GREAT ATLANTIC RESOURCES CORP. announced it has begun the 2024 exploration program at its 100% owned Pilley's Island Base Metal - Precious Metal Property, located in north-central Newfoundland. The focus of the 2024 program is exploration for base metal and precious metal bearing volcanogenic massive sulfide (VMS) deposits at the Pilley's Island Property.

VMS deposits are reported at the property, including the historic Pilley's Island Mine (which operated during the 1890s and early 1900s) and the Bull Road showing zinc - lead - copper - silver - antimony mineral occurrence, both located within the northern region of the property (Newfoundland and Labrador Department of Industry, Energy and Technology, Mineral Occurrence Database System). Great Atlantic collected samples containing high grade zinc plus lead, copper, silver and gold mineralization during 2017 within a trench at the Bull Road Showing including a 1.05 meters long channel sample returning 15.40% zinc, 6.60% lead, 4.66% copper, 111.5 grams /tonne (g/t) silver and 1.005 g/t gold and outcrop grab samples returning up to 40.8% zinc, 20.0% lead, 8.38% copper, 148.1 g/t silver and 2.27 g/t gold. Initial 2024 work in the northern region of the property is focused on the reported area of the Fragmental Zone zinc - lead - copper mineral occurrence (Newfoundland and Labrador Department of Industry, Energy and Technology, Mineral Occurrence Database System).

An outcrop with small lenses (up to approximately 0.7 meters long and up to 0.3 meters wide) of semi-massive to massive pyrite were located during the initial work. Galena is evident in one of the lenses. A piece of float or subcrop (approximately 25 x 15 x 15 centimeters) of semi-massive pyrite with galena was located adjacent to this outcrop.

Rock samples have been collected at this site and submitted for gold and multi-element analysis. The analytical results are pending for these rock samples. This outcrop is located approximately 150 - 200 meters northwest of the 2017 Bull Road showing trench samples.

The Company is also planning prospecting and rock - soil geochemical sampling during 2024 in other target areas within the Pilley's Island Property which were identified during previous exploration programs. Areas of planned 2024 work include: North - central region of the property in area of 2021 outcrop grab samples which yielded 1.09% zinc and 0.82% lead; and 1.04% zinc and 0.81% lead. Southwest region of the property where 2018-2022 reconnaissance work by Great Atlantic identified zinc, copper and gold soil geochemical anomalies and anomalous copper and zinc in rock samples. West-central region of the property where 2021 soil sampling identified copper soil geochemical anomalies and anomalous copper in outcrop.

The current and previous exploration programs at the Pilley's Island Property are /were managed by Qualified Persons. The 2018 - 2022 soil and rock samples referred to in the news release were analyzed at Eastern Analytical Ltd. The samples were assayed for gold by fire assay - AA and analyzed for 34 elements by four acid digestion - ICP-OES. The 2017 Bull Road showing samples referred to in this news release were analyzed at Eastern Analytical Ltd. (gold by Fire Assay - AA; and copper, lead, zinc and silver by multi-acid digestion - AA).

Eastern Analytical Ltd. is independent of Great Atlantic. The Pilley's Island covers an area of 1,375 hectares. Access to the property is excellent with government-maintained roads.

The property is adjacent to tide water and is located within a mining friendly district.