Greatland Gold PLC (AIM:GGP) Havieron Exploration and Development Update

Significant progress advancing the decline with 1,519 metres completed with new record high advancement rates achieved

Drilling reinforces potential for continued resource growth with high grade mineralised

intercepts identified in the Eastern Breccia and Northern Breccia

Greatland Gold plc (AIM:GGP) (“Greatland” or “Company”) is pleased to provide an exploration and development update for Havieron, its flagship gold-copper project located in the Paterson region of Western Australia.

The Company notes that its 70% Havieron joint venture partner, Newcrest Mining Ltd (“Newcrest”) today released its Quarterly Exploration Report and Quarterly Report for the three months ended 31 December 2022 which included results released in Greatland’s announcement of 8 December 2022 as well as new exploration results which are set out in this announcement.

HIGHLIGHTS

Accelerated decline development

§ Development of the decline has accelerated with 1,519 metres advanced (as at 18 January 2023)

§ Improved ground conditions and the transition to drilling and blasting of the development face has seen an acceleration of development with project record rates of advancement achieved

Expanded high grade mineralisation with significant new growth drilling results

§ Drilling has continued to define both high grade material within the Eastern Breccia and Northern Breccia

§ Summary results as follows (noting that the intercepts reported below are downhole width and not true width):

Eastern Breccia

HAD134W1

§ 42.0m @ 2.4 g/t Au & 0.43% Cu from 1,542m

HAD152W4

§ 86.0m @ 0.88g/t Au & 0.05% Cu from 2,056m

HAD163W1

§ 171.1m @ 0.68g/t Au & 0.04% Cu from 1,458m (including 32m @ 1.5g/t Au & 0.09% Cu from 1,492m)

HAD164W2

§ 68.0m @ 0.9g/t Au & 0.14% Cu from 1,411m

Northern Breccia

HAD098W8

§ 137.0m @ 1.0g/t Au & 0.10% Cu from 1,110m

§ 22.0m @ 8.1g/t Au & 0.14% Cu from 1,287m

§ In 2023, the drilling campaign is intended to focus on growth targets and ongoing resource infill for the lower South East Crescent Zone

§ Testing of geophysical targets within the broader mining lease continues

§ Drilling activities will be ramping up following the wet season with three rigs scheduled to be on site in February 2023

Feasibility Study update

§ Various value enhancing workstreams to maximise value and de-risk the project continue to be progressed as part of the Feasibility Study

§ An update on timing expectations for the study is expected as these options are further assessed

Shaun Day, Greatland Managing Director, commented: “Tremendous progress has been achieved in advancing the decline in recent months. The improved ground conditions has enabled record rates of advancement.”

“Results from the growth drilling programme towards the end of 2022 continued to identify higher grade extensions to the mineralisation in the Northern Breccia and Eastern Breccia.”

” The success of the drilling programme supports the expectation for Havieron to deliver an expanded mineral resource estimate. “

HAVIERON ACTIVITIES UPDATE

Background

Havieron, a gold-copper project located in the Paterson region of Western Australia, is a 30:70 joint venture between Greatland and Newcrest respectively (“Joint Venture”).  Havieron was discovered by Greatland in 2018 with Newcrest having earned into the project. 

The Joint Venture commenced drilling during the June 2019 quarter and has completed 288,664 metres of drilling .  The Joint Venture commenced the box cut and decline in February 2021 and Feasibility Study work remains ongoing.

Havieron is located approximately 45km east of Newcrest’s Telfer mine.  Subject to a positive Feasibility Study and decision to mine, it is contemplated that the Joint Venture will leverage the existing Telfer infrastructure and processing plant.

A regional map showing the Havieron licence area with regional targets and adjacent landholdings is available at www.greatlandgold.com/paterson

Drilling Update

A further 5,580 metres of drilling from 7 new holes has been completed since Greatland’s last RNS Announcement on 8 December 2022 titled “Havieron Exploration and Development Update”.

Assay results are now reported from 1 new hole completed during this period and from 9 holes completed during the previous period (see Figures 1 and 2 below).  Of these, 4 holes returned significant assay intercepts in excess of 50 gram metres of gold (Au ppm x length metres). A total of 7 holes have been completed with assay results pending.  All reported results are set out in Appendix 2 of this RNS Announcement.

