(via TheNewswire)
Kelowna, British Columbia, April 14 , 2026 – TheNewswire — SOUTH ATLANTIC GOLD INC. (TSX-V: SAO) (OTC Pink: JLRRF) ("South Atlantic" or the "Company") is pleased to provide an exploration update and announce the commencement of mobilization for its fully funded Phase III diamond drill program at the Pedra Branca Gold Project in Ceara State, Brazil (see Figure 1). The 5,000-metre, approximately C$ 3.0 million program will conduct diamond drilling across three targets.
Douglas Meirelles, President & CEO, stated: "During this initial phase of the current exploration program, we will test whether Queimadas target potentially extends to the depths, and could be comparable to similar documented hypozonal orogenic deposits, globally. As we advance this exploration program, and at the right time we will also conduct additional drilling at Mirador and Igrejinha— our three resource targets in the current NI 43-101 Technical Report from 2021. The ongoing program will be guided by results not only from these drilling programs, but all the additional geotechnical work and other support exploration activities already underway. We look forward to providing shareholders with a steady flow of results beginning in Q2 2026."
Highlights
Fully funded from C$4.2 million private placement closed March 2026; initiating IP geophysical survey. mapping at depth, and drill potential extensions at Queimadas, Mirador and Igrejinha.
Depth drilling at Queimadas — targeting depths significantly below the current RC drilling ore intercepts, targeting at maximum of 200m to confirm the hypozonal orogenic gold system
Multi-target diamond drilling program across three targets; field mobilization underway, drilling expected late April 2026
Program Details
The Phase III program comprises approximately 5,000 metres of diamond drilling (HQ/NQ oriented core) across three targets over approximately 8 months. Two drill rigs will be deployed, commencing at Queimadas for deep testing and potential extensions before advancing to Mirador and Igrejinha.
Additional program elements include:
IP geophysical survey: The Company's initial induced polarization survey will map the sulfide-bearing zones at depth. The pyrrhotite-dominant sulfide assemblage at Pedra Branca is an ideal IP target. Approximately 14 line-km of surveying at the Queimadas target extensions along the strike and dip with a potential to extend to other targets.
Core re-sampling: Additional historical diamond drill holes on those three targets to be re-sampled with fire assay gold and ICP-MS 33-element geochemistry.
The Company anticipates providing regular exploration updates throughout the program, with first assay results expected during Q2 2026.
Targets
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Figure 1: Pedra Branca Gold Project — Phase III target locations showing soil geochemistry lines, stream sediment samples, mineral trends, and tenement boundaries. Main targets (Queimadas, Igrejinha, Mirador) and local targets are highlighted. Scale bar and coordinate grid in UTM Zone 24S (SIRGAS 2000).
Queimadas — Depth Extension
Queimadas is the main host of the Pedra Branca NI 43-101 Inferred Mineral Resource from 2021. Previous diamond drilling at Queimadas returned gold mineralization that persists to the deepest levels tested:
The deepest hole (FCC019, 201m) did not reach extent of the potential mineralized system.
Mirador — Southwest Expansion
Phase III will test the undrilled southwest extension at Mirador, following up on previous intercepts including:
Igrejinha — Discovery Target
Igrejinha has returned the strongest surface results in the Pedra Branca district but has never been tested by diamond drilling. Previous work includes reverse circulation ("RC") drilling to a maximum depth of 52 metres and extensive trenching, returning:
All reported intervals are downhole lengths. True widths have not been determined.
Qualified Person's Statement
The scientific and technical information that forms the basis for this news release was reviewed and approved by Marcelo Antonio Batelochi (P.Geo.), MAusIMM (CP), Senior Vice President of Exploration of the Company, and a Qualified Person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101").
About South Atlantic Gold
South Atlantic Gold is a gold exploration company advancing the 100%-owned Pedra Branca Gold Project in Ceara State, northeast Brazil. The project hosts a NI 43-101 Inferred Mineral Resource of 180,000 ounces of gold (4.0 Mt @ 1.38 g/t Au at a 0.40 g/t cutoff), with 13 targets identified along a ~14 km mineralized corridor within a 50+ km prospective shear zone. The Company holds 31 mineral rights covering approximately 50,814 hectares and had approximately C$4.2 million in cash as of March 2026. South Atlantic Gold trades on the TSX Venture Exchange (SAO) and the OTC Pink Sheets (JLRRF).
Contact Information
Douglas Meirelles , President & CEO T: 250-762-5777 E: ir@southatlanticgold.com W: www.southatlanticgold.com
Cautionary Note Regarding Mineral Resources
Inferred mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any part of the mineral resources will be converted to mineral reserves. The mineral resource estimate for the Pedra Branca Gold Project (4.0 Mt @ 1.38 g/t Au for 180,000 oz Au at a 0.40 g/t cutoff) was prepared in accordance with NI 43-101 with an effective date of March 16, 2021, by Rodrigo Mello, FAusIMM, of RBM Consultoria Mineral, and is filed on SEDAR+.
Cautionary Note Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including but not limited to statements regarding the anticipated commencement of diamond drilling in late April 2026, the planned scope and duration of the Phase III exploration program, the planned IP geophysical survey, the anticipated timing of exploration results, and the Company's exploration plans and objectives. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking information includes statements identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "will," "would," "may," "could" or "should." The Company does not undertake to update forward-looking information except as required by applicable securities laws.
Neither the 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.
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