Atlantic Gold : Mineral Resources Update for Touquoy, FMS and Cochrane Hill

MINERAL RESOURCES UPDATE FOR TOUQUOY, FMS AND COCHRANE HILL

TOUQUOY IN-PIT M&I MINERAL RESOURCE INCREASES 17% TO 445,000 OUNCES

IN-PIT M&I MINERAL RESOURCES AT FMS DEPOSITS INCREASE 47% TO 676,000 OUNCES

IN-PIT M&I MINERAL RESOURCE AT COCHRANE HILL INCREASES 50% TO 607,000 OUNCES

COCHRANE HILL DEPOSIT REMAINS OPEN AT DEPTH AND TO THE EAST

FURTHER RESOURCE EXTENSION DRILLING PLANNED IN 2019

TOTAL IN-PIT M&I MINERAL RESOURCES NOW EXCEED 2.1 MILLION OUNCES

March 13, 2019

Vancouver, British Columbia - Atlantic Gold Corporation (TSX-V: AGB) ("Atlantic" or the "Company") is pleased to announce its updated Mineral Resources following successful drilling campaigns at its Touquoy Mine, Fifteen Mile Stream and Cochrane Hill deposits. The estimates have an effective date of February 15, 2019 and were prepared by Mr. Neil Schofield, a principal of FSSI Consultants (Australia) Pty Ltd.

Highlights of Mineral Resource estimates

• • At Touquoy approximately 88,000 ounces in M&I were added from the 2018 drill program, which represents, net of mining depletion, an increase of 17%.

• • At the FMS deposits M&I in-pit mineral resources increased 47% to 676,000 ounces with three deposits at Egerton-MacLean, Hudson and Plenty.

• • At Cochrane Hill M&I in-pit mineral resources increased 50% to 607,000 ounces with only limited inclusion of the newly defined easterly plunging higher grade shoots. These recently recognised zones require further testing through a proposed extension drilling program in 2019.

• • Total in-pit Measured and Indicated Mineral Resources for the Moose River Consolidated Mine increased to 2.1 million ounces.

Suite 3083 - 595 Burrard Street, P.O. Box 49298, Vancouver B.C. Canada V7X 1L3

Telephone: (604) 689-5564 Fax: (604) 566.9050

www.atlanticgoldcorporation.com 1

One of the purposes of the Phase 3 Resource Extension Drill Program was to increase drill density to 25m x 20m drill spacing, thereby allowing for an increased confidence level in Mineral Resource estimates to Measured and Indicated categories at Touquoy, Fifteen Mile Stream and Cochrane Hill.

Touquoy

Net of mining depletion, drilling at the Company's Touquoy mine of approximately 5,268 metres successfully added 88,000 ounces of Measured and Indicated In-Pit Mineral Resource

(at a cut-off grade of 0.3 g/t Au) in the southwest and southeast areas of the pit.

A further Inferred Mineral Resource of approximately 48,000 ounces (at a cut-off grade of 0.3 g/t Au) will require in-fill drilling in 2019 with the objective of upgrading some or all of the resource to measured and indicated status.

The Touquoy resource drilling program in 2018 was completed at a cost of CAD $825,000 and represents a CAD $9 cost per ounce of in-pit Measured and Indicated Mineral Resources added.

FMS Deposits

The Phase 3 Resource Expansion diamond drilling program at Fifteen Mile Stream increased in-pit total Measured and Indicated Mineral Resource ounces to 676,000 (at a cut-off grade of 0.3 g/t Au), an increase of 47% or 216,000 ounces between the three deposits of Egerton -Maclean, Hudson and Plenty.

Figure 1: Increase of Measured and Indicated Mineral Resources - FMS

Suite 3083 - 595 Burrard Street, P.O. Box 49298, Vancouver B.C. Canada V7X 1L3

Telephone: (604) 689-5564 Fax: (604) 566.9050

www.atlanticgoldcorporation.com 2

Drilling at Fifteen Mile Stream totalled approximately 35,710 metres at a cost of CAD $7 million representing a cost of CAD $32 per ounce of Measured and Indicated Mineral Resource ounces added.

