Great Atlantic Identifies New Target Area 1.83 G/T Gold in 2022 Quartz Boulder Sample at its 100% Owned Golden Promise Gold Property — Central Newfoundland

VANCOUVER, British Columbia – January 18, 2023 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce 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.

Quartz boulder: 2022 Prospecting at Golden Promise Property (New Target 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 (119,900 ounces of gold – uncapped) during late 2018 (see the Company’s news release of December 6, 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 (VLSG), a volcano-sedimentary terrane. The northwestern margin of the Golden Promise Property occurs proximal to, and, in part, contiguous with a major (Appalachian-scale) 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. (TSX.MOZ) at the Valentine Gold Project, Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and New Found Gold Corp. (TSXV.NFG) 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.

The 2022 exploration program at the Golden Promise Property was managed and supervised by a Qualified Person.

David Martin, P.Geo. (New Brunswick and Newfoundland and Labrador), a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this News Release.

On Behalf of the board of directors

“Christopher R Anderson”
Mr. Christopher R. Anderson
President CEO Director

604-488-3900 – Office

Investor Relations:
1-416-628-1560  
IR@GreatAtlanticResources.com

About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.

This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

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.

Great Atlantic Resource Corp.
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4