GREAT ATLANTIC RESOURCES CORP. received approval from the Newfoundland and Labrador government for diamond drilling at its 100% owned Golden Promise Property, located in central Newfoundland. The approval is for up to 33 drill holes at the gold-bearing Jaclyn Zone.

The Company is planning diamond drilling during 2023 at the Jaclyn Zone, the objectives being to increase inferred gold resources at the Jaclyn Main Zone (JMZ); test a target immediately north of the JMZ; and define and test continuation of gold bearing veins at the Jaclyn North Zone (JNZ). The Jaclyn Zone hosts gold bearing quartz veins and vein systems.Great Atlantic intersected high-grade veins at the JMZ during 2019-2021 drilling programs and reported a National Instrument 43-101 compliant inferred resource estimate during late 2018 for the JMZ of 357,500 tonnes at 10.4 grams /tonne (g/t) gold (119,900 ounces of gold - uncapped) The drilling approval allows for up to twelve drill holes at the JMZ. The objective of this planned drilling is to increase the JMZ's inferred resources.

These include four holes to test the western extension of the JMZ and eight holes to test the extension of the JMZ to the east and down dip. Following completion of this drilling Great Atlantic plans to generate an updated NI 43-101 technical report and resource estimate. Five drill holes are approved immediately north of the JMZ to test for gold bearing quartz veins along an apparent northeast striking structural zone (based on aeromagnetic geophysical data) which connects with the JMZ.

Sixteen drill holes are approved at the JNZ. These include six definition drill holes in close proximity to Great Atlantic's drill holes and pre-Great Atlantic historic drill holes and ten drill holes to test the continuation of the JNZ gold bearing vein system to the east-northeast. Diamond drilling by Great Atlantic during 2020 and 2021 indicated the JNZ gold bearing vein system to be open to the east-northeast.

The two eastern-most drill holes intersected gold bearing veins including 3.88 g/t gold over 0.37 meters core length in GP-20-148 and 30.6 g/t gold over 0.41 meters core length in drill hole GP-21-156. Rock samples collected during 2017 and 2020 near drill holes GP-20-148 and GP-21-156 from multiple gold-bearing quartz boulders yielded high grade gold values including samples returning 157, 162, 208, and 332 g/t gold. These samples are located within a 300-meters long zone of gold-bearing quartz vein boulders.

During the last quarter of 2018, Great Atlantic released a National Instruments 43-101 (NI 43-101) Technical Report with a summary of the exploration undertaken by the Company coupled with a mineral resource estimate of the JMZ Because much of the vein occurs near surface, the resource estimate was constrained by a conceptual open pit to demonstrate reasonable prospects of eventual economic extraction. Generic mining costs of USD 2.50/tonne and processing costs of USD 25.00/tonne were used together with a gold price of USD 1,300/ounce. A conceptual pit slope of 45° was assumed with no allowance for mining loss or dilution.

Based on the combined hypothetical mining and processing costs and the assumed price of gold, a pit-constrained cutoff grade of 0.6 g/t was adopted. For the underground portion of the resource a cutoff of 1.5 g/t was assumed. The cutoff grade for the total resource is the weighted average of the pit-constrained and underground cutoff grades.