Au over 1.4 m and 13.2 g/t Au over 1.4 m in hole MB-21-417
  • 1.3 g/t Au over 12.0 m, including 3.0 g/t Au over 4.8 m in hole MB-21-404
  • 2.3 g/t Au over 9.0 m, including 6.8 g/t Au over 2.6 m in hole MB-21-409
  • 17.4 g/t Au over 4.4 m, including 146.0 g/t Au over 0.5 m in hole MB-21-410
  • 10.8 g/t Au over 5.1 m, including 23.1 g/t Au over 1.4 m in hole MB-22-416
  • 12.1 g/t Au over 6.1 m, including 73.5 g/t Au over 0.5 m in hole MB-22-420

Marc André Pelletier, President and CEO commented: “These recent drill results confirm the extension of the mineralization near surface and at depth at Barry, extending the existing mineral resource by over 200 m to the northeast from the resource pit shell, and up to 50 m to the southwest of the underground resource. The continuation of the H12 zone and the discovery of new H series at depth demonstrate the potential to add more ounces beyond the existing 2021 MRE.

Work is currently underway on a Preliminary Economic Assessment (“PEA”) based on the open pit resources at Barry in the 2021 MRE. The PEA is projected to be completed in late Q2 2022 and is expected to demonstrate the potential for restarting mining operations in the near term. The Company will soon undertake infill and definition drilling on the underground portion of the deposit to better understand the potential of an underground mining scenario.

At present, exploration activities at Barry include one drill rig drilling an additional 400 m to the northeast of the existing open pit resources and a second drill on regional exploration targets, approximately 5 kilometers to the northeast of the Barry deposit.

At the Bachelor Mine Complex, the permitting process for the mill and tailings management area expansion is ongoing, and the Company expects to provide additional information by mid-year with a COMEX permit expected by end of 2022 and provincial permits thereafter.”

Figure 1 – Barry Project - Drill Hole Location Map.
Figure 1 – Barry Project – Drill Hole Location Map.
Figure 2 – Barry Project – Composite Long Section

The Barry drilling campaign is currently focused on the expansion of key gold mineralized northeast of the 2021 MRE. Multiple diamond drill holes have been designed to confirm the open pit extension potential to the northeast. Several drill holes have confirmed the extension of the mineralization near surface with large intercepts grading above the open pit resource cut-off grade (1.0 g/t Au). Specifically, hole MB-21-417 extended the near surface mineralization by 200 m with 7.1 g/t Au over 7.6 m, including 20.1 g/t Au over 1.4 m and 13.2 g/t Au over 1.4 m in the AB08 zone and 3.9 g/t Au over 6.3 m, including 10.1 g/t Au over 2.0 m in a new H series zone (figure 2).

Expansion drilling has also confirmed the mineral continuity and expansion of several known H-Type zones, particularly the H12 zone with holes MB-22-420 and MB-22-416, which respectively intersected 12.1 g/t Au over 6.1 m, including 73.5 g/t Au over 0.5 m and 10.8 g/t Au over 5.1 m, including 23.1 g/t Au over 1.4m, expanding the mineralization by 75 m at depth and 50 m to the southwest beyond the 2021 MRE (figure 3).

Figure 3 – Barry Project – H12 Isometric view

Barry Deposit Geology

The Barry gold deposit is characterized by three dominant sets of structures, all dipping to the southeast. The sub-vertical shear zones and the H-Series shear zones dipping 25 to 40 degrees are hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Contact zones dip at 50-65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 700 m vertical and remains open for expansion.

The following table shows the significant intersections of the drill holes presented in this press release:

Quality Control and Reporting Protocols

The Barry project’s drill core gold analyses are performed at the Company’s Bachelor Mine analytical laboratory (the “Laboratory”). The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are conducted by fire assay (A.A.) with atomic absorption finish. 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 10% of 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.

Qualified Persons

Boris Artinian, P.Geo., (OGQ # 1546) Chief Geologist of the Company oversees all exploration activities on the Barry project and has compiled and approved the information contained in this press release. Mr. Artinian is a qualified person as defined by National Instrument 43-101 (“NI-43-101”).

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre 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.

Cautionary and 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 Bonterra’s exploration and development plans. 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.

Ongoing Expansion Drilling at Gladiator Intersects 69.5 g/t Au over 2.2 m, Including 305 g/t Au over 0.5 m and Extends the Down Plunge Length by over 300 m Beyond the Existing Mineral Resources

Val-d’Or, QC – March 16, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce results from the ongoing expansion diamond drilling at its Gladiator project. The focus of this exploration campaign is on expanding the size and scope of the Gladiator gold deposit and supplementing the last updated mineral resource estimate (the “2021 MRE”, see press release dated June 23, 2021).

The ongoing expansion drilling program at Gladiator continues to effectively expand the size of the mineralized volume with recent results confirming the down plunge potential of the deposit, over 300 metres (“m”) from the existing mineral resource envelope.