At Fifteen Mile Stream, mineralization comprises disseminated gold within argillites and greywackes of the Moose River Formation, as well as coarse gold within bedding-parallel quartz veins. Gold mineralization is concentrated in three zones: Egerton-MacLean, Hudson, and Plenty.

The Hudson and Egerton-MacLean Zones lie within the hinge and northern limb of the Fifteen Mile Stream anticline. Secondary folding and fault repetition have led to a larger zone of mineralization in the Egerton-MacLean deposit than in the Hudson deposit. The Plenty Zone is a tabular body within the overturned southern limb of the Fifteen Mile Stream anticline. The anticline that hosts the Egerton-MacLean Zone plunges to the east, with the northern limb dipping moderately at 70° to the north, and the southern limb overturned and dipping steeply northwards.

Exploration at Fifteen Mile Stream in 2019 will continue to test the connection between these zones, as well as investigating the ground between the Egerton-MacLean Zone and the newly-discovered 149 Deposit, 2km to the north-east of Egerton-MacLean.

Cochrane Hill

The Phase 3 drilling program at the Cochrane Hill deposit successfully increased in-pit Measured and Indicated Mineral Resources to 607,000 ounces (at a cut-off grade of 0.3 g/t Au) representing an increase of 50% or approximately 203,000 ounces.

Figure 2: Increase of Measured and Indicated Mineral Resources - Cochrane Hill

Suite 3083 - 595 Burrard Street, P.O. Box 49298, Vancouver B.C. Canada V7X 1L3

Telephone: (604) 689-5564 Fax: (604) 566.9050

www.atlanticgoldcorporation.com 3

Phase 3 drilling at Cochrane Hill totalled 23,145 metres at a cost of CAD $3.9 million or CAD $19 per ounce of Measured and Indicated Mineral Resource ounces added.

The recent drilling has resulted in an improved geological interpretation and identified a robust mineralized core zone with an approximate strike length of 325m. This core zone is thicker than average, at 20-25m true width, with a steep easterly plunge. Higher grades within this zone are spatially related to a greater abundance of quartz veining; there is an indication that this zone becomes wider down dip, and it is open at depth. To the east of this zone, smaller, parallel high-grade shoots have been identified and are also open down plunge as outlined in the long section below.

Figure 3: Longitudinal Section - Cochrane Hill

Inferred resources at Cochrane Hill (currently 73,000 ounces at a cut-off grade of 0.3 g/t Au) are higher grade than the Measured and Indicated Mineral Resources, partly reflecting the easterly plunging shoots which are only sparsely drilled to date. Furthermore, higher grade mineralization has been identified in the footwall zone.

Suite 3083 - 595 Burrard Street, P.O. Box 49298, Vancouver B.C. Canada V7X 1L3

Telephone: (604) 689-5564 Fax: (604) 566.9050

www.atlanticgoldcorporation.com 4

These easterly plunging shoots have only limited representation in the new resource model and will require further drill testing as they have potential to extend mineralization in the east and at depth, potentially materially impacting future pit designs.

Summary

Total in-pit Measured and Indicated Mineral Resources for the Company increased to in excess of 2.1 million ounces with continuing potential to add to this from planned drilling in 2019 to in-fill Inferred Mineral Resources and test for extensions at a number of deposits.

Further planned drilling in our Corridor Regional Program including at the 149 Deposit and other targets along the 45 km strike of the Corridor also have potential to add to the current resource inventory over the next year.

"Our team achieved our objectives of improving the confidence level and grade reliability of Mineral Resources at all of our projects and successfully replacing resources net of depletion at the Touquoy pit. At Cochrane Hill, our recent exploration drilling provides a better understanding of the geological framework and improving grades with depth, which should improve overall mineral resource grade in future updates." said Maryse Bélanger, President and COO.

Mineral Resource Estimate

The following table provides a breakdown of the current estimated Mineral Resources.

Table 1: Current Mineral Resource Statement

Suite 3083 - 595 Burrard Street, P.O. Box 49298, Vancouver B.C. Canada V7X 1L3

Telephone: (604) 689-5564 Fax: (604) 566.9050

www.atlanticgoldcorporation.com 5