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

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.

To view an enhanced version of Figure 1, please visit:
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Figure 2 - Barry Project - Composite Long Section

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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

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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:

Notes:

1) The meterage represents the length of the drilled lengths.
2) Mineralized host rock adjacent to vein material with anomalous values are included in reported intervals.
3) True widths are estimated to be greater than 70% of the drill intersection length.
4) The shown mineralized intervals listed are above 0.5 g/t Au.
5) Gold results obtained between 0.1 and 0.5 g/t Au are represented as anomalous values.
6) Gold results obtained below 0.1 g/t Au are represented as no significant values.

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
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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.