Assays from 28 expansion diamond drill holes outside the 2021 MRE, have been received since the Company’s November 22, 2021 press release. The assay results included in this press release are highlighted by:

  • North Dipper: 69.5 g/t Au over 2.2 m, including 305 g/t Au over 0.5 m in hole BA-22-01
  • North Zone: 28.1 g/t Au over 2.9 m, including 162 g/t Au over 0.5 m in hole BA-21-60
  • North Zone: 13.1 g/t Au over 1.5 m, including 37.7 g/t Au over 0.5 m in hole BA-21-53A


Marc-Andre Pelletier, CEO commented: “These recent drill results confirm the potential to add more resources at depth at Gladiator, extending the existing mineral resource by over 300 m down plunge. Recent drilling along strike and down dip to the east has extended the gold mineralization over 2,000 m along strike and 1,200 m below surface. The Gladiator deposit remains our flagship asset and demonstrates strong potential for continued growth. Bonterra is currently working on the design and the permitting of an exploration ramp at Gladiator (the “Ramp”) that will provide the Company with an enhanced drilling platform to explore the high-grade mineralization encountered at depth year around. This Ramp is essential to the development of the Gladiator project and the
construction work will start once all approvals received, anticipated in early 2023.”

The Company is currently drilling at a rate of approximately 6,000 m per month, which is balanced between expansion drilling at the Gladiator and Barry deposits and testing regional targets on the Urban-Barry land package. An exploration program is also planned at the Desmaraisville property near the Bachelor Mine Complex.

The recent drilling has intersected the down plunge extension of the North Zone with hole BA-21-60 intersecting 28.1 g/t Au over 2.9 m, including 162 g/t Au over 0.5 m, hole BA-21-53A intersecting 13.1 g/t Au over 1.5 m, including 37.7 g/t Au over 0.5 m and 18.6 g/t Au over 0.5 m. Results obtained from hole BA-22-01 intersected steeply North Dipping structures over 300 m down plunge from the last shape reported in 2021 MRE intersecting up to 69.5 g/t Au over 2.2 m, including 305 g/t Au over 0.5m (Figures 1 and 2).

Gladiator Deposit Geology

The Gladiator deposit consists of a set of shears hosted sub-vertical quartz veins oriented at 60 degrees azimuth and are spatially associated with felsic dykes. The zones named spatially from the north-northwest to the south-southeast are: The North Zone, Footwall Zone, and the Main Zone. These three zones include several sub-parallel veins interpreted as dislocated folds in sheared structures. The North Dippers Zones consist of secondary shears/fractures occurring in more brittle lithologies within gabbroic sills and a porphyritic felsic intrusive stock situated between the principal sub-vertical shears. They consist of shear/fracture filling quartz veins dipping 45 to 75 degrees to the north and oriented east west. The North Dippers include the Barbeau Zone, which is one of the most significant zones in size and continuity at the Gladiator deposit. The Rivage Zone is located just north of the North Zone and consists of sub-vertical narrow shear hosted quartz veins. The South Zone consists of a sub-vertical shear hosted veining trending 70 to 80 degrees azimuth that bounds and drags the southern extensions of the North Dipper Zones. The Titan Zone consists of three verticals strongly deformed shear hosted veins trending 90 degrees azimuth located about 2 km to the Northeast of the Gladiator deposit. The South Titan Zones correspond to veins belonging to the sheared corridor that carry the Titan Zone. All the deposit zones have a strong 45-to-50-degree plunge to the northeast and remain open at depth along the northeast plunge (Figures 1 and 2).

The following table shows the significant intersections of the drill holes presented in this press release.

Quality Control and Reporting Protocols

The Gladiator project’s drill core gold analyses in this release are performed at the Company’s Bachelor Mine analytical laboratory and at AGAT Laboratories, located in Val-d’Or, Quebec. The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are conducted by fire assay (A.A.) with atomic absorption finish. 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 10% of samples from the Bachelor Mine analytical laboratory 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.

Qualified Persons

Boris Artinian, P.Geo., (OGQ # 1546) Chief Geologist of the Company oversees all exploration activities on the Gladiator property and has compiled and approved the information contained in this press release. Mr. Artinian is a qualified person as defined by National Instrument 43-101 (“NI-43-101”).

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly,
the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre 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.

Cautionary and 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 Bonterra’s exploration and development plans. 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 Announces Closing of $25 million Private Placement

Val-d’Or, QC – March 10, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has closed the brokered private placement previously announced on February 17, 2022 (the “Offering”).

Pursuant to the Offering, Bonterra issued (a) 6,405,000 common shares of the Company (the “Common Shares”) at a price of $1.21 per Common Share for gross proceeds of $7,750,050, and (b) 8,383,500 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”) at a price of $2.06 per FT Share for gross proceeds of $17,270,010, representing total aggregate gross proceeds of the Offering of $25,020,060.

