GR.V · 2020-10-20 12:00:00

FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR FRA: PH01 Great Atlantic Resources To Commence Drilling 100% Owned GOLDEN PROMISE GOLD PROPERTY Central Newfoundland __________________________________________________

Exploration Programs

FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR

FRA: PH01

Great Atlantic Resources To Commence Drilling

100% Owned GOLDEN PROMISE GOLD PROPERTY

Central Newfoundland

________________________________________________________ ______

VANCOUVER, British Columbia – October 20, 2020 – GREAT ATLANTIC RESOURCES

CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has signed

a contract for a Fall 2020 Phase 2 diamond drilling program at its Golden Promise Gold Property,

located within the central Newfoundland gold belt. Recent significant gold discoveries in this

region include those of Marathon Gold Corp . (MOZ .v) and New Found Gold Corp. (NFG.v)

Mobilization of the drilling equipment is planned for October 26 at the property.

Now we wait for Core …

The Phase 2 drilling program will:

• Include in-fill drill holes at the Jaclyn Main Zone in an area of multiple gold bearing quartz

veins (including 2019 core length intersections of 61.3 g/t gold over 2.04 meters and 2.3

g/t gold over 25.25 meters).

• Test east of the J aclyn North Zone, previous trenching resulted in quartz boulders

containing high grade gold (2017 boulder samples up to 163.9, 208.5 and 332.6 g/t gold).

Quartz Vein Boulder with Visible Gold from 2017 Trench 4

(2.9 Kg Grab Sample Returned 332.6 g/t Au)

The Golden Promise Property hosts multiple gold bearing quartz veins and 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, t he 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 Fall 2020 Phase 2 diamond drilling program is planned at the Jaclyn Zone, which is located

within the northern region of the Golden Promise Property . The Jaclyn Zone hosts five gold

bearing quartz veins systems, including the Jaclyn Main Zone (JMZ) and Jaclyn North Zone (JNZ).

The Company received a permit for 26 drill holes at the Jaclyn Zone during August 2020 (Great

Atlantic News Release of August 18, 2020). Approximately half of these holes are planned for the

Fall 2020 Phase 2 program for approximately 1,500 meters, the remainder planned for 2021 Phase

3 drilling.

The 2020 drilling program will include infill drill holes at the JMZ in an area of multiple gold

bearing quartz veins including high grade intersections during the Company’s 2019 Phase 1

drilling program. (Company News Releases of February 6, 12 and 19, 2020). Orientated core

equipment will be used during the Phase 2 program. Gold bearing drill intersections (core length)

from the Company’s 2019 Phase 1 drilling included:

• GP19-137: 12.37 g/t /t gold over 1.90

meters.

• GP19-138: 113.07 g/t gold over 0.55

meters & 93.96 g/t gold over 0.27

meters.

• GP19-139: 15.70 g/t gold over 2.70

meters.

• GP19-140: 2.30 g/t gold over 25.25

meters.

• GP19-144: 61.35 g/t gold over 2.04

meters.

• GP19-145: 14.49 g/t gold over 1.52

meters.

The 2020 drilling program will also include a series of drill holes east of the JNZ along its projected

strike including areas of quartz boulders containing high grade gold. During 2017 Great Atlantic

excavated high -grade quartz boulders in trenches east of the JNZ along its projected strike .

Boulder grab sample assays included 163.9, 208.5 and 332.6 g rams per tonne (g/t) gold (Great

Atlantic News Release of August 31, 2017) . The JNZ is located approximately 250 meters north

of the JMZ.

The drill core samples from the 2019 drilling program were analyzed by Eastern Analytical Ltd.

Samples of main quartz veins and quartz veined zones were analyzed by the Total Pulp Metallics

method. This involves crushing of the entire sample to -10 mesh and pulverizing to 95% -150

mesh. The total samp le is then weighed and screened 150 mesh. The +150 mesh fraction is fire

assayed for gold, and a 30 gram sub -sample of the -150 mesh fraction is fire assayed for gold. A

calculated weighted average of total gold in the sample is reported as well (gold values reported

by the Company in News Releases are weighted average values). Other samples were assayed for

gold by fire assay – AA (30-gram sub -samples) and analyzed for 34 elements (200 -mg sub -

samples totally dissolved in four acids and analyzed by ICP -OES). Blank and standard samples

were included with the drill core sample submissions. Duplicate analysis was conducted for some

samples. All rock samples collected during the 2017 trenching program were also analyzed by

Eastern Analytical Ltd. The high-grade quartz vein boulder samples stated in this News Release

were analyzed for gold by the Total Pulp Metallics method. The sample submission included gold

standard and blank samples. Eastern Analytical Ltd., a certified laboratory, is independent of Great

Atlantic.

