Bonterra Resources Provides Operational Update and Launches Exploration Program with JV Partner Osisko Mining

Val-d’Or, Quebec-based Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) is a Canadian gold exploration company with a large portfolio of advanced exploration assets in northern Quebec anchored by a central milling facility. The company has provided updates on cost-saving initiatives in response to inflationary pressures, its infill drill program at the Barry deposit, and the launch of an exploration program at the Duke property through a joint venture with Osisko Mining Inc.

With rising costs related to project development in northern Quebec, Bonterra continues to significantly reduce fixed expenses after initial cost-saving measures were announced last November. The company has transitioned assay processing from its wholly owned lab to an external provider. Bonterra has also rented its Bachelor camp to the main contractor building the Waswanipi hydroelectric transmission line to the Windfall gold project, evaluating further cost-saving opportunities.

A 125,000 metre infill drill program at the Barry underground deposit, which holds 1.2 million ounces of measured and indicated resources, commenced last September. To date, 31,350 metres of infill drilling has been completed, focused on the upper half of the deposit. Due to inflationary pressures, Bonterra has paused drilling and engineering work related to Barry underground but will continue geological interpretation throughout 2022.

With drilling paused at Barry, Bonterra will now utilize those rigs for targeted regional exploration across its 38,050 hectare land package, concentrating on the Urban-Barry property and to a lesser degree at Bachelor. An airborne survey over Bachelor will also identify high-potential exploration targets.

Bonterra has launched an exploration program on the Duke property, a joint venture with Osisko Mining maintaining a 70% working interest. The 3,300 metre drill program will test the corridor between the Rouleau and St Çyr faults near the Lac Rouleau deposit. Additional holes are planned south of the Rouleau fault to test structures connecting it with the St Çyr fault.

Known gold mineralization at Duke resembles Barry and Gladiator, controlled by north-south shear zones proximal to major contacts like Rouleau and St Çyr faults. Gold often occurs close to lithological complexity from mafic/felsic intrusions. Bonterra’s Gladiator deposit, adjacent to Duke, contains 1.4 million ounces of measured/indicated and inferred resources.

With its centralized milling facility, Bonterra Resources is positioned to upgrade resources and transition from exploration to development. The paused infill drilling at Barry demonstrates Bonterra’s financial discipline in uncertain markets. For investors seeking exposure to advanced exploration and development plays in proven Canadian mining jurisdictions, Bonterra warrants consideration.