Cormark Securities Inc. acted as lead agent on behalf of a syndicate of agents which included Desjardins Securities Inc. (collectively, the “Agents”). In connection with the Offering, the Agents received a cash fee equal to 6.0% of the gross proceeds from sale of the Common Shares and FT Shares under the Offering to subscribers other than those on the President’s List and a cash fee equal to 2.0% of the gross proceeds from the sale of the Common Shares to subscribers on the President’s List.

The gross proceeds from the issuance of the FT Shares will be used for “Canadian exploration expenses” that qualify as “flow-through mining expenditures”, as both terms are defined in subsection 127(9) of the Income Tax Act (Canada) (the “Qualifying Expenditures”), related to the Company’s projects in Québec which will be incurred on or before December 31, 2023 and renounced to the subscribers with an effective date no later than December 31, 2022 in an aggregate amount not less than the gross proceeds raised from the sale of FT Shares under the Offering. In addition, with respect to Québec resident subscribers who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec). If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Share subscriber
for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed. The net proceeds of the issuance of the Common Shares will be used for general working capital purposes.

Certain funds managed by Wexford Capital LP, an insider of the Company, acquired directly or indirectly a total of 2,985,220 Common Shares in the Offering on the same terms as other participants for an aggregate purchase price of $3,612,116. The direct or indirect participation in the Offering by an insider of the Company constitutes 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 the exemptions from the formal valuation and minority approval requirements in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value (as determined under MI 61-101) of the related party transactions does not exceed 25% of the Company’s market capitalization.

A material change report in connection with the Offering will be filed less than 21 days before the closing of the Offering. The Company believes this shorter period is reasonable and necessary in the circumstances as the Company wished to complete the Offering in a timely manner.

The Common Shares and FT Shares issued in the Offering are subject to a statutory hold period of four months and one day from the date of issue in accordance with applicable securities laws. The Offering remains subject to final approval by the TSX Venture Exchange.

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.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. 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. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the FT Shares, use of proceeds of the Offering, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Bonterra Intersects 23.1 g/t Au over 2.3 m, Including 62.3 g/t Au over 0.8 m at Panache South Property

Val-d’Or, QC – March 1, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to provide early exploration results from the regional drilling campaign on the Panache South property located in the Urban-Barry township. The recent drilling results confirm the existence of multiple high-grade gold mineralized veins with visible gold observed in hole UB-21-24 returning 23.1 g/t Au over 2.3 metres (“m”), and 30.6 g/t over 1.5 m.

Highlights:

  • Hole UB-21-24: 23.1 g/t Au over 2.3 m, including 62.3 g/t Au over 0.8 m and 30.6 g/t Au over 1.5 m, including 91.4 g/t Au over 0.5 m (visible gold observed)
  • Hole UB-21-26: 5.5 g/t Au over 1.5 m, including 16.2 g/t Au over 0.5 m

Marc-Andre Pelletier, CEO commented: “These high-grade drilling results, in combination with the historical results, demonstrate the potential of the Panache South property located in the prolific UrbanBarry camp. To date, the exploration program at Panache South has delineated multiple high-grade mineralized veins along three kilometers strike length. Bonterra intends to continue its regional exploration program in the Urban-Barry camp in 2022 with the objective to discover new mineralization
zones in addition to resource expansion and definition drilling at its more advanced deposits.’’

The recent exploration drilling targeted the expansion of existing gold mineralization interpreted to trend east-northeast to east-west from the historical drilling. Panache South historic values include 12.9 g/t Au over 0.5 m and 3.16 g/t Au over 0.4m. A system consisting of several sub-parallel mineralized veins was identified along a span of approximately three kilometres (See Figure 2).

Bonterra has drilled eight holes representing a total of 4,683 m at the Panache South property since September 2021. Partial assay results from four drill holes have been received thus far. Results from the remaining four holes are pending (See Figures 1, 2 & 3 and Table 1).

The Panache South property is dominated by large, interlocking massive to pillowed basaltic rocks and tuffaceous horizons with local gabbroic to dioritic and felsic intrusions. The western and southeastern areas are occupied by a large intrusive mass of granodioritic composition. The southeast contact between the mafic volcanics and the large intrusion is bound by a northeast trending reverse dextral fault. Mineralization at Panache South is hosted within a system of shear hosted quartz-calcite-chlorite veins trending northeast with minor sulfides which include pyrite, pyrrhotite, chalcopyrite and gold.

Quality Control and Reporting Protocols

The Panache South Property’s drill core gold analyses are performed at the Company’s Bachelor Mine analytical laboratory (the “Laboratory”). The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish. 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 10% of
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.

Qualified Person

Boris Artinian, P.Geo., (OGQ # 1546) Chief Geologist of the Company oversees all exploration activities on the Panache South property and has compiled and approved the information contained in this press release. Mr. Artinian is a qualified person as defined by National Instrument 43-101 (“NI-43-101”).

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company over the next 24 months to deliver shareholder value.

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.

Cautionary and Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking tatements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.

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