Figure 1. 3D Plan view schematic showing the spatial association of the current growth targets, SE Crescent, Northern Breccia, NW Pod and Eastern Breccia targets in relation to the existing mineralised extents. Also highlighted are all newly reported growth drilling result locations.

 Growth drilling has been focused on the Northern Breccia and Eastern Breccia and on testing the mineral systems depth potential, while camp-scale exploration holes are underway to test targets outside the main Havieron mineralised system (Figure 2).

 Figure 2. Plan view schematic of a horizontal slice at 3850mRL through Havieron Mineral System, showing the extents of the 0.5, 1.0 g/t & 2.0g/t Au LeapfrogTM grade shells with highlighted newly reported intercepts for this period. This diagram highlights new >50gram metres intersections. Refer to the inset diagram for relationship to all Havieron drilling.

The Joint Venture continues with a growth drilling programme which has the potential to expand the Havieron Mineral Resource (see Newcrest ASX Announcement, 19 August 2022, Annual Mineral Resources and Ore Reserves Statement as at 30 June 2022).

Assays have been received for 6 holes targeting strike and depth extensions of the Eastern Breccia. A further 2 holes are drilled with results pending. The Eastern Breccia is developed below the 4,100RL (all relative depth (“RL”) information is reported in Australian Height Datum (“AHD”) +5,000 metres) with a footprint of over 500m in strike, up to 200m in width, and over 250m in vertical extent.

The zone of high-grade mineralisation returned in HAD134W1 ( 42.0m @ 2.4 g/t Au & 0.43% Cu) represents one of the recently defined northwest trending internal higher-grade sulphide dominated domains with strong similarities to the high grade South East Crescent, in the Eastern Breccia (see Figure 5).  This mineralisation, along with much of the Eastern Breccia system, remain open at depth.

Summary results include:

HAD134W1

§ 42.0m @ 2.4 g/t Au & 0.43% Cu from 1,542m

HAD152W4

§ 86.0m @ 0.88g/t Au & 0.05% Cu from 2,056m

HAD163W1

§ 171.1m @ 0.7g/t Au & 0.04% Cu from 1,458m

HAD164W2

§ 68.0m @ 0.9g/t Au & 0.14% Cu from 1411m

Assays have been received for 2 holes that were aimed at defining the high-grade domains within the boarder Northern Breccia (see Figure 3 and Figure 4).  A further 3 holes are drilled with assays pending.

Summary results include:

HAD098W8

§ 137.0m @ 1.0g/t Au & 0.10% Cu from 1,110m

§ 22.0m @ 8.1 g/t Au & 0.14% Cu from 1,287m

HAD161

§ 77m @ 0.6g/t Au & 0.05% Cu from 1,134m

Drilling to test geophysical targets outside of the known Havieron mineralised system, including evaluating the Havieron dolerite at multiple intervals north and south of the Havieron mineralised envelope, revealed no significant intercepts. Two holes testing to the northwest and southeast holes are awaiting assays (HAD169 & HAD170).

Figure 3. Schematic plan view map showing announced section locations, drill hole locations and significant intercepts reported in this release superimposed on the interpreted geology horizontal slice at level 3850mRL. (Previously reported holes are not shown for the sake of clarity. Note some holes and results appear on multiple sections due to the sections’ orientation and sections’ overlap.)

Diagram Description automatically generated  

Figure 4. Schematic cross section of geology and significant new drillhole intercepts (looking northwest, Section Line S1, +/- 1 00m section width, as shown in Figure 2 above). Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period.

Figure 5. Schematic cross section of geology and significant new drillhole intercepts (looking northeast, Section Line S2, +/- 100m section width, as shown in Figure 2. Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period.

  

 Figure 6. Schematic cross section of geology and significant new drillhole intercepts (looking northeast, Section Line S3, +/- 100m section width, as shown in Figure 2 above. Due to section window size and orientation holes may appear on multiple sections. This diagram highlights >50gram metres intersections drilled during the period.

 Development Update

Development of the decline saw ground conditions improve with 1,519 metres now complete (as at 18 January 2023).

dvance rates for the decline continue to increase with the project’s highest daily average advancement rates being set since the last update in December 2022 after the transition to drilling and blasting of the development face . Further progress continued to be constrained by geotechnical and hydrogeological conditions .

Works are ongoing to progress the approvals and permits required for construction and production at Havieron.

 CONTACT

For further information, please contact:

Greatland Gold plc

Shaun Day

[email protected]

www.greatlandgold.com


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