Great Atlantic Resources enters into MOU to evaluate deployment of Novamera's Surgical Mining Technologies at Jaclyn Main Zone

VANCOUVER, BC / ACCESSWIRE / October 11, 2023 / Great Atlantic Resources ("GAR" or the "Company") (TSX.V:GR), is pleased to announce that its wholly owned subsidiary, Golden Promise Mines Inc. ("GPM"), a gold development company which wholly owns several projects in Central Newfoundland, has signed a Memorandum of Understanding ("MOU") with Novamera Inc. ("Novamera") to evaluate the use of surgical mining and Novamera's technologies as the extraction method for the Jaclyn Main Zone (the "Project"), which currently contains an NI 43-101 compliant mineral resource estimate of 119,900 inferred ounces at 10.4 grams per tonne ("g/t") gold (See Company news release dated December 6, 2018).

The MOU sets out a series of milestones that include a conceptual surgical mining economic desktop evaluation, Guidance Tool calibration activities and a bulk sample. The parties expect to complete these activities within the next twelve months.

"We're excited to be working with Great Atlantic and demonstrating the capabilities of surgical mining and our technologies. Mining companies like Great Atlantic are looking for solutions to bring deposits into production with a smaller environmental footprint than that of conventional mining methods" says Dustin Angelo, Novamera CEO. "The willingness to look at a different business model will open more strategic options to generate value for their shareholders and realize positive cash flow sooner for a project."

Surgical Mining

Surgical mining is an option for bringing deposits into production that are the size and style of the Jaclyn Main Zone. The innovative solution is a more cost-effective and faster path to production, while also radically reducing environmental and social impact. Given the low upfront capital costs and minimal development costs, surgical mining enables junior mining companies to get into production and generate cash flow, offering a second source of cash and relying less on the capital markets to fund strategic plans. In addition, the time to permits can be reduced because of the small footprint and scale of the operation.

Jaclyn Main Zone

The Jaclyn Main Zone (or the Project) is part of the Golden Promise Gold Property (the "Property") owned by GAR's subsidiary GPM. The Property is located within the central Newfoundland gold belt, near the town of Badger. Multiple gold bearing quartz veins/quartz vein systems and zones of gold bearing quartz boulders are reported within the Property. One such quartz vein system is the Jaclyn Main Zone. GAR reported a 43-101 compliant mineral resource estimate for the Project during December 2018 (119,900 ounces gold, Inferred resource). Multiple 2017 GAR quartz samples from different regions of the Property exceeded 1 ounce per tonne gold. Diamond drilling in 2019 tested a section of the Project, with high grade gold intersected in multiple holes, including core length intersections of (See Company news releases dated February 6, 2020, February 12, 2020 and February 19, 2020):

• 61.35 g/t gold / 2.04 meters
• 15.80 g/t gold / 2.70 meters
• 113.0 g/t gold / 0.55 meters
• 2.30 g/t gold / 25.25 meters

Additionally

2019 intercepts for the JMZ:
12.37 g/t gold / 1.90 meters,
11.35 g/t gold / 0.71 meters,
14.49 g/t gold / 1.52 meters.

2021 intercepts at JMZ include:
238.4 g/t gold / 0.40 meters.
56.85 g/t gold / 0.75 meters

Gold bearing quartz vein in drill hole GP19-138

About Novamera: Novamera is a surgical mining technology company that has developed data driven hardware and software solutions that pinpoint, map, navigate and extract high value narrow vein deposits. Novamera's precision drilling products integrate into conventional drilling equipment, enabling mining companies to quickly and sustainably mine various metal and mineral deposits that are otherwise uneconomic due to size, geometry and orientation. The process has large scale environmental and social impacts to support ESG targets and improve social licence. Requiring a small footprint with no blasting, the solution produces 95% less waste, 44% less GHG emissions and 99% less water discharge.

Readers are warned that historic information referred to in this news release have not been verified by a Qualified Peron.

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

SOURCE: Great Atlantic Resources Corp.