GREAT ATLANTIC RESOURCES CORP. announced it has received additional analytical results for 2022 rock samples collected at its Golden Promise Gold Property, located in the central Newfoundland gold belt. A sample from a quartz float boulder from a new target area returned 1.83 grams /tonne (g/t) gold.

The boulder was located during 2022 reconnaissance prospecting and rock geochemical sampling. Great Atlantic previously identified gold soil anomalies and a boulder anomalous for gold during 2020 in this area. The new target area is located within the northern region of the Golden Promise Property approximately 2 kilometers west of the western part of the Jaclyn Zone.

The Jaclyn Zone hosts multiple gold bearing veins /vein systems including the Jaclyn Main Zone for which the Company reported a National Instrument 43-101 compliant inferred mineral resource during late 2018. The new target area was initially identified during 2020 reconnaissance prospecting and rock - soil geochemical sampling. A sample from a quartz vein float boulder returned an anomalous value 0.128 g/t gold while two close-spaced soil samples returned anomalous values of 44 parts per billion (ppb) gold and 10 ppb gold.

The 2022 work in this area consisted of prospecting and rock geochemical sampling. Quartz vein float were identified at multiple locations in this target area of which a sample from one quartz vein float boulder returned 1.83 g/t gold. The quartz vein boulders located during 2020 and 2022 within this target area occur within an area of approximately 900 meters by 400 meters.

Great Atlantic is planning additional work during the 2023 field season within this target area consisting of additional prospecting and rock - soil geochemical sampling to further define this target and define trenching targets. The Golden Promise Property is located within a region of recent significant gold discoveries. The property is located within the Exploits Subzone of the Newfoundland Dunnage Zone.

Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup. The northwestern margin of the Golden Promise Property occurs proximal to, and, in part, contiguous with a major collisional boundary, and suture zone, known as the RIL. The RIL forms the western boundary of the Exploits Subzone.

Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. at the Valentine Gold Project, Sokoman Minerals Corp. at the Moosehead Gold Project and New Found Gold Corp.

at the Queensway Project. Readers are warned that mineralization at the Valentine Gold Project, Moosehead Gold Project, and Queensway Project is not necessarily indicative of mineralization on the Golden Promise Property. The 2022 rock sample referred to in this news release was analyzed for gold by ALS Canada Ltd. by fire assay - AA.

The 2020 rock and soil samples referred to in this news release were analyzed by Eastern Analytical Ltd. for gold by fire assay - AA. Both ALS Canada Ltd. and Eastern Analytical Ltd. and independent of Great Atlantic.