Great Atlantic reported a National Instrument 43-101 compliant mineral resource estimate for the

JMZ in late 2018 (News Release of December 6, 2018; and Sedar -filed National Instrument 43 -

101 Technical Report on the Golden Promise Property, Central Newfoundland (revised), dated

December 4, 2018 by Mr. Greg Z. Mosher, M.Sc. App., P.Geo., and Mr. Larry Pilgrim, B.Sc.,

P.Geo.). The reported inferred mineral resource estimate for the JMZ is as follows:

Resource Cutoff Au g/t Au Cap g/t Au Uncap g/t Tonnes Au Ounces Capped Au Ounces Uncapped

Total 1.1 9.3 10.4 357,500 106,400 119,900

Pit-

Constrained 0.6 11.4 14.1 157,300 57,800 71,200

Underground 1.5 7.5 7.6 200,200 48,600 48,700

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.

Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may

not add due to rounding.

Mineral resource tonnage and grades are reported as undiluted.

Contained Au ounces are in-situ and do not include recovery losses

As reported in the National Instrument 43-101 Technical Report on the Golden Promise Property,

Central Newfoundland (revised), dated December 4, 2018 by Mr. Greg Z. Mosher, M.Sc. App.,

P.Geo., and Mr. Larry Pilgrim, B.Sc., P.Geo., t he JMZ was modelled as a single quartz vein that

strikes east -west and dips steeply to the south. Modelled vein thickness was based on true

thickness derived from quartz vein intercepts. The estimate is based on 220 assays that were

composited to 135 one-meter long composites. A bulk density of 2.7 g/cm3 was used. Blocks in

the model measured 15 meters east-west, 1-meter north-south and 10 meters vertically. The block

model was not rotated. Grades were interpolated using inverse -distance squared (ID2) weighting

and a search ellipse that measured 100 meters along strike, two meters across strike and 50 meters

vertically. Grades were interpolated based on a minimum of two and a maximum of 10 composites

with a maximum of one composite per hole so the grade of each block is based on at least two drill

holes thereby demonstrating continuity of mineralization. For the capped mineral resource

estimate, all assays that exceed 65 g/t gold were capped at 65 g/t gold. All resources were classified

as Inferred because of the relatively wide spacing of drill holes through most of the zone.

Because part of the vein is near surface the resource estimate was constrained by a conceptual open

pit to demonstrate reasonable prospects of eventual economic extraction. Generic mining costs of

US$2.50/tonne and processing costs of US$25.00/tonne were used together with a gold price of

US$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.

Great Atlantic wishes to extend gratitude to the Government of Newfoundland and Labrador for

continued support of its Golden Promise Gold Property through the Junior Exploration Assistance

(JEA) Program. The Company received funding under the JEA Program for exploration within the

property during 2017, 2018 and 2019 and has qualified for potential funding during 2020.

The Company also announces it has closed a non -brokered private placement consisting of

490,197 flow through shares at a price of $0.51 per share for gross proceeds of $250,000. Each

Flow-Through share consists of one common share that qualifies as a “flow -through share” as

defined in subsection 66(15) of the Income Tax Act.

The net proceeds from the offering will be used for exploration expenses on the Company’s

mineral properties in Atlantic Canada. The Company paid a cash commission of $20,000. and

issued 39,215 finders warrants to Qwest Investment Fund Management Ltd. The finder warrants

are valid for 2 years from closing with an exercise price of $0.51.

All securities issued in connection with the Offering will be subject to a hold period expiring

February 16, 2021.

David Martin, P.Geo., 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 "Always be positive, strive for solutions, and never give up"

President CEO Director

604-488-3900 – Dir

Investor Relations:

Please call 604-488-3900

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, Antimony, Tungsten and Gold.

This press release includes certain statements that may be dee med “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 t hat the Company

expects, are forward looking statement s. 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 busin ess

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

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