Val-d'Or, Quebec--(Newsfile Corp. - March 1, 2021) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") is pleased to announce an update on results from the ongoing drilling campaign at the Barry project. These results encompass 16 diamond drill holes for 6,322 metres ("m"), of which seven holes were infill and nine holes were expansion. The Company is currently drilling at a rate of approximately 10,000 m per month and plans a mineral resource estimate update for Q2/21 ("2021 Resource Update"), which is expected to incorporate approximately 130,000 m of new drilling information. In addition, work on the the Preliminary Economic Assessment ("PEA") is currently underway and is expected to be completed in the fall of 2021.

Highlights:

Expansion Drilling:

• 6.1 g/t Au over 4.3 m and 3.2 g/t Au over 6.9 m in hole MB-21-330
• 6.7 g/t Au over 0.5 m in hole MB-20-321
• 6.1 g/t Au over 1.0 m in hole MB-20-328

Infill Drilling:

• 5.5 g/t Au over 3.6 m and 5.8 g/t Au over 0.6 m in hole MB-20-318
• 5.1 g/t Au over 4.8 m and 1.8 g/t Au over 6.0 m in hole MB-20-323
• 15.1 g/t Au over 1.0 m in hole MB-20-326

Pascal Hamelin, CEO commented: "The results from infill drilling on the northern upper portion of the Barry deposit and expansion drilling at the eastern extension are very promising. Specifically, the infill drilling confirms mineralized continuity of the existing inferred resources closer to surface and drilling of the eastern extension is expected to add new resources at depth. Drilling data from the Company's three main deposits totaling approximately 130,000 m will be incorporated into the upcoming 2021 Resource Update expected in Q2/21. The 2021 Resource Update will in turn provide the foundation of a PEA planned for the fall of 2021. Additionally, the Company is about two-thirds of the way through the permitting process to expand the milling rate at the Company's 100% owned Bachelor Mill from 800 to 2,400 tonnes per day."

The Company has drilled 66 holes representing a total of 23,830 m at Barry since July 23, 2020. Results from 16 holes have been received since the press release dated December 21, 2020. Results from the remaining 17 drilled holes are pending. (See Table 1 and Figures 1 and 2).

SLR Consulting (Canada) Ltd. has been contracted to prepare the 2021 Resource Update and a PEA currently underway in collaboration with Bonterra's geological team on the Moroy, Gladiator and Barry projects scheduled to be completed in the fall of 2021. SGS Geological Services has been selected to undertake a peer review of the 2021 Resource Update and PEA preparation process. The Company expects these initiatives to help demonstrate the value of the Company's assets.

The Barry gold deposit is characterized as multiple sub-parallel, sub-vertical, shear zones and a second set of veins dipping 50 to 60 degrees to the south hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Gold mineralization consists of disseminated sulfides within the shear zones and the veins with local visible gold. The Barry deposit has been delineated over 1 kilometer along strike and 600 m vertical and remains open for expansion.

Due to an accumulated backlog at the Company's laboratory, assaying priority has been assigned to drill hole samples directly affected within the 2021 Resource Update. Pending assays of samples awaiting analysis from drilling beyond the project models not included in the 2021 Resource Update are to be processed by Activation Laboratories Ltd. ("Actlabs"), based in northwestern Quebec.

Table 1: Significant mineralized intersections of recent drilling on the Barry deposit

Notes:
1) The meterage represents the length of the drilled lengths.
2) True widths are estimated to be greater than 85% of the drill intersection length.
3) The mineralized intervals shown above use a 0.5 g/t Au cut-off grade.

Twelve infill-holes were drilled (MB-20-314 to 319; MB-20-324 to 328 and MB-20-330) and confirm mineral continuity within the 2019 Barry inferred resource, seven of which have returned significant values. Eight holes were drilled along the east extension of the current 2019 Barry resource.

The following holes have returned significant grades in this sector; MB-20-330: 3.2 g/t Au over 6.9 m in the 850 Zone and 6.1 g/t Au over 4.3 m in the 1000 Zone; MB-20-323: 5.1 g/t Au over 4.8 m in the 850 Zone and 1.8 g/t Au over 6.0 m in the H13 zone; MB-20-331: 6.1 g/t Au over 0.5 m in the 850 Zone. (See Table 1 and Figures 1 and 2).

Figure 1 - Barry Project - Drill Hole Location Map

To view an enhanced version of Figure 1, please visit:

Figure 2 - Barry Deposit Longitudinal Section

To view an enhanced version of Figure 2, please visit:

About SLR Consulting (Canada) Ltd.

SLR Consulting (Canada) Ltd. is a technical advisory service provider that has experience in environmental and engineering related to the mining and minerals industry. The team has experience throughout the resource cycle including, resource and reserve definition, valuation, finance support, development, operations, mine closure and reclamation.

About SGS Geological Services

SGS Geological Services is an experienced resource modelling consultancy group with over 35 years of experience. The team specialize in computer-assisted mineral resource estimation services using modern geostatistical techniques, ore body modeling, reserve evaluation and engineering to reduce risk and enhance project value.

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 three main assets, Gladiator, Barry, and Moroy, that collectively have a total of 698 thousand ounces in measured & indicated categories, and 1.4 million ounces in inferred category. Approximately 130,000 m of drilling will be used to update this resource shortly. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently two-thirds the way through the permitting process to expand from 800 to 2,400 tonnes-per-day. Bonterra is focused on graduating from advanced exploration to a development company over the next 18-months to deliver shareholder value.

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 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. Pending assays of samples awaiting analysis from drilling beyond the project models not included in the 2021 Resource Update are to be processed at Actlabs, based in northwestern Quebec.

Qualified person

Marc Ducharme, P.Geo. and Bonterra's Exploration Manager, has compiled and approved the information contained in this press release. Mr. Ducharme is a qualified person as defined by National Instrument 43-101.

FOR ADDITIONAL INFORMATION

Pascal Hamelin, President & CEO

2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9
819-825-8678 | Website:

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